Renting VS Buying.
Below we will outline just a few of the rights and obligations of an owner as well as those of a landlord. This list does not encompass every single right and obligation, but rather only a few.
The rights and obligations of an owner:
- An owner has the right to do almost anything they wish with their property, excepting anything restricted by Legislation, Common Law, etc. These restrictions may include subdividing the plot, minimum building standards, maximum building footprint, etc.
- An owner is able to use their property as security in order to obtain a loan/finance.
- An owner is obliged to pay the rates and taxes on the property, as well as levies where applicable.
- Improvements on the property are the prerogative of the owner, although once gain there are some restrictions to be taken into account, such as Body Corporate and Home Owners’ Association rules and guidelines.
- An owner owns the land surface, which includes everything permanently affixed to the land, including the plants and all permanent fixtures.
- You are able to sell the property if you wish.
- An owner is to maintain everything on the property.
The rights and obligations of a tenant:
- The owner may restrict what a tenant is allowed to do with/on the property. All the rights and obligations of the tenant will be laid out in the lease agreement.
- It is the responsibility of the owner to fix, maintain or replace fixtures such as the electrical wiring, stove, geyser, etc.
- The tenant usually has to receive the permission of the owner to make any changes to the property being rented, such as painting walls a new colour, or inserting nails/screws into walls, etc.
- It is generally stipulated in the lease that any fixtures added by the tenant to the property are in fact owned by the owner. For example if the tenant installs a DSTV dish on the property, this is in fact then the property of the owner, unless the tenant has received permission from the owner to take this with them upon conclusion of the lease.
- Always be sure to check your lease to make sure who is responsible for which costs. Other than the deposit and monthly, you need to check if it is you or the landlord who is responsible for paying the water and lights, etc.