Money Moral Dilemma: Should I rent out my house if it means my daughter has to stay elsewhere?

Andrea9876

When your daughter went to uni you must've known it was a temporary arrangement and university accommodation is usually term time only so it was always a given that she was in need of a permanent home. If you are serious with your boyfriend perhaps you should consider a home together where your daughter is welcome.  Also if you move in with your boyfriend and things don't work out you will also be homeless as it takes time to get your property back from renting out. 

katestarkey

What year of uni is your daughter in? After halls in first year, she is likely to rent a property of her own for 52 weeks a year so at least she wouldn’t be homeless between terms, which is often the case with student halls. That would limit hotel costs too.

The suggestion to let a room to cover your costs is also a good one, especially seeing as you can do this tax free, renting the whole house would be classed as additional income which may be taxed at 20-50% depending on your earnings. 

SteveSi

You may be charged capital gains tax on the sale of your house if you are not registered as living there. You can rent out a room tax free and your daughter can stay there whenever she needs to. You will probably have to pay full council tax. Also you will have a home to go back to should things not work out with your bf. 
Alternatively, buy a caravan for your daughter and use it yourself for hols too and sell it when she finishes uni.

monkeyboobum

If it was me I would just rent out a room plus I would want the security of a fall back if the relationship went down the pan..... Yes it's pessimistic but for me the gains Vs the potential losses are too risky 

dave_rees

elsien said:

What would your daughter do if you were living with your boyfriend and didn't have a handy house for her to live in? Boyfriend's settee? Friends? 
Do you want all the hassle of being a landlord? With all the legal obligations and (worst case scenario) non payment of rent, large void periods and potential damage and eviction costs?
What's the plan when the daughter finishes university? 

Tbh, it sounds like you've already decided to keep the status quo. 

I would suggest looking At Airbnb that way you can have it free at holiday time and rent rest of year? 

Pauline1734

Your house is bigger than your boyfriend's? 
So move there and rent his place out.

primrose_penguin

You don't really give enough information, for example is your house in the same area as your boyfriends home, if so why doesn't he move in with you instead, then you will have enough room for when your daughter comes home from university during the year. Do your boyfriend and daughter get on well together? How long have you been together, if not long then perhaps it is wise to keep your home anyway in case you need it.
If however you have moved out of the area your house is in then it is a bit more difficult. Like someone else suggested why don't you sell the house and buy a small flat for your daughter in the same town as you now live so you can see her regularly whilst she is home, (she will probably get work during holidays as most young people do, which would help towards expenses) and hopefully you will have a decent amount of change from the sale of it for yourself, although there will still be expenses to pay out, you will then have the best of both worlds and your daughter will not feel left out, it is important to still be there for her because in a few years time she will move on with her work life and maybe get married and have children and I am sure you will enjoy being part of all that. Most importantly have a chat with her about what she would rather do.

ripongrammargirl

I am intrigued by this post. It seems as though your house is losing money by it standing empty and having to pay utilities, mortgage and council tax. I am interested to know if the property is bigger than your man’s flat and, if so, why you both can’t move there and he sells his flat, so you would have your daughter home for holidays and only the burden and expense of one property. Why have you not sold your house, rather than thinking about renting, which could be a nightmare if you get the wrong tenants? Looking for a “get out” clause in your relationship in case it goes wrong- well that would tell me I’m not with the right person and if it did go wrong then you would have to find another property for yourself. But that’s just cynical and you should have trust in any relationship and work on the same level, especially with property. You can’t live your lives together with this money drain from two properties. There are so many rules around renting property now and the tenants seem to have law on their side whether they are great or house destroyers.
Definitely sell the flat, and/or both properties and get your forever home together- preferably one with a spare bedroom for your daughter, but do remember she has already left home and will be striking out on her own after uni with her own life. It’s time to think about your, and your man’s needs now as this is your future.

kiltwearer

You could consider letting your former home for holidays - assuming it's in the type of place anyone might want to visit. Then when you want the place for other purposes, such as for your daughter's use, you don't have to accept bookings. Also, there are special tax rules for holiday lets, which make them an attractive option.

CapeTown

Never put boyfriend before your own children. I am also a landlord. The costs of being one are so expensive.  £650 per month really isn't worth it. You will pay tax on that too.

Relationships break up but you should always aim to keep the one with your daughter