A tenant guarantor is commonly a friend or a family member who agreed to vouch and accept liabilities in behalf of a tenant. This means that when a tenant fails to pay the rent, the tenant guarantor can pay for it. When a tenant destroys something in the property, the tenant guarantor may take the offense. Tenant guarantors are essentially there to save the day. Tenant guarantors can be parents of a college student, they can be a husband of a wife who needs to rent because she works in a far off place.
Landlords often ask for a guarantor for many reasons. One of which is when the tenant has a low credit score. The second is when the tenant does not have a solid job that may provide payment for the rent.
Sounds easy right? Unfortunately, not everyone enjoys being a tenant guarantor. It takes tons of responsibilities that you’re not so sure if you should shoulder. Below are some things that you should remember about being a tenant guarantor.
Understand what you’re ask to do
Some people just say yes to anything without considering the effects. When agreeing to become someone’s tenant guarantor, you must be sure that you understand the stipulations of being one. Being a tenant guarantor means you are fragile with the situation since you don’t know what will happen next.
Make sure that you have the capability
Ask yourself: can you really afford to pay someone else’s rent? If not, then better run away from the person who’s asking you to do it.
How trust worthy the person is
For parents, it’s normal to be the tenant guarantor of their children. But what if it’s for a friend? How much do you trust your friend that he or she will still pay the rent? Agree to be the tenant guarantor of your relationship with the tenant is strong enough.
Remember that there’s no reward
There’s no actual reward for being a tenant guarantor aside from the feeling of elation when you help a friend or a loved one. But if you’re looking for a tax exemption or whatnot then you won’t get any.
Don’t be pressured
You don’t have to say yes to everything. We all want for our loved ones to be safe and all but if you’re uncomfortable with being a tenant guarantor, then you have the very right to say no.
Think using your head, not your heart. Avoid getting into trouble if you think you shouldn’t become a tenant guarantor.
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