Rich people possess several plots and apartments to increase their wealth. They are rich as they afford to buy properties and apartments to lead a luxurious life.
You may be wondering, can you have 2 apartments in your name? If you don’t have any financial risk, you can lease two apartments in your name.
Let’s jump to the topic and learn how they can find two apartments in their name.
Can You Have 2 Apartments in Your Name?
The answer is YES. If you can afford both apartments and the landlords accept your applications, you can have two apartments in your name. There are no rules on having more than one apartment. It may provide you with more convenience and privacy to live. But don’t forget to maintain the two apartments.
Why Can You Have 2 Apartments in Your Name?
It is not a practical idea to have two apartments in your name. You may have two apartments for some specific reasons. They are-
If you are finding for a new apartment, and after having a new one, the lease of the new and previous apartment is clashing.
For example, suppose the previous apartment’s lease demonstrates that you can leave the apartment after 31 December, and the new apartment lease describes that you can come to the new apartment on 1 December.
So, if both apartments’ rental agreements overlap at that time, you can have two apartments in your name and easily move your furniture into an upstairs apartment.
But don’t forget to pay the rent and utilities of both apartments at once.
When you have two apartments in your name, you can use both apartments according to your preference and convenience.
For example, suppose your workplace is far from your home. So, rent a new apartment beside your workplace to avoid wasting money and time and let your family live in another apartment.
During summer and winter vacations for a few months, you may travel to different places to refresh your mind. So, when traveling in an area, you can rent a second apartment of your name to make your travel comfortable.
Whenever people have enough wealth to handle more than one apartment at once, they have different apartments in their name to use each apartment for various purposes, including sports, leisure, and vacation.
What Are the Demerits of Having 2 Apartments in Your Name?
Having two apartments in your name also has some drawbacks since it is not suggested for everyone. The demerits of having two apartments in your name are-
- It is not easy to handle both apartments’ maintenance costs. You have to pay the rent, utility, and repair costs for both apartments, which expenses a lot of money.
- Generally, most people’s second apartment is in an outlying area from their current residence apartment. So, when you attempt to visit the second apartment, it consumes your time and money.
- You may have two apartments in your name, and you are renting both furnished apartments for a short time, which may decrease your rental income as the tenants will not live for a long time.
When Can’t You Have 2 Apartments in Your Name?
There are some limitations to having 2 apartments in your name. The landlords will not accept your applications for certain reasons. They are-
Your landlord may find that you cannot afford the two apartments at once.
For example, you may have bad records to provide rent in due time, or your credit shows you are at financial risk. So, it may be hard for you to provide rent for the second apartment as your desired top-floor apartments are more expensive.
When the apartments are under government-subsidized housing, that time you may confront complications with having the apartment in your name.
Tips for Having 2 Apartments in Your Name?
- Make a good bonding with both apartment landlords.
- Keep paying the monthly rents timely.
- Whenever you need to take to renovate an apartment or help, don’t hesitate to contact your landlord.
- Before writing your name for the second apartment, make sure to enhance your credit score.
What Points Do You Need to Consider Before Writing Your Name for 2 Apartments?
- Be aware of the initial costs of 2 apartments, such as advance rent, holding fee, application fee, and security deposits.
- Before having the 2 apartments consider the long-term fees such as rents and other utility bills.
- Don’t forget to confirm your lease period before signing for the apartments.
If you are still confused, can you have 2 apartments in your name, causes and demerits? Then in this article, you can learn how you can have 2 apartments in your name.
- If you can afford both apartments and the landlords accept your applications, you can have two apartments in your name.
- There are no rules on having more than one apartment. It may provide you with more convenience and privacy to live.
- But don’t forget to maintain the two apartments.
Finally, now you know why you can have 2 apartments in your name and what is the disadvantages.
Frequently Asked Question
1. Can you terminate your lease early?
You cannot terminate your lease early without the landlord’s permission. You have to stay in the apartment until the end of the rental agreement contract.
2. Can You sublease your apartment?
You must make a special rental agreement paper to sublease your apartment. But this lease will not dissolve the original one.
3. How do you tell your landlord you’re moving?
You can tell your landlord like this: “I am requesting you to end the tenancy as I want to leave your apartment on (date xxxxx). I would like to share that I will move from your property on that day and return the keys to you.”
4. Can you break a 12-month tenancy agreement?
You can break a 12-month tenancy agreement if there is any break clause in the contract.
5. What is the difference between sublease and sublet?
The sublease and sublet are two different terms. The sublet is sharing the apartment and rents with someone contracted with the landlord. The sublease is sharing a lease with someone without any direct contract with the landlord.
Rahik has experience writing professional blogs, particularly about home appliances. As an undergraduate tutor, Rahik taught undergraduate students academic writing before becoming a professional writer.