For many Brits the concept of becoming a property guardian is an attractive proposition – after all, it is true that a lot of money can be saved by taking care of other people’s property in exchange for some basic, simple duties. From the owner’s point of view it’s a great deal as well; the property is guarded and taken care of, plus there is a small passive income. However, those who are tempted to enter a guardianship scheme do need to be informed – it’s not something you should consider lightly. Sure, there are many perks, but there are many responsibilities as well. Not everyone qualifies. Interested in guardianship? Here’s a list of practical considerations to remember before you become a property guardian.

Yes, you will save

Considering the expensive renting fees and letting prices of the available flats and homes, there’s absolutely no doubt that the property guardian will save a substantial amount every month. Property guardians often report more than half in rental savings, along with good savings regarding living expenses.

No, it won’t be a palace

It’s true, you probably won’t live like a king. In fact, although the property may be quite large and can accommodate you very comfortably in terms of space, often there are only basic amenities and a large portion of the place may be run-down. It’s the price of living cheap.

Register with various companies

It’s not always easy to get accepted as a property guardian – you will be asked to provide proof of responsible behaviour, and even then there is often a waiting list. Prospective live in guardians should be willing to register with various companies and accept what is proposed to them should they be considered.

You’ll still have your expenses

To be sure, your expenses will be a lot less – but you’ll still have your expenses. You’ll have a discount, but it’s not for free.

You’ll have to prepare to move

It’s probably the most annoying thing about the scheme: you won’t know when you will be asked to move. So there’s no long-term planning. You could stay for a year, or just a few months.

To be successful (and to be the right candidate) for a guardianship scheme, you’ll need to show a can-do attitude, and it helps a lot to have a concrete goal in mind. If you’re someone who thinks it’s an easy solution for temporary cash-flow problems, the guardian arrangement may not be for you. If, however, you’re an ambitious person who decides to save money for a while for a particular purpose (such as saving for a property of your own), then you’re probably the kind of person guardianship schemes are looking for. If you have the drive, then chances are good it’ll work out for all concerned.

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