Charging rent for 21 year old
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Hi,
I`ve tried to do a search but havent found what I want. About 6 weeks ago someone suggested a reasonable amount to charge for board and keep for my 21 year old son. He works as a chef and clears approx just over £900 pcm
He currently pays me £130 which I would like to review. I should add I am on my own with him and his younger brother(16) and do not receive maintenance. Which is a fair rent- 15% or higher ? I am also aware he is constantly overdrawn which I have talked to him about but he denies...........
Insert By Martin on 25 October
From now on, each week in the Money Tips email, we'll be asking a money moral question. This specific thread is the one that inspired me to do it - so it's only right that it be first. However let's broaden the question from a 21 year old to "what's fair rent for working children living at home?"
I`ve tried to do a search but havent found what I want. About 6 weeks ago someone suggested a reasonable amount to charge for board and keep for my 21 year old son. He works as a chef and clears approx just over £900 pcm
He currently pays me £130 which I would like to review. I should add I am on my own with him and his younger brother(16) and do not receive maintenance. Which is a fair rent- 15% or higher ? I am also aware he is constantly overdrawn which I have talked to him about but he denies...........
Insert By Martin on 25 October
From now on, each week in the Money Tips email, we'll be asking a money moral question. This specific thread is the one that inspired me to do it - so it's only right that it be first. However let's broaden the question from a 21 year old to "what's fair rent for working children living at home?"
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Replies
If this is the case then that is very reasonable and I think you would be justified in raising his rent to about £300 to cover all the things you provide. If he moved out and lived in a flat he would be paying at least £300 in rent alone, then he would also have to fork out for bills and food. He's getting a bargain for £300!
ENDIS. Employed, no disposable income or savings!
They charge me £165 per month for 'housekeeping' and I take home not much more than your son.
Dunno if that helps any....:o
You are doing your children no favours by not charging them a proper rent. They earn money now and are adults. If you want to save the money you charge them and give it to them when they want to move out, i'm all for that - just don't tell them that. Otherwise your child will have a massive reality shock coming to them when they eventually leave the nest.
You can't charge as much as if they had their own flat, because thats not what they have. I'd suggest £200 a month 'rent' personally.
http://forums.moneysavingexpert.com/showthread.html?t=249300
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I know that if I were to have my own place it would cost me alot more, but hopefully ny then I will have a better, higher paid job.
They get their meals if they are in (but they are never there much) and their washing is done for them.
Bills are only taken into consideration if one of them has been excessive (ie my sis ran up £100 on the phone and my mum cut it off until my sis paid for it)