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Rent or free to family members

post #1 of 25
9/10/09 at 9:40am
Thread Starter 
If you had an house, that had a separate apartment, would you rent it to a family members, or let them live there free.

Say you have a 20 year old child, living with you now in the house, but they want to move in the apartment to be on their own.

Would you just let them live there or charge rent?
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post #2 of 25
9/10/09 at 10:22am
Definitely charge them something, especially the kid. They don't get to have the freedom of "living on their own" without some of the consequences (rent, utilities). But, since there is a separate entrance, there wouldn't be any special rules placed on them (other than no illegal activities of course). I would treat them just like any other renter.

The only exception would perhaps be a responsible relative who had just had a major life upheaval, like divorce, death of someone, layoff, etc. I would let them live 3-4 months rent free to help them get back on their feet, then they could move out or pay fair rent.
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post #3 of 25
9/10/09 at 11:07am
If it's a money generating apartment and they want to live there then they need to RENT it IMHO. I have an older child and he would be paying that's for sure (esp at 20) and I don't think I would decrease the amount just for him!
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post #4 of 25
9/10/09 at 11:34am
Dh and I used to be in the position as the receiver I guess you would say. We lived in a family home and had to pay no rent. We paid half the taxes on the property (2 houses on 5 acres) and of course paid for any maintenance, remodeling, utilities, etc. This was an older house and there was no mortgage on the house. So...I guess that being said if I was ever in the position to own something where I did not need to collect money on it then I would let a family member live there without paying rent as long as they took care of the house and paid the utilities and stuff. Also, I would want that family member to be trying to better themselves. I wouldn't want someone to live there free of charge if they weren't going to school or weren't working and basically just bumming around.
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post #5 of 25
9/10/09 at 11:43am
I would definitely charge rent, although probably under market value. We're considering renting our house to SIL/BIL when we are out of the country for six months next year.
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post #6 of 25
9/11/09 at 6:52am
I would change rent. Nothing is free (except for anyhting in the freebie forum)and it's a great way to show them that.
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post #7 of 25
9/11/09 at 7:16am
I would charge rent a little lower than market value.
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post #8 of 25
9/11/09 at 7:50am
It depends on the family member, the situation, how I am doing financially at the time. I honestly could not say.
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post #9 of 25
9/11/09 at 8:37am
I would charge something under market value also
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post #10 of 25
9/11/09 at 8:52am
rent, usually lower. Or they could get a really reduced rent and trade for working around the property.
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