It can be a renter’s dream (personal attention, prompt repairs), or a nightmare (too much and too personal attention). Here’s what to know before moving into that basement apartment.

It can be very convenient to rent an apartment where your landlord lives in the same building, it can also come with its fair share of inconveniences. What happens when the landlord takes your parking spot, for example? Here’s a look at the good and the bad of paying rent to the guy upstairs (or next door).

One definite perk of renting a mother-in-law or basement apartment in a landlord-occupied building is the rent factor. You can often get a better rent deal. In many cases, with current homeowners being faced with income loss, foreclosure or short-sale-potential properties, they are instead opting to share their space, often sacrificing their main living area for the tenant, to avoid being completely displaced from their homes.

A landlord living that close to you tends to be more observant of your needs. Sometimes, maintenance issues can be fixed within hours. A landlord doesn’t want someone who’s upset living that close.

The downside is that, if you and the landlord are friends or related and a major problem occurs, can you keep the relationship cordial while working through the problem? If your upstairs apartment neighbor doesn’t do his share of the upkeep on the premises or blares the stereo at all hours of the night, you would typically complain to the landlord. He acts as the intermediary between disputing tenants. When that upstairs neighbor is the landlord, it’s a bit more complicated.

And while maintenance and repair issues are usually made easier when the landlord is right there, there can be an added level of animosity if things aren’t always resolved in a timely manner.

Landlords that lives nearby can also become “too close,” meaning they stop by whenever they wish and the law says they can.

So, before taking an apartment or situation where the landlord lives in the same building, think about your situation and weigh the pros and cons before making a definitive decision.

Related posts:

  1. Can’t Sell? Think Twice Before Becoming A Landlord In D.C.
  2. Negotiating a Commercial Lease