Apartment question!!!?

Question

What are the advantages and disadvantages of having a co-signer? I am moving into an apartment in January (hopefully) and need some advice. The dorms are already full for the spring semester, and I REALLY need to transfer to a four-year to finish the rest of my chemistry degree. This will be my first time on my own! Yea! Please help! Thanks.

If there is any other important info on apartments, please tell me. :)

Answer 1

A co-signer is an advantage for you to help prevent being evicted; maybe your parents will co-sign. As for apartments, when I lived upstairs it was alot of hard work moving in and out and always walking up and down the stairs to carry groceries or laundry. Be prepared to get used to people living very close, on the other side of a wall. When I lived upstairs I did feel a little safer. If you don't smoke, ask for an apartment that had non-smokers; ask how the neighboring apartment dwellers are; see how you like the managers of the complex. I am a female, and I was single when lived in some apartments and at one place the manager kind of kept an eye on me which I was grateful for because I felt a little vulnerable and it was a big city. Look at several choices before you decide which one to rent.

Answer 2

The up side to having another person sign on a lease is that they are also responsible for paying the rent so if they can't keep up they're end of the bargain, their responsible. The down side of having two people would occur if you could not pay rent on your own, and by some stint of bad luck, your roomate could not pay rent either. Then your name is on the lease and your credit would take a hit. So the major up and down side to having another name on the lease is related to money.

Some other things to consider is how important it is to choose who you live with. If you are fortunate enough to have the ability to pick and choose a roomate, then be picky. Ask certain questions such as, have you had a roomate before, if so are you still friends with that person, why or why not friends with that person. Are you a clean freak, do you use drugs, do you have a job or a source of income. What has annoyed you in the past about your roomate.

These questions will help paint a picture. A person's past actions will usually dictate future actions.

Hope this helps!

Answer 3

Having a co-signer on your lease actually helps you, but you may have a hard time finding someone who will co-sign the lease with you. See, if someone co-signs the lease with you and you don't pay the rent, the co-signer is on the hook for the rent payment. They can legally come after both of you for the money, and the terms of the lease still apply, so if you don't pay your rent according to the lease, the landlord can evict you AND can still come after both of you for any rent not paid through the entire term of the lease. If you plan on getting an apartment and getting a roommate, you DEFINITELY want to have both names on the lease or else your roommate can refuse to chip in his/her portion and you're stuck with the bill. Does that help?

Answer 4

The advantages to having a co-signer is that you will actually be able to rent an apartment, as opposed to them turning you down because you have no credit.

There are no disadvantages to you, only to the co-signer, because if you default on your lease, it will be their responsibility to take care of.

Answer 5

the first answer was absolutely right. i didnt have credit when i first got my apartment either so i had to have my father cosign. however, i also had to pay a $500 deposit because i was still a risk so make sure you find out what their policy is on that. and if you have to pay one, try to find a low rate, or see if you can pay it off in intstallments with your rent.

also, having a cosigner means any breaks you make on the lease will effect their credit history too...and that sucks because it can follow both of you for years.

good luck!