Rental Properties

What to do if you can’t get a Guarantor while Renting a Home



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There are times where having a guarantor is necessary when it comes to renting a property. A guarantor is basically an individual that can pay the rent for you in the event that you can’t due to unforeseen circumstances such as illness resulting in your absence from work or other related income negativities. A guarantor is a necessity if you choose to rent through real estate agents or certain private landlords in a few situations. If you have been working less than a year, have been self employed for less than a year and have no proper proof of income, a guarantor is a necessity. However, in the event that you can’t get a guarantor, there are also other things that you can do to attempt to rent the home of your dreams.

One of the first things that you can do in the event that you can’t get a guarantor is to actually take steps to increase your income to begin with. A lot of the time, a guarantor will only be seen as a necessity if your income doesn’t match up the standards that it should as a means of ensuring you have money to pay your rent. If you then take steps to increase your income, you can sometimes waiver the need for a guarantor. If you are self employed then do more work in your own time, if you are in a regular job then take on night shifts or more hours or you could even consider taking up a second job or a secondary income. Never be afraid to haggle with the agent and never be afraid to brag about any savings that you may have in order to attempt to waiver the need for a guarantor.

Another thing that is arguably one of the most effective is the fact that you can even use your friends as guarantors. In the event that you cannot use your parents, relatives or guardians as a guarantor due to unforeseen reasons such as court dates or past debt issues, you can turn to your friends for help who will often most likely be willing to help you out. It is important to know that your friends must be in fulltime work and have a regular income that is fairly high on an annual basis. However, it is often much easier to convince friends to be a guarantor rather than family and therefore, if you have any close friends that work fulltime, you should consider asking them to become a guarantor for you as a last resort as long as you can assure them they would never have a problem with you paying your rent at all.

Being refused a guarantor can be a very stressful and exhausting process especially when you think that you have already found the home of your dreams, only to be refused due to the fact that you cannot get anyone to vouch for you. However, not having a guarantor is not the end of the world. There are steps that you can take to attempt to waiver the need for a guarantor including taking up a second job or night shifts, taking on more work to increase your self employed pay check and even using your savings to your advantage. If you can’t get a guarantor, you could even ask your friends to help you out. In the event that you can’t get a guarantor, do not panic or fret and instead, take steps to help your application for your dream home rather than just giving up and you could soon find that you have the keys to your place quicker than you expected.

More about this author: Wayne K. Wilkins

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