If you’re a backpacker from across the world or an exchange student staying in Hanoi for a several months, it can make sense to rent a house in a short time. However, the business professionals (sometimes with their family) coming here for work assignment may prefer a place to call “home” during their long stay. When referring to long-term lease, duration is often 2 years or longer. Signing a long-term rent contract will benefit more than the short-term one in this case; how more depends on personal preferences and circumstances. Here are some advices by Alphahousing.vn why long term lease contract should be the preferred choice for you.
- More stability
Long-term contract is perfect for those who desire to firmly locate themselves in a particular area in Hanoi. The option will prevent you the risk of sudden move when the property is sold to another owner or the landlord doesn’t offer renewal term. Imagine that you are a some-month renter in a fully occupied apartment complex, it is definite that your landlord is searching for long-terms tenants. Once they find one, they may not give you a renewal contract but force you to relocate. Going through the hunting cycle frequently causes frustration to busy people since it takes time and money which can be spent on other purposes. Additionally, the more people living with you, the more time consuming and complicated it is to move. It is a small matter if you live alone, but it may not be if you have a family of 4 people.
- Lower rent rate
Proposing a longer term to your landlord will position you in a strong stand to negotiate for lower rent cost and less yearly rise, especially in a crowded city like Hanoi. If you are a good bargainer, you can ask for unchanged price in a certain period or even the whole contract period. In contrast, most landlords will surely offer you premium rate if your stay is less than 2 years since they have to spend extra money on advertising the apartment on the websites or paying commission fee to agents to find the next renter.
- Best-laid financial planning in a long time
This is quite practical to those accompanied by their family in the trip to Hanoi. Based on specific price review term in the contract, you are able to forecast your expenses during the next few years. As a result, you might have an idea of how your savings and monthly income will be spent on future plans like giving birth, sending children to school, buying a car, etc. Even when price fluctuation can be affected by market trend, a long-term lease still gives you a clearer picture of your financial plan which is not offered by a short-term one.
- Flexible negotiation
To long-term tenants, the landlord is more willing to compromise the contract terms. While you show your future engagement to a place, the unit owner is likely to have confidence in your stable affordability which helps them stay away from late payment. They can agree to give very attractive concessions like additional furniture, right to décor the apartment, 1 month free rent, covered utility costs and so on. Even though these privileges are not impossible to short-term renters, they may feel it is hard to succeed in negotiation.
- Familiarity with the city
If you have intention to live in Hanoi for a long time but still take it into consideration and want to experience first, a long-term rent contract is a good idea. It will help you get used to the area’s living environment without committing to it. Later, if you change your mind and decide to come back hometown, it’s still more convenient than the case of owning a house.
In conclusion, there is a wide range of advantages of a long-term rental from the perspective of both lessor and lessee. These pros do not indicate that everyone should commit a long-term lease; however, it is critical to understand your current situation and future plan as well as local market. From those rational reasons, you can make a decision whether a longer contract is better for you and your family.