What should I consider prior to renting a house to my son?

Answer by  flamiss22 (5081)

Make sure he is just as creditworthy as any renter would be. Since the home will still be in your name if he is unable to pay the rent then you will be liable to the holder of the note.

Answer by  Darry (3853)

You should treat your son just like any other renter and draw up a lease agreement. This will protect both of you if something happens by drawing clear lines of who is responsible for what. Also, you may want to have a property management company deal with his lease.

Answer by  withsmluck (793)

The main consideration is if you would be able to evict him if he didn't pay the rent? If you would not evict, would you be o. k. with the income lost or would it create a hardship for you? It is best not to mix relatives and rental property.

Answer by  Wade (168)

Rent it to him the same way you would to any other tenant. You may be tempted to make it more lenient since he is family, but you're setting yourself up for problems. Keep it strictly business.

Answer by  caporfirio (804)

You should have him sign a lease, do a inspection before and after he moves out. You should treat him as you would any other tenant.