Should I cosign on an apartment for my 19 year old son?

Yes, you are stating that you will pay his rent, the lease and for any cleaning or damages inflicted upon the party in the event that he does not pay for it himself.

It is up to you if you trust him to do the right thing or not.

You should not sign it if you can not afford to pay his rent or for his damages.

I would be concerned unless your son could afford the full amount of rent (in case the roommate bails). My parents cosigned a lease for me when I was 20 because my credit wasn't established and my income was relatively low. After the first year, I was able to sign a new lease solely in my name. I'm grateful for my parents help because it allowed me to rent a nicer place in a safer neighborhood (I was a young, single mother). Not all landlords take credit history into consideration, and it may be better for your son to find a place a bit cheaper and one where credit history isn't as important (just to protect you if his roommate bails and he cannot afford the full amount on his own). Sometimes you do have to help your children; however, have him apply for other apartments as well to see if another landlord would accept him without a cosigner. If you can afford to pay half of the rent for the remainder of the lease, then go ahead and cosign... if not, be more cautious (because unfortunately you could be put in that place). You would be responsible for the rent until the apartment was re-rented... not necessarily for the remainder of the lease. However, if there is any concern that your son and his friend may cause damage (since they're young... partying is a concern), you could be held responsible for damages.

If it were your son alone on the lease I would say definitely think about doing it. But since there is a roommate, well, he's a wild card, and I would not want to be responsible for his potential slacking off. 19 is still young and many people are still at home. I'd be inclined to insist he pay you rent- a % of his income, which you will put aside as an "apartment fund" and perhaps in 9 months or so he'll have established enough of a nest egg so that he can afford a studio apt without a roommate and you can co sign then and worry only about him, and not the other boy.

Cosign Apartment

My son rents my condo from me. Something comes up every month that he doesn't have the money, and they're real things, like new tires and brakes, 2 hospital co-pays and the cat had to be put to sleep. They should be able to pay this amount of rent, but they have no reserves for extraordinary expenses. He was out of work for 3 years and his wife is disabled. I can afford to pay the mortgage with or without the rent, but that's not really the point.

In today's world, any job could be gone tomorrow. Does your son have some money saved for emergencies? He should have several months worth of expenses saved up. I know that's hard, but it's also prudent. What happens if the roommate leaves? Are you willing and able to pay the rent for the remainder of the lease if that happens? You have to consider not just half of the rent, but the whole thing. Co-signing seems like a nice thing to do, but you're saying to the creditor, "If he doesn't pay, I will," and in this case it would be if THEY don't pay.

My theory is this: Never co-sign for anything less than a kidney transplant.

No, absolutely not. He should either rent a room and get a tenant history or find a cheaper place to rent. He can find something where his credit wont be a problem. At least, he has no bad credit. Your son will most likely be unable to pay his bills, or his roommate will leave and your son will be liable for the rent,then get evicted and you will be sued for the rent and that will destroy your credit. Dont do it. Let him find another way to move out.

You can help your child get started by letting him use his own initiative, not putting your credit on the line. Dont make it too easy for him. Let him do it the old fashioned way by renting a room with a friend where the homeowner does not require credit check. Let him find a way other than depending on you for your credit. Let him find a place with no lease.

No good.

Can you afford to pay the rent and or damages? That is what you would be signing for. If I was you I would not do it. Wait until he changes his spending habits and can get an apartment on his own. You could start charging him and wait until you have enough in the bank to pay out the lease. Then sign the lease with him, as he has covered the bill if he defaults.

If your son and/or his friend do not pay the rent, you are liable for payment of the full term of the lease. Only cosign for your son if parents of the other person cosign for their child. As sole cosigner, you would be liable for BOTH of them! This is not a position you want to be in. This is not a matter of getting your son started on his own. This is a major liability for you for some unrelated party.

I wouldn't recommend co-signing. If he does manage to pay his half every month there is no guarantee that his roommate will. Maybe he should try to find a place that won't do a credit check, like a two-flat from a private family. Keep in mind that once you co-sign you are ultimately responsible for any payment owed.

You have every right to nag. This is your life & your apartment. Don't let him walk all over you. You & he needs to sit down & make a plan about how much he's going to give you each month & how much he's going to put into a savings account for his new place. He's got to have some structure to this or he'll end up blowing every paycheck without saving anything. It doesn't take an astronomical amount of money to save up for a down payment on rent, so it really shouldn't take him but a few months if he's responsible about his money. You also need to set some ground rules about how late he stays up & how much of your food he eats. He's old enough to take care of himself & buy his own food, so your two little ones should come first. Don't bend. You aren't being a bad mom by insisting on some rules & guidelines. You may even want to set a date that he should have moved out by. I hate to say this, but you may want to make sure that he's not taking advantage of the fact that you are his mom. My older & younger sis both did something like this to my mother & I. They moved in "until they could get back on their feet", but then proceeded to take advantage of the fact that they were family. They would eat a lot & not pay anything towards the rent or utilities. Eventually we started putting our feet down & they surprisingly found people to move in with incredibly quickly.