Live in your ideal home at a fraction of the price
If the cost of renting a home makes your eyes water, here is the perfect solution - and one that could even make you lord of the manor. For many of us, the dream home has plenty of space, a great history and, in an ideal world, a few original features. But it may not be as out of reach as you think. A number of European companies have arrived in the UK offering the more adventurous home hunter an interesting proposition - as live-in "guardians", at a fraction of the usual cost.
In return for a low monthly fee, groups of tenants can get to live in some of the UK's most impressive vacant properties. These range from railway stations, pubs, hotels, and old cinemas to schools, churches and even stately homes.
How it works
With the property market taking a tumble, many owners are keeping hold of bricks-and-mortar investments until their fortunes improve. And that means large numbers of empty buildings. For home owners, having a live-in guardian can work out cheaper than paying for 24-hour security or CCTV. Problems such as leaks or break-ins are reported and dealt with quickly, preventing further expensive damage, and the property doesn't need to be boarded up - a practice that can encourage squatters.
The owner will decide which of the rooms can be used, and many sites also have basic facilities such as water and electricity. In homes without those utilities, "living containers" are fitted with a shower, toilet, kitchen and heating. Tenants would then be responsible for other utility bills such as contents insurance to cover personal items brought into the property, broadband etc, although what is included in the contract will differ from property to property.
Guardians also have a formal contract with the management company to live in the otherwise empty property, maintaining their rooms, keeping them tidy, and immediately reporting any maintenance or other issues.
Regular checks
A managing agent will come to check on you at least every month to ensure the property is secure; that maintenance issues are dealt with and that you're well and treating the property properly. The notice period may only be a few weeks, but some guardians stay up to five or six years.
"Tenants typically pay just one quarter of the local monthly rental rate to live in our properties," says Paul Cosnett of Camelot, one of the largest property management companies of this type in the UK.
"They start with a three-month tenancy with four weeks' notice after that, but typically remain in the property for around a year. When they do vacate the premises, we try to relocate them in the same area. They have no additional responsibilities apart from living in the property and simply reporting any maintenance or security problems."
Tenants would usually be responsible for bills though, such as contents insurance to cover the stuff you bring with you when living in the property and
Get involved
Cosnett adds: "Tenants must be working professionals, and we find many are doctors, nurses and teachers who have recently moved to an area and are uncertain about the local property market. And since the housing market crash, business has almost doubled as developments are put on hold and repossessions increase. The idea of living in a fire station or an old manor house for such low fees is very appealing."
In fact, those fees can be as little as £50 a week per room, which is great news for those living in cities where renting property could set you back thousands of pounds a month.
If this sounds like the solution for you, there is a careful vetting process to get through first. You'll be asked for work and bank references, expect a criminal record check, a telephone interview, and a face to face meeting before being allocated suitable guardianship.
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