A bit of renting advice, please

BobQ

Supermom wrote: »

Thanks but they are not the type of family that would do a runner or trash the house. I have known them my whole life as I said before the bankruptcy is complicated but not through their doing. Financially they can more than afford to pay.


Thanks again

As has been said as a guarantor you would be promising to pay the rent they do not pay and any damages they cause and potentially eviction costs.

You see it as low risk, because they are a nice family who would not wreck the place and can afford to pay. I know people like that too.

The question is how well can you judge the future. Ask yourself:

If similar circumstances forced them into another bankrupcy or they lost their jobs, are you willing to pay up in this situation? Are you sure that in say a year from now you will have the same financial situation where you can afford to do so?
Can you afford to lose the money in the worst case (say the tenants do a runner and leave a lot of damage and some arrears)?
If such a problem arises with the tenancy and the landlord pursues you for unreasonable costs are you prepared to defend the action, tolerate the hassel etc?

If the answer is yes to all four then you know the family and only you can judge the risks. It may work out fine and the 5 months deposit sounds like a reduction in your risk.