Hello, all!
This situation is a bit unique in that my boyfriend and I already live together in a rented apartment. We make the same amount of money and split all household expenses (rent, bills, grocery) 50/50. We have a household checking account that we both contribute equal amounts to every paycheck - all household payments and purchases come from that account, and we are free to do whatever we’d like with the money in our personal accounts. This system has worked very well so far.
Recently, I’ve been lucky enough to essentially be given a property by a family member. The property is 100% in my name. There is no mortgage, it is completely paid for. The only financial responsibilities I will have in regards to this property are taxes, HOA fees, and then any standard utilities that I’d have no matter where I lived. The costs are very low and I would easily be able to afford them even living alone.
I have plans to move into this property in the next few months and am excited for the financial freedom it will offer me. Of course, I plan for my partner to move in with me, but I’m unsure on how to handle ‘rent’/COL.
My partner struggles from time to time with money - he’s never late with a payment, but he mostly lives paycheck to paycheck. I would love for him to have a decreased COL and enjoy the same financial freedom I will be. However, we are not married and I don’t want to put myself in a vulnerable position.
To be clear - we are currently spitting $1100 a month in rent + any other household utilities/expenses. Taxes and HOA/fees on my new property would come shy of $400 per month and household expenses will likely stay the same.
Should I be charging my boyfriend rent? How much is fair? Is it a bad idea to just continue splitting costs 50/50? How should we handle any renovations that we may need to be done to the home (for example, replacing carpet with hardwood floors) since he has no equity?
Would really appreciate any advice or insight you guys could offer me. Thank you very much
(Edited to add that I am using a throwaway, as some friends know my Reddit account and I’m uncomfortable with them knowing the details regarding my new home.)
Submitted May 08, 2019 at 04:38AM by thththwow http://bit.ly/2PUU36V
