Can you be in business that doesn’t pay your rent?”
One of the most popular arguments in favor of a landlord-tenant relationship is that people tend to stick together; that people are more willing to rent from a family member. There may also be some correlation with how often couples get divorced. But we could be missing something. The reason for this phenomenon is a bit more complex.
The most significant difference between roommates and a married family is that a roommate may be single, but he or she also has a spouse who gets to live with the roommates as a spare while they go on holidays. And the only significant difference between co-housing and sharing houses is that if the roommates don’t want to be there, they can just leave. The best way to avoid that outcome is to be aware of the risks and get all parties to agree on how they want to live together. In doing this you end up having both roommates sharing a space in a shared house; you’re no longer living in a rented space.
And there are a few issues with being a landlord-tenant:
A landlord wants to charge a lot of money for renting a house (but he or she may actually make more by doing that).
A landlord’s obligations are more limited, and he or she may not offer as many free or discounted services as he or she could if the tenants rented out their living space.
The landlord still needs to pay the mortgage; he or she could also be a landlord without a mortgage even though he or she doesn’t run it. This means he or she must also make mortgage payments on the property.
The landlord is dependent on a third party, usually a bank, to make sure that it pays the rent. A bank may not be reliable or always reliable, nor could the landlord expect to see a steady stream of deposits over the course of a year (as with a home loan). If the landlord ends up missing the mortgage payments, he or she may have to either rent or find another way to pay for the property.
The landlord of a rented unit may also have no business doing repairs. Even if the landlord lives in a rental house or apartment, the tenant may have the right to hire someone like a plumbing firm to perform regular work on the property. And if repair bills get too expensive, and the landlord can’t afford to keep up the repairs, he or she might have to call someone like the local fire marshal to put a
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