Pros & Cons of Renting Your Friend' s Home
Pro: Rent won’t go up
If you and the landlord are best of friends, odds are decent that he would not ask for a steep hike in the rent without seeing your financial situation or raise issue, if you are a few days late paying rent.
Con: If it does, your friendship will not be so warm
On the contrary, what happens when your landlord "friend" decides to increase rent on your once reasonably priced apartment? If it does, your friendship will not likely to be the way it was before because it is business, which means there are no friends – just landlords.
Pro: Everyday, it feels like coming to your own "home"
If you are living in the same home with your landlord or sharing the same building, you will already be close to his family, it starts to feel less like renting from a stranger and more like being part of the clan. You can have family gatherings, plan out parties and have family barbecues.
Con: Close acquaintance can become troublesome
Your landlord is your buddy but it does not mean he can invade your privacy anytime and has access pass to your abode, right? What is this? Certainly, there should be limitations that your landlord must consider and should not invade your abode anytime he wants.
Pro: You get immediate company
Home should be a place, where you should be happy and if you are friends with your landlord, it can lead to some amazing times together. Whenever, you are alone or need an advice from a sincere friend, your buddy is just a phone call away from you. You can sit together, share a cup of tea and have conversation regarding the issue.
Con: Landlord may not take your issue seriously
And then sometimes, if a landlord knows you till roots, he can more easily brush off as being overly dramatic. And if they are in need, they want support from you because you are their buddy and they can confide in you.
Verdict: Renting your friend' s home is an overrated thing, which you should avoid. Otherwise, be ready to lose your buddy.