As a landlord, you have the choice of limiting your tenants to one-year leases or offering long-term leases. And there are pros and cons to going both ways. Here are some of the differences to remember: while total ownership can still be considered the most complete and sustainable form of ownership, a long-term lease can be considered an alternative. A basic monthly lease continues until one party completes it, so you can hang on to a good tenant as long as the deal works for both of you. Tenants who experience domestic violence can also ask VCAT to terminate the lease prematurely. For more information, see Resources on Family Violence. If the tenant wishes to make changes to the property that have not already been agreed in the rental agreement, the tenant must obtain the written permission of the lessor. Tenants and landlords should record their agreement on an additional copy of Part E of the long-term lease agreement (Form 2). A lease is the agreement that binds most people to the rental of real estate. This is usually a more detailed and longer contract.
While there are many good reasons to sign a long-term lease, if your career and life are generally in the flow, this could be a big mistake. A major drawback in signing a multi-year lease is that you commit to staying in one place for a relatively long time. But what if, 18 months after that lease, you have a new job or a baby and you realize you need more housing? Suddenly, you`re stuck in your rent longer than you`d like. .