If you work in property management or a similar field, you may have the opportunity to live onsite at the property you manage in exchange for a discounted rent. While a 20% discount can seem enticing, there are several factors to consider before making this decision. Let’s explore the pros and cons of living onsite as an employee.
Potential Benefits of Living Onsite
1. Cost Savings
The most obvious benefit is the reduced rent, which can lead to significant savings over time. A 20% discount could save you hundreds of dollars per month, potentially adding up to thousands annually. This extra money could be used to pay off debt, boost savings, or improve your quality of life.
2. Convenience
Living where you work eliminates your commute, saving you time and transportation costs. You’ll be able to easily respond to emergencies or show units to potential tenants on short notice.
3. Familiarity with the Property
Living onsite gives you firsthand experience of what it’s like to be a tenant. This insight can help you better understand and address residents’ needs and concerns.
Potential Drawbacks of Living Onsite
1. Lack of Work-Life Balance
One of the biggest challenges of living onsite is the difficulty in separating your work and personal life. Residents may knock on your door or call you outside of work hours, expecting assistance. This can lead to feeling like you’re always “on call” and never truly off work.
2. Limited Privacy
Your neighbors will also be your tenants, which can make it challenging to maintain privacy and personal boundaries. You may feel like you’re constantly in “work mode” even when you’re trying to relax at home.
3. Potential for Conflict of Interest
Living among the tenants you manage can sometimes create awkward situations or conflicts of interest. It may be harder to enforce rules or make unpopular decisions when you’re also a resident.
4. Job Insecurity Risks
If you lose your job or decide to leave the company, you may be required to vacate your apartment quickly. Some companies only give a few days’ notice in these situations.
Financial Considerations
While a 20% discount is substantial, it’s important to consider the full financial picture. Factor in any moving costs, security deposits, or other fees associated with taking the onsite apartment. Also, consider whether the discounted rent is truly a good deal compared to other housing options in your area.
Alternative Options
Some companies offer the option to live at a different property than the one you manage, which can provide a better work-life balance while still offering a rental discount. This could be a good compromise if it’s available.
Conclusion
Ultimately, the decision to live onsite for a 20% discount depends on your personal circumstances, career goals, and comfort level with blending your work and home life. While the financial savings can be significant, the potential impact on your work-life balance and privacy should not be underestimated.
If you do decide to live onsite, be sure to set clear boundaries with tenants and management about your availability outside of work hours. Also, have a plan in place for housing in case your employment situation changes.
Remember, there’s no one-size-fits-all answer. Carefully weigh the pros and cons, consider your long-term career and personal goals, and make the decision that best aligns with your needs and values.