What should I charge my adult child for rent?

Kim Luu-Tu, a financial adviser with Ameriprise, recommends asking for a percentage of the child’s take-home pay, anywhere from 10\% to 30\%, depending on the child’s current income and debt.

Can parents make their kids pay rent?

Technically, a parent cannot charge a minor-child “rent” since the parent is legally obligated to care for the child. That includes providing a place to live.

Can I let my daughter live in my house rent free?

A Yes, you can let your daughter live rent free, but there are tax implications. This may not matter if you are buying the property outright, but if you are intending to use a buy-to-let mortgage you may not be able to claim all the interest as a tax-deductible expense.

Do adult children have to pay rent?

If adult children are not out on their own, they should be paying rent (at a minimum!). Are your adult children giving you rent money every month? If you’re an adult living at home, are you coughing up any cash for mom and dad?

Do you charge your adult children to live at home?

Three in five parents don’t charge their adult children a penny to live at home. But is this the best way to get them out of your house and onto the property ladder? The kids aren’t flying the nest like they used to. 3.4 million 20-34-year-olds – one in four – are now living with their parents, according to official figures.

Should you let your adult children stay in your home for free?

The fact is that if you’re in financial trouble, you can’t afford to let anyone stay in your home for free – even your sons and daughters. After all, you can’t support them if you can’t support yourself. It’s obvious why getting rent money helps parents, but what’s often overlooked is that in the long run, paying rent helps adult children too.

How do you pay rent if you live with family?

When you live in a stranger’s property, you pay rent by giving money and that’s usually the end of it. But how rent is paid when living with family can be much more flexible. The most common example is to have the children cover a part of household costs such as food and utilities.