Buying house for son to rent

MaybeMaybenot

AdrianC wrote: »

Umm, you do know that's none of your business as his landlord, right...?


If this is going to work, you both need to understand the difference between parent/child and landlord/tenant relationships...

It was said tongue in cheek - that's why I've put a rolling face!

I understand that, thank you for your advice

Marvel1

In terms of visiting, if for instance it's untidy/mess but nothing damaged it does not matter as long as it's left in the condition at the start when leaving.

It's one of the reasons why I decided not to rent from a friend, would the visit be a friend or landlord, and I live untidy most of the time, but would clean it when left.

AdrianC

MaybeMaybenot wrote: »

It was said tongue in cheek - that's why I've put a rolling face!

You say that now, but I'll put money on it coming up in a row at some stage...

MaybeMaybenot

AdrianC wrote: »

You say that now, but I'll put money on it coming up in a row at some stage...

If that's all we row over, then I'll be a happy landlady!

G_M

Don' forget to declare/pay tax on the rent he pays you......

Read:

* New landlords: advice, information & links

EachPenny

G_M wrote: »

Don' forget to declare/pay tax on the rent he pays you....

And also understand the potential complications if he (or the random up the duff gf, if any) were to need to start claiming housing benefit to be able to pay the rent.

I had friends lodging with me when I was a student... the most important bit of education I got from university was never ever have a landlord/lodger(or tenant) relationship with friends or family

Cakeguts

It won't end well. There is a reason why people say don't rent to family or friends.

steampowered

I think it sounds fine, as long as you set some clear parameters:

1) You have to accept that - while he rents the house - it is his house. You can't enter the property whenever you like. For example if he wants to leave the property in a mess he is entitled to do that. If you try to use your position as landlord to control his life - even if you are well meaning - you will end up with a family rift.

2) You have to be ready for him to move out. He may not be in the property for more than a year or two. At that time I suppose you'd end up renting to somebody else. So you have to be prepared to be a landlord, and all the responsibilities that come with that.

franklee

As you are not getting a mortgage you can do pretty much as you like subject to complying with all aspects of being a landlord, gas safety, deposit protection, repairs etc.

I think the main risk is to the relationship with your son if anything goes wrong. Can you detach parent duties fron landlord duties? For example how messy the property is is no concern of a landlord. However if things go bad worst case is you *might* have to evict him e.g. if he doesn't pay the rent. Presumably he isn't good with money or is on a low wage so what happens of he decides bank of mum can take the hit cos he wants to spend is money on a holiday/new car/whatever. I think the advice is never let so someone you won't be prepared to evict. If he gets with someone and has your grandchildren how would you cope with being a business like landlord?

saajan_12

The problem with renting to friends/family is you can't just walk away without damaging other relationships if something doesn't go as planned. Lots of these aren't technically wrong but it can ruin the parent-son relationship if one party feels like the other has contributed to their problems.

* what if son needs to move out you end up with a void when you were relying on rent income?
* what if son loses his job and can't afford rent or moving costs?
* what if you need to liquidate the investment and serve notice?
* what if you want/need to raise rent in line with market but son can't afford more.. who takes the hit?
* what if the roof collapses and son has to move into temporary accom?
* what if there are boiler issues and you disagree on the necessary fix