How much rent do your kids pay (at home)?
Discussion
Alucidnation said:
RC1807 said:
Leicester Loyal said:
Alucidnation said:
We charge ours £1000/month each, but that includes food/washing etc.
However, it all goes into separate accounts.
They have no knowledge of this, and when they eventually get a place of their own, they will have it all back.
How old are they and what sort of figures are they earning to be paying 1k each a month?! However, it all goes into separate accounts.
They have no knowledge of this, and when they eventually get a place of their own, they will have it all back.
- seems like a lot of money to me, so I guess they both must take home >£2k / month??
I tried to get them to learn a trade to earn better money but they didn't like the thought of getting their hands dirty.
It's also dependent on where you live - £1000 a month rent in London gets you a broom cupboard in Hounslow, in Hartlepool it'll put you in a large house; if 'renting' from parents is cheaper than commercially renting and you get fed and your pants washed, then why wouldn't you?
Nice touch giving them their rent back in the future though, I may well do the same with mine (currently 9, so all I can take is a levy on the vast amounts of chocolate she gets for Easter).
Mark Benson said:
Alucidnation said:
RC1807 said:
Leicester Loyal said:
Alucidnation said:
We charge ours £1000/month each, but that includes food/washing etc.
However, it all goes into separate accounts.
They have no knowledge of this, and when they eventually get a place of their own, they will have it all back.
How old are they and what sort of figures are they earning to be paying 1k each a month?! However, it all goes into separate accounts.
They have no knowledge of this, and when they eventually get a place of their own, they will have it all back.
- seems like a lot of money to me, so I guess they both must take home >£2k / month??
I tried to get them to learn a trade to earn better money but they didn't like the thought of getting their hands dirty.
It's also dependent on where you live - £1000 a month rent in London gets you a broom cupboard in Hounslow, in Hartlepool it'll put you in a large house; if 'renting' from parents is cheaper than commercially renting and you get fed and your pants washed, then why wouldn't you?
Nice touch giving them their rent back in the future though, I may well do the same with mine (currently 9, so all I can take is a levy on the vast amounts of chocolate she gets for Easter).
my two are at home
one is 22 works and is doing a masters
the other is 18 and on an apprenticeship
we dont take anything off them, and they do little to nothing in exchange for free rent
although they are both good with money
As long as i can manage then we wont, if our incomes were effected in some way then we would
one is 22 works and is doing a masters
the other is 18 and on an apprenticeship
we dont take anything off them, and they do little to nothing in exchange for free rent
although they are both good with money
As long as i can manage then we wont, if our incomes were effected in some way then we would
J4CKO said:
Not had a penny of any of my three !
Youngest is at Uni, costs us about a grand a month in rent and all the other demands for cash, he is on a fashion design course and all the materials, travel and services required are expensive, he has been to China, Japan, new York and Milan whilst he has been there.
Middle one was at Uni in Bath, then decided to stay down there and pays his own rent, but with the occasional help as he doesnt earn much.
Eldest was at home, apprentice for Thomas Cook, didnt take anything off him but had said that he would be paying £100 from September 2019, finally I thought, at nearly 24 will get some rent, but look what happened to TC. Ended up instead of getting £100 a month off him. paying his £225 a month car loan as he had to move and pay rent, also helped out with various other stuff so spent like three grand I reckon. He has been promoted so is paying his own car loan from next month.
He moaned and said instead he would buy the shopping once a week, we pointed out that we spend about £150 on average so he shut up then, I also told him I was paying £100 at my parents back in 1990.
Jesus, you'll be happy when they start earning decent money I suppose!Youngest is at Uni, costs us about a grand a month in rent and all the other demands for cash, he is on a fashion design course and all the materials, travel and services required are expensive, he has been to China, Japan, new York and Milan whilst he has been there.
Middle one was at Uni in Bath, then decided to stay down there and pays his own rent, but with the occasional help as he doesnt earn much.
Eldest was at home, apprentice for Thomas Cook, didnt take anything off him but had said that he would be paying £100 from September 2019, finally I thought, at nearly 24 will get some rent, but look what happened to TC. Ended up instead of getting £100 a month off him. paying his £225 a month car loan as he had to move and pay rent, also helped out with various other stuff so spent like three grand I reckon. He has been promoted so is paying his own car loan from next month.
He moaned and said instead he would buy the shopping once a week, we pointed out that we spend about £150 on average so he shut up then, I also told him I was paying £100 at my parents back in 1990.
How's your lad from TC getting on in finding another job? My missus started last month, was out of work for nearly 4-5 months (other than covering someones maternity for 3 weeks in the middle of that period).
I'll add to this thread, I'm 26, still live at home but don't pay any board, but I have a lot saved up ready to move out. I don't just spunk £500 a month on booze, clothes and cars, I stash it away and its allowed me to plan to move out a lot earlier than I would if I had to pay board.
Mine have both left home then recently come back again.
My son came home after renting for a few years to save up for a house deposit so if we took anything from him it would just take longer to get rid. Shouldn't be too long as he's managing to save about £2500 a month at the moment.
My daughter has got the travelling bug, NewZealand last year, back home to save up again then off to Australia/Tasmania next. Same as my son, the quicker she saves up, the quicker we'll get rid again.
We're on pretty low income,both semi retired, but pretty low outgoings even with both kids at home. It doesn't seem to make much difference to our outgoings whether they're home or not.
My son came home after renting for a few years to save up for a house deposit so if we took anything from him it would just take longer to get rid. Shouldn't be too long as he's managing to save about £2500 a month at the moment.
My daughter has got the travelling bug, NewZealand last year, back home to save up again then off to Australia/Tasmania next. Same as my son, the quicker she saves up, the quicker we'll get rid again.
We're on pretty low income,both semi retired, but pretty low outgoings even with both kids at home. It doesn't seem to make much difference to our outgoings whether they're home or not.
Harry H said:
When my daughter came back from university a couple of years ago and started work full time not only did we let her live rent free I also gave her £1300 a month to top up her salary.
Blimey, there's plenty who'd be happy with £1300 take home let alone as a top up and on top of rent free living too.Antony Moxey said:
Harry H said:
When my daughter came back from university a couple of years ago and started work full time not only did we let her live rent free I also gave her £1300 a month to top up her salary.
Blimey, there's plenty who'd be happy with £1300 take home let alone as a top up and on top of rent free living too.It paid off, as from last November we officially became empty nesters and it's bloody fantastic. To be able to get up in the morning walk downstairs stark bullock naked and get a coffee to take back to bed is one of life's little pleasures along with there always seems to be hot water for a shower now. . Oh and the remote control is all MINE.
Nothing from mine. However that's partly because I know they're all good savers. The eldest has managed to buy a house which she has let out and I have told her I expect her to pay the surplus rent AND 30% of her salary to pay off the loan she took out to buy the house. My son puts about 75% of his take-home into Vanguard funds and is also thinking about buying a place for himself.
if they weren't "good savers" I'd probably be charging them £500 pcm each as that's what a flat share in Manchester would cost.
if they weren't "good savers" I'd probably be charging them £500 pcm each as that's what a flat share in Manchester would cost.
Unless we were trying to teach them something, or help them save, as long as we can afford it, our home is their home, free of charge.
The last time I commented on this thread, my two kids were back at home, my son was between houses, having stopped renting and moved back home to save for his first home of his own , daughter was between countries in her globetrotting lifestyle.
Daughter is off again but we'll see her back here before too long.
Son bought his first house, made 33% on it during COVID so sold it and is between houses again, looking for his next good buy.
This will always be their home and I'd never dream of charging them to stay here. Son has enough cash in the bank to buy a reasonable house, and earns about 5 times our income now (we're semi retired) and daughter supports her self traveling,but if we don't need anything, why would we charge them? It'll all go to them in a few years anyway so no point in us reducing their lifestyles just to leave it in the bank for them (and the taxman) when we die.
The last time I commented on this thread, my two kids were back at home, my son was between houses, having stopped renting and moved back home to save for his first home of his own , daughter was between countries in her globetrotting lifestyle.
Daughter is off again but we'll see her back here before too long.
Son bought his first house, made 33% on it during COVID so sold it and is between houses again, looking for his next good buy.
This will always be their home and I'd never dream of charging them to stay here. Son has enough cash in the bank to buy a reasonable house, and earns about 5 times our income now (we're semi retired) and daughter supports her self traveling,but if we don't need anything, why would we charge them? It'll all go to them in a few years anyway so no point in us reducing their lifestyles just to leave it in the bank for them (and the taxman) when we die.
I think it’s worth keeping them vaguely in the real world. Obviously even £800 barely gets you a room in a house in the SE where you are. So you don’t want it to be tooo much of a culture shock when he does leave home - as going from paying £200 to £1000 or so is going to be some adjustment!
Though I’d probably still chuck it in a pension vs keep it.
Pretty sure I paid about 3-400 quid to my mum 15-20 years ago on a lot less than 35k. I did move out at 18 as it wasn’t much more expensive
Though I’d probably still chuck it in a pension vs keep it.
Pretty sure I paid about 3-400 quid to my mum 15-20 years ago on a lot less than 35k. I did move out at 18 as it wasn’t much more expensive
If it was me (and it's not, so feel free to ignore me) I'd charge full market rates, plus bills.
BUT, what I would do is (if affordable) put that straight into a stocks and shares ISA or something so that when they are looking to buy, you can give it back and boost their LTV.
This comes with benefits. One, they appreciate the cost of living. Two, it's not "money down the pan" like it would be renting elsewhere as it's essentially a nest egg for them. Three, they (in theory) get out more than they put in.
£500/m over three yrs should see a 20k return to dump into a mortgage.
BUT, what I would do is (if affordable) put that straight into a stocks and shares ISA or something so that when they are looking to buy, you can give it back and boost their LTV.
This comes with benefits. One, they appreciate the cost of living. Two, it's not "money down the pan" like it would be renting elsewhere as it's essentially a nest egg for them. Three, they (in theory) get out more than they put in.
£500/m over three yrs should see a 20k return to dump into a mortgage.
Daughter had it easy, was £120 a month
Moved out last year to buy a place with BF. Went wrong, moving back temporarily this week!
They made 50k each on the house over the 18 months, so upping it to £250 while her own apartment completes, soon hopefully.
I guess we’ll give it back, but appliances etc..
Moved out last year to buy a place with BF. Went wrong, moving back temporarily this week!
They made 50k each on the house over the 18 months, so upping it to £250 while her own apartment completes, soon hopefully.
I guess we’ll give it back, but appliances etc..
£300 month to eldest son, whose 21 but earning £30k as a mechanic. He gets through far more food / water / laundry / packed lunches than that per month.
Younger one 19, no work, not drawing benefits, doesn’t yet pay anything and takes payment for working in family business on Fridays (holiday let changeover day)
Younger one 19, no work, not drawing benefits, doesn’t yet pay anything and takes payment for working in family business on Fridays (holiday let changeover day)
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