I own a house and can rent it out for $2000.00/month and I told my mom that I would rent it to her for 1000.00, she receives social security and a pension $2500 a month, is this fair?
2006-09-09 08:59:20 · 16 answers · asked by foxyraley 2 in Business & Finance ➔ Renting & Real Estate
Sounds reasonable to me
2006-09-09 09:04:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Of course it's fair, if she wasn't renting from you she would have to rent from somebody else and she is probably living in a much nicer place then if she had to rent elsewhere and pay full price. You are just recouping the cost of the house I'm sure. That is more than fair. As far people saying she didn't charge you rent for 18 years, you also didn't ask to be born and that was her decision and responsibility.
2006-09-09 16:32:24 · answer #2 · answered by BrokenRomeo 5 · 0⤊ 0⤋
The big question is, "did you originally plan to rent the house before your mom came along?" If the answer is no then DO NOT charge her rent! She must provide for herself (food, clothing etc) and you can ask for a contribution towards utilities (electricity, water, phone etc).
Remember that she is your mom. So if you dont have to then don't charge her rent despite the amount she receives as social security and pension. Encourage her to invest her money so that she may use the returns for her later years when she may need nursing care or any other aid.
Life is a cycle. Our parents took care of us when we were young, so when they become old and need our help we should take care of them.
On the other hand, if you both do not get along then maybe you both should not live together and make life miserable for each other.
2006-09-09 16:17:40 · answer #3 · answered by Coleen W 4 · 0⤊ 1⤋
I don't think it's wrong. Especially if you could be getting more for it by renting it to someone else, and you're willing to knock off $1000.00 for her! She will have to pay rent wherever she lives, and if she can afford it and it's in the price range she was looking for, I think it would benefit both of you. I can safely say that my own parent's would think this was very fair if I offered something like this to them.
2006-09-09 16:12:55 · answer #4 · answered by Naples_6 5 · 0⤊ 0⤋
That's a real touchy question. On one hand you can consider that your mother never charged you rent when you were growing up in her care; however, you also must look at how getting something for nothing (a free hand out) would make her feel.
I think that you should discuss it with her first and then together come to an arrangement.
2006-09-09 16:02:28 · answer #5 · answered by Allan W 2 · 0⤊ 1⤋
Depends on a few factors:
Will the remaining $1,500 a month cover her medical bills, groceries & other bills, leaving enough left over for her to be comfortable?
Does she have sufficient assets to cover upkeep and repair, or will you be taking care of that?
Will she have an adequate support network there?
And the most important question of all:
How does your mother feel about it?
These are some things to take into consideration.
2006-09-09 16:36:15 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Totally fair! She has to live somewhere, if she weren't renting from you, she'd have to pay someone else.
I think it's very fair that you are cutting your rent in half for her. I hope she appreciates it, and I hope she's not guilt-tripping you into thinking you need to provide her a rent-free place to live!
2006-09-09 16:00:43 · answer #7 · answered by dualspace 3 · 0⤊ 0⤋
Either your mom should move in with you and then you can rent out the house and still make that good amount of money.
Or,think of it this way,did your mom charge you all the years you were growing up?
2006-09-09 16:02:45 · answer #8 · answered by amreeecan 1 · 0⤊ 1⤋
I guess you have to charge her the bare minimum of what you need so you don't lose out too much. But, she is your mother. You should give her the best deal you can because of everything she has ever done for you. Besides, God blesses those who take care of their parents when they get older.
2006-09-09 16:07:07 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Sure it is fair....but first lets just assume that you lived with her until you were 18...that means you owe her $216,000. After you have paid your back rent payments...then sure charge away....
And you are charging her 40% of her income....nice! Way to leave her with money to live on.....
And on top of that let figure in all that you owe her for the maid service and "limo" services she provided for you for at least 18 years...
GOOD way to be greedy!
2006-09-09 16:05:48 · answer #10 · answered by Em W. 4 · 0⤊ 1⤋
If you're feeling funny about making a profit off your mom, how about just having her pay whatever you're paying for the mortgage on it? You both win--she gets inexpensive housing; you're getting that mortgage paid, and not feeling guilty. Just an idea! Good luck.
2006-09-09 16:08:14 · answer #11 · answered by gburgmommy 3 · 0⤊ 0⤋