For those who are renters...or have rented recently

Avatar for weberdns0
Community Leader
Registered: 08-25-2000
For those who are renters...or have rented recently
7
Mon, 02-06-2012 - 11:01am

We are charging our 21 year old son rent to live at home as a way to teach him responsibility , as well as share in the expenses of our home while he is living here and has a full time job.

iVillage Member
Registered: 12-12-2007
I'm a new landlord (not exactly enjoying it) and if my tenant is 10 days late, I charge a late fee of $50. But I'm assuming your rent is not as high as my tenants, so make it a bit more appropriate for what he is supposed to pay. My DH had to pay rent as well when he was out of HS and not going to college. His was $300 a month back in the late 80's early 90's. He's thinking about doing this for OSD this summer when she is not in school. I suggested just dropping helping her with her cell phone all together (right now he pays $50 when she is in school) and then if she will set up a savings plan and has the account require two signers than we will not charge her rent during the summer months. OSD really wants to live in the dorms from now on, but it not saving money at all. DH will pay for everything but living in the dorms. We only live 10 minutes for campus, so this isn't a need, just a want and I do think it is good to work for what you really want. Being handed everything in life does not make responsible adults. So we will see. Her BF's mom is looking into scholarships for her. I just hope she is making OSD help her not just doing it for her. We've tried to work with her on this stuff and she pushes us away, so...
Good luck on this. I hope it works out well.
KRISTIE
Avatar for weberdns0
Community Leader
Registered: 08-25-2000

Thanks for the info!

iVillage Member
Registered: 12-12-2007
you know what is reasonable for your son based on what he is earning. Your plan sound okay to me. Our ODD would totally move out if we made hers that high, so I will keep this in mind for the time this comes up for us. She really wants to live in the dorms. Cracks me up!! I really do think you are being wise about the amounts. It's important for kids to understand money and it's hard at times to teach this with out totally scaring them. So thumbs up to you!!!
KRISTIE
Avatar for weberdns0
Community Leader
Registered: 08-25-2000

We haven't told him .....nor are we.....so shhhhh.....but at the end of the year he is going to move out, and since he is so bad at saving money, we will return his rent payment so that he has a nest egg and a downpayment for an apartment.

iVillage Member
Registered: 12-12-2007

My lips are sealed!

KRISTIE
Avatar for weberdns0
Community Leader
Registered: 08-25-2000

Let's hope so!

iVillage Member
Registered: 01-07-2004

hello!! we are renting right now-but my landlord is my bro-in-law and i usually get him rent by the end of the month-and he doesnt charge us a penalty...but the last house i was renting, i think the late fee was $25. and that was for anything over the 5 days grace period. now the house my sil was renting the penalty was $50. i would maybe charge your son between $10 and $20 depending on how much "rent" is...good luck!!
JOANNE