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ASKING PARENTS TO COSIGN A LEASE

First time renters may have a tougher time having their apartment application accepted than any other age category. This is because first time renters often do not have references from other landlords. If you are moving out of Mom and Dad's on your own for the first time then one option to avoid any denials is to ask one of your parents to co-sign the lease. Landlords are more likely to accept your application if an adult with known credit will offer to lend a hand if something goes wrong.

Benefits to Co-Signing a Lease

Asking a parent to co-sign a lease uses the same logic as needing a parent to co-sign any documentation, from a credit card application to a car loan. If you are under the age of 20 and not quite financially independent yet, which many people are not at this age, then there is nothing wrong with asking your parents to stand behind you just in case. It will make your landlord feel a lot more secure and also provide you with the assistance you may need if, for any reason, you cannot make your monthly rent or if something serious happens and you need the assistance of an experienced adult.

Having your Mom or Dad on the lease will also protect you in the event that there is a serious conflict with your landlord or when you have a lawyer review your lease. If he refuses to pay for repairs or if you need to consult a lawyer for legal assistance, it is nice to have someone else's name on the lease and on your side.

Many fresh graduates from high school are eager to get out on their own. Whether you are going to school or working full time, there is a good possibility that you are not prepared for the financially responsibility that comes with renting an apartment and living on your own. You need to set a strict budget and adhere to it. Not only will you need to make the rent each month but you also need to think about other expenses such as your car fuel, your car repayments, groceries, utility bills, your phone and internet bill, daily living expenses, cleaning supplies, parking fees and student fees if you are in school. All of these things can add up fast.

First Time Renters

When you are looking into apartments to rent, sit down with a calculator and a piece of paper and determine if you will be able to avoid the rent first. If your parents are helping you out with the monthly rent or with any other expenses, then add their contribution to your spreadsheet. If you are working full or part time make sure you always factor in taxes and other deductibles when determining your weekly income.

When your parents co-sign a lease they are not taking over your apartment. It is still entirely your place. You can choose how to decorate it and how to live in it. You can choose when you eat your meals and when to go to bed. Your parent is simply the silent partner, the backup if you do need it.

Asking parents to co sign a lease will provide financial security for both you and your landlord. You will find that if you are under the age of 20, have never rented an apartment on your own before and do not have a steady full time income, that having Mom or Dad put their name on your lease will make a big difference in your ability to find a place to live. For first time apartment renters, this is an excellent option to consider.

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