In some ways, it might seem great to have your adult child move home and spend more time with you. Or maybe you never expected it to happen, and suddenly the child you thought was moving on is at your doorstep.
No matter how you feel about it, here are some tips on charging your adult child rent:
- Base rent on a percentage of your child’s take-home income. A good range to consider is between 10 and 30 percent, depending on his or her income and debt.
- Make an advance plan for your adult child’s payment of other expenses, such as car insurance, student-loan payments, etc.
- Discuss responsibilities beyond basic cleanliness and laundry. Request assistance with home maintenance tasks, such as lawn mowing and cleaning projects.
- Be clear about what you will do if your child fails to pay the rent. Find a way for your child to reduce any balance. If he or she simply cannot afford it, consider reducing the amount, or help him or her find a part-time job so they can pay.
- If you decide to ask your child to move out, be sure to give at least one month’s notice, and allow plenty of time for him or her to find another dwelling space.