Tulum and Playa del Carmen are jewels of the Mexican Caribbean where investing means thriving, thanks to their high appreciation value and natural attractions. Both destinations are ideal for rental investment, a business that involves two main participants: the landlord and the tenant.
These two concepts are often confused when it comes to renting, but here we explain the differences between them.
First, the Lease Agreement
In order to rent a property, there must be a lease agreement, a document that demonstrates that one person grants another person the temporary use of a dwelling in exchange for a certain price.
This written agreement includes elements such as: names of the individuals, location and description of the property, rental amount, duration of the contract, any guarantees, among others.
The Main Figures of the Agreement
In this agreement, there are two key figures: the landlord and the tenant. The landlord is the person who leases out a property. In other words, they are the owner of the property or someone authorized to rent it out.
On the other hand, the tenant is the individual who pays a specified amount in exchange for the use of the landlord's property.
Functions of the Landlord and Tenant
Renting out a property is an excellent option for generating extra income; however, as a landlord, you commit to:
• Hand over the property within the established timeframe.
• Maintain the property in good condition and make necessary repairs.
• Be responsible for damages suffered by the tenant due to defects in the property.
• Pay for improvements made by the tenant when required by law.
As for the tenant, occupying a temporary dwelling entails responsibilities such as:
• Paying the full rent on time.
• Repairing any damages caused by themselves or their family members to the property.
• Using the property solely for the agreed-upon purpose.
• When it is time to return the property, ensuring it is in perfect condition.
Your Best Option for Rentals
Acquiring a property is highly beneficial for increasing your finances, especially in cities like Tulum and Playa del Carmen, which offer good investment returns and a high quality of life.
In both destinations, Grupo Emerita has projects designed to capitalize on tourism trends and maximize profits. We have apartment developments in the best areas for entering the rental business.
Learn more about Grupo Emerita and our projects in the Riviera Maya, the perfect place to invest and become a landlord.
You may be interested in: Grupo Emerita: a developer of experiences
