Finding the right apartment for yourself can be enough of a challenge, but it can be even tougher finding a place that will let you sublet a co-op. In this situation, you have another person living with you who didn’t sign the original lease agreement, with examples including a boyfriend or girlfriend staying with you or a friend or relative acting as the tenant during a certain part of the year when you’re away.
The complications that come with subletting can make it hard for you to find and keep a condominium or apartment, but this guide aims to make it as easy as possible. If you’re a New Jersey native looking for somewhere new to live, or someone moving to the Garden state from another state, put these tips into practice.
Find a Trustworthy Subtenant
Whether or not you’ll be able to enjoy a comfortable stay at your new home will depend on how responsible your subtenant will be. Whoever you choose needs to be able to pay the rent when it’s their time to do so, such as if you leave the apartment to them over the summer or you suffer an injury that keeps you from going to work for the time being. It helps if your sub-tenant has a job that pays around the same as yours, or if it pays just enough to keep the lights on. Both parties having co-op insurance in New Jersey will come in handy in case a storm or accident causes property damage and your sub-tenant has some extra cash to cover repairs.
You need to know if your potential subtenant is able to keep their residence clean so that you can trust them to keep things under control while you’re gone. The co-op board that you’re seeking approval from can find out for themselves through a tenant credit check to not only see if they are able to make payments, but also have a good history of maintaining whatever property they stayed at in the past.
Do Research on Co-Op Boards
Your chances of finding a place that lets you sublet your co-op will depend on how lenient certain companies are with this situation. The majority of co-op boards don’t look upon subletting favorably because of the uncertainty that comes with temporary residents. Having an agreement with a specific person or people makes it much easier for landlords to handle costs for property damage, and know when the tenant is going to be around and for how long. They will feel more comfortable making property available to someone who is going to treat their apartment or condo as if it were their permanent home.
This can be an even bigger problem if you’re a relatively new tenant to your apartment and are just asking to give a friend or loved one temporary ownership of your unit. A sudden request for a change in rules can confuse boards, and if something happens while you’re away, then they will wonder if they should let you stay there, much less give the subtenant temporary ownership in the future. As a result, you need to do your research on what places allow for subletting, as some boards may be okay with this situation, especially if you and your subtenant prove to have good track records.
Read and Sign Your Agreement
Once you’ve found a potential spot for subletting, you’ll need to make rules with the board as clear as possible when you discuss your situation. It’s in important to understand the regulations of multiple options, as some may require co-op board approval, paying a subletting fee and extra hurdles to go through than others. The fees may be hire at certain apartments, and some options may require you and the subtenant to make different payments. The subtenant may also have a different agreement to sign, so it’s best for both of you to look at all of the documents to ensure that you’re getting a fair deal.
It also helps for you to sign an agreement that holds you and your subtenant to the same standard regarding keeping the unit in shape. If the subtenant proves to be unable to fulfill their end of the deal, then your contract should allow for you to remain a renter if you are still able to maintain your home, whether you occupy the space at the same time or not. This will keep the actions of the subtenant from negatively affecting your relationship with the landlord, which will save you the trouble of having to go on another apartment search. It is also important for the subtenant to make their conditions clear so that you know which spot will make it easy for them to do their part.
Keep this guide in mind so that you and your subtenant can enjoy a comfortable and fun living situation in Jersey.