Depending on your financial viability, arranging for a guarantor is the best decision you can make.
Reading through the lease agreement is always a good idea. In fact, depending on your financial viability, arranging for a guarantor is the best decision you can make. The language around this addition to your rental agreement is pretty standard stuff. It’s also an option for overcoming hurdles such as weak credit and minimal experience renting elsewhere. This person serves as a co-signer, but they cannot live with you. However, they do have their names listed on the leasing paperwork.
Common Reasons Why Guarantors Are Needed
Property managers emphasize financial stability. Even if you have a steady income from a full-time job, that might not be enough to cover all of your rent payments. The co-signer grants you the ability to take the rental space you desire. They are most helpful when tenants lack a substantial credit history, haven’t entered the workforce, or haven’t rented before. (More often than not, renting apartments on college campuses doesn’t count!) Also, if you as the applicant do not earn enough income – 3 times the threshold – having someone backstop you could be the difference-maker.
What Are They Supposed to Do for You?
Let’s talk about how guarantors actually help you once the lease is underway. Parents, relatives, and even more well-established friends can be a guarantor for you. They go through the same process of form-filling as you would. However, they must also provide tax forms or pay stubs to indicate that they have more than enough money to fulfill this role. This helps prevent or mitigate the harsh consequences if the tenants/lessees default.
Specialized Service Companies Can Step In And Help
The wrong set of circumstances could hold you back from getting those keys and amenities that you’ve been looking for all this time. Imagine, if you will, that you didn’t have someone backing you up. That’s where service companies enter the picture. As long as you pay them a monthly fee, they’ll execute this crucial role for you. Look up the relevant policies and associated deadlines. That way, you will better understand their expectations regarding services provided, rates charged, and when the next approval window closes.
Other Solutions For This Issue
Increasing the amount you can pay towards the down payment allows you to sidestep this matter, full stop. Another possibility is to sublet from someone you know and trust. This approach allows you to move in at short notice and avoid the application-related rigamarole you’d face otherwise.
Let Us Welcome You Home to Your Fabulous New Apartment!
Here at Beechtree Apartments, we pride ourselves on providing you with luxurious living and affordable pricing. So when you choose one of our fabulous new apartments in Calvert County or Southern Maryland, you can see how modern living meets modern-day conveniences.
It’s easy to find us! Visit us at 200 Jenden Way Suite 101, Prince Frederick, Maryland 20678. Are you social? Feel free to follow us on Facebook and Instagram! You can also reach us by phone at 443-432-3557!
