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Chris in the Sand

Thinking about buying a house and renting a room out to Dad, is this a good idea?

asked by Chris in the Sand - 8 Answers

Mostly I dont want him thinking he owns the place and treating me like im 16 again (im 20) My dad really needs help getting back on his feet. The recent economic conditions crushed his job (auto collision repair tech). Would it be a good idea to let him move in with me and have him pay 1/2 the mortgage payment as rent? its not just going to be him, its also going to be my 5 yo sister He tries his hardest to do good for his children. He isnt so great with a credit card or money (if he has any extra money after rent, bills, food, ect. he blows it on something completely unnecessary)

Sandra M

Best Answer by Sandra M

You could do this but you will have to be careful. If he has a history of not paying debts, I would be careful because he can increase your cost of living and not pay anything into it. Make sure that you have the rules in writing such as: 1. refrigerator: is he going to only purchase his own stuff will he have to replace things that he eats. How much of his stuff can take up the fridge. 2. parking - who gets what space in front of the house or in a driveway if you have one. 3. water bill - how long for showers. what days do we do laundry 4. gas bill - does he like the house warmer than you do and if that is the case, how much higher will the gas bill be? 5. electric - if he is not employed, the electric bill will go up, will he chip in 6. phone rules - is he allowed to use your phone and do you have unlimited calling service. If you only have a cell, is he going to get his own cell? 7. guests - what time do you go to work and how late can his guests visit. I realize you are in your 20's but he is an adult too. 8. house cleaning - make sure that he knows that he is to share equally in the cleaning and that he does not have guest status. You will end up fighting over this later if you do not deal with it now. 9. storage - he probably has more than one room of stuff. What will you both do with his stuff. Make sure that he knows what you expect. Be careful about putting things in writing. If you write a formal lease agreement with him, you will need to speak with both a lawyer and a tax accountant because you will be in landlord status so his payment to you could be taxable. Try to keep things understood but if you have a feeling that you need a lease, I would think twice. Another thing that I forgot, make sure that you purchase a home that you can afford without your Dad paying half. What happens if you Dad get a better job and he wants to move out. You do not want to loose your house. Do the math before you sign anything and good luck. I do feel that you are being a good son for doing this. If he blows any money that he gets, I would be very careful. He may not buy food and then you will look at your 5 year old sister and buy her food. That will enable his bad habits. I am not trying to sound hard and uncaring, but I have seen things like this happen before. Do you realize that if he moves in with your sister, he will probably expect you to care for your sister while he is out and about. Is your grandmother (his mother) still living? ... See all 8 answers

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