How much rent do you charge your children?

[biddles911]

I must come from a different class and era. I paid 'housekeep' when I lived at home and was working. Never got a penny of it back because that's exactly what it was, housekeeping that was needed to make ends meet.

Must be nice coming from safe middle class homes where you can stay at home as long as you like and Mummy & Daddy give you back all you've paid for your keep so you can get a foot on the housing ladder. Reminds me of IDS's reasons for wanting to deny housing benefit to the U25's.

Still that's alright, all young people live in nice middle class families were one keeps a spare jerry can of petrol in the garage in case of fuel tanker driver strikes. I love Tory Britain me....it's so warm and cosy.

Blimey, class wars all over again! You must be related to Mr. Corbyn?

What's wrong with helping your children? House prices are sky high, good jobs are thin on the ground and our generation arguably have been living it up at their expense anyway.....

And before you ask, no I didn't come from a middle class family and had no leg up other than encouragement to work hard and get educated to be able to afford the nicer things in life.

I don't believe in pampering my kids but, equally, I'm happy to help them out on occasion.

 

[Bold Seagull]

40 years ago you could buy your first property for around double your annual salary or so. 20 years ago it was more like 3 times your salary. Now it seems it's more like 7 or 8 times or beyond.

How can anyone in their 40's and older who own a property not feel some form of responsibility for helping their kids to buy a home? Most of us have had cheap mortgage deals and housing growth beyond recognition. The housing market is f*cked for the younger generation. £200k 1 bed flats around Brighton, Hove and Portslade is just ridiculous. It's not their fault the mortgage industry is crippling first time buyers as well as prices. They've not done anything to deserve it, it's us, living it large off the property booms.

 

[Tim Over Whelmed]

It's OK when tax laws on BTL properties come in families will be stuffing their kids in them sharpish, going someway to solving the housing crisis

 

[BigGully]

I have 2 adult sons living at home and in full time employment. Circumstances mean they are at home, they have moved back but they would prefer their own places.

They pay keep, which is much less than they would have to pay if renting. Included in their keep is dinner on the table, laundry service, no worries about water, gas, electric, TV licence etc etc. They get a good deal. I'd charge them something more realistic but their Mum, y'know.

Even if I had the means to be able to not take a penny from them, would that be good for them in the long term?

Seems about right to me, just giving your kids stuff really isnt love, doesnt do much for them or you in the longer run.

I have a mate whos son was up until recently a young professional footballer with BHA and as he was living at home the club on top of his wages would pay his Mum and Dad £140.00 month, I think this is a minimum that the PFA or something else deemed reasonable..

So I charge my two young men that work fulltime, the same amount, it will never cover their full costs but it helps and offers them a little insight into financial responsibility, so I roll with it.

 

[narly101]

I must come from a different class and era. I paid 'housekeep' when I lived at home and was working. Never got a penny of it back because that's exactly what it was, housekeeping that was needed to make ends meet.

Must be nice coming from safe middle class homes where you can stay at home as long as you like and Mummy & Daddy give you back all you've paid for your keep so you can get a foot on the housing ladder. Reminds me of IDS's reasons for wanting to deny housing benefit to the U25's.

Still that's alright, all young people live in nice middle class families were one keeps a spare jerry can of petrol in the garage in case of fuel tanker driver strikes. I love Tory Britain me....it's so warm and cosy.

As soon as I got a permanent job after leaving University, I was asked to pay housekeeping of £100 a month (1993), which was roughly 10% of my gross earnings. The 10% continued (and I had to show them my yearly pay letter to prove my income) until I left home in 1998. That only covered bills and food, no cleaning, washing or ironing. When I left I never saw a penny of it as it was used for what it was "housekeeping" not to give me a leg up in the world. The "leg up" in my day was hard graft, not waiting for a handout from mummy or daddy.

 

[Notters]

I must come from a different class and era. I paid 'housekeep' when I lived at home and was working. Never got a penny of it back because that's exactly what it was, housekeeping that was needed to make ends meet.

Must be nice coming from safe middle class homes where you can stay at home as long as you like and Mummy & Daddy give you back all you've paid for your keep so you can get a foot on the housing ladder. Reminds me of IDS's reasons for wanting to deny housing benefit to the U25's.

Still that's alright, all young people live in nice middle class families were one keeps a spare jerry can of petrol in the garage in case of fuel tanker driver strikes. I love Tory Britain me....it's so warm and cosy.

As soon as I got a permanent job after leaving University, I was asked to pay housekeeping of £100 a month (1993), which was roughly 10% of my gross earnings. The 10% continued (and I had to show them my yearly pay letter to prove my income) until I left home in 1998. That only covered bills and food, no cleaning, washing or ironing. When I left I never saw a penny of it as it was used for what it was "housekeeping" not to give me a leg up in the world. The "leg up" in my day was hard graft, not waiting for a handout from mummy or daddy.

Well bully for you two growing up in an era when housing was affordable. Assume you're happy to sell your property, give the money to charity and buy again without any deposit?

 

[marshy68]

My boy is looking for a job at the moment. When he gets one I'll expect him to pay about a third of his take home. That money will be put aside until he needs a deposit on a flat (or until there's enough to buy a Lamborghini Muira SV)

That's what my parents did for me, although I didn't know they were saving at the time, bless em.

 

[marshy68]

It's swings and roundabouts isn't it. My mum charged me and it taught me about life and capitalism. She was widowed a long time ago and is quite lonely, so when she wants to see the grandchildren I charge her.

It had better be a lot then.

Charging to see the grandchildren, I like it

 

[emphyrian]

Depends on what they earn and you what you earn. I knew someone whose parents saved all their rent and gave it back to them as a deposit.

My parents did this for me. i paid a 1/4 of my wages to them for rent and had to save another 1/4 for my deposit on a flat. When girlfriend moved in they charged her the same. Then when we bought our first place together they presented us the full amount back for furniture etc. Didnt know they were doing this, but certainly helped.

 

[Brian Fantana]

Well bully for you two growing up in an era when housing was affordable. Assume you're happy to sell your property, give the money to charity and buy again without any deposit?

This.

 

[Triggaaar]

Charging to see the grandchildren, I like it

It's tough love. Sure mum was pretty upset when I laid down the rules, but she didn't have much choice and soon came around. I don't really need the money any more, but I wasn't raised to give handouts.

 

[Perkino]

Depends on what they earn and you what you earn. I knew someone whose parents saved all their rent and gave it back to them as a deposit.

This is our intention when they get older. I don't think we will ever be in a financial situation where we will need the money but we will ask them to pay rent so they start to manage their finances.

 

[BigGully]

Well bully for you two growing up in an era when housing was affordable. Assume you're happy to sell your property, give the money to charity and buy again without any deposit?

Housekeeping is quite reasonably a contribution towards living cost to the parents (in most cases) of which the main household bills fall.

You either do it, or you dont, but there can only be one genuine type of housekeeping payment, otherwise its something completely different.

We can run round in circles and feel it represents something else or perhaps give glib views on some perceived privileged generation of home owners, but how exactly can you afford to bankroll another adult or two and if you can no doubt your own personal wealth is just as undeserved as anyone else's.

 

[Boroseagull]

So in reality then they had a nice saving scheme going whilst not actually paying for their keep. I'm not knocking you, if you're in a position to help your kids out then of course it's only natural to do so. But the real lesson here is that some youngsters have it a whole lot easier than others who are working just as hard but are not in such a privileged situation through no fault of their own. These youngsters could work as hard as they like and still have a pretty good chance of never escaping the private rent trap.

Well if they had known we were going to do that then yes. But we never told them and they never expected it.

 

[Notters]

Housekeeping is quite reasonably a contribution towards living cost to the parents (in most cases) of which the main household bills fall.

You either do it, or you dont, but there can only be one genuine type of housekeeping payment, otherwise its something completely different.

We can run round in circles and feel it represents something else or perhaps give glib views on some perceived privileged generation of home owners, but how exactly can you afford to bankroll another adult or two and if you can no doubt your own personal wealth is just as undeserved as anyone else's.

How can you afford it? Well you could take out a £5,000 mortgage on your small terraced £500,000 house to support your children? It's not perceived is it, it's very real.

 

[1066familyman]

Charged our two 20% of their salary. Returned it all to them, plus interest when they left home to set up their own. You do them no favours by not charging from the start of their earning lives, consider it part of the education process.

So in reality then they had a nice saving scheme going whilst not actually paying for their keep. I'm not knocking you, if you're in a position to help your kids out then of course it's only natural to do so. But the real lesson here is that some youngsters have it a whole lot easier than others who are working just as hard but are not in such a privileged situation through no fault of their own. These youngsters could work as hard as they like and still have a pretty good chance of never escaping the private rent trap.

Blimey, class wars all over again! You must be related to Mr. Corbyn?

What's wrong with helping your children? House prices are sky high, good jobs are thin on the ground and our generation arguably have been living it up at their expense anyway.....

And before you ask, no I didn't come from a middle class family and had no leg up other than encouragement to work hard and get educated to be able to afford the nicer things in life.

I don't believe in pampering my kids but, equally, I'm happy to help them out on occasion.

40 years ago you could buy your first property for around double your annual salary or so. 20 years ago it was more like 3 times your salary. Now it seems it's more like 7 or 8 times or beyond.

How can anyone in their 40's and older who own a property not feel some form of responsibility for helping their kids to buy a home? Most of us have had cheap mortgage deals and housing growth beyond recognition. The housing market is f*cked for the younger generation. £200k 1 bed flats around Brighton, Hove and Portslade is just ridiculous. It's not their fault the mortgage industry is crippling first time buyers as well as prices. They've not done anything to deserve it, it's us, living it large off the property booms.

Bold and Biddles. See my post above in response to an earlier post. I totally agree that it's really tough for youngsters today and I'm not having a dig at those in a position to help their kids. My point was that to dress that help up as a lesson taught about working hard and being careful with money is just not accurate. The lesson anyone with their eyes wide open will gain from it is how lucky they've been to have parents in a position to help them, whilst others their age may have worked just as hard but may never get enough for a deposit of their own.

My dig was at IDS and the general Tory world view that everyone is like them and comes from a background that affords them plenty of opportunities in life. Hence my jerry can comment - a quote from a Tory Minister at the time as though we all have a garage to store a jerry can in in the first place

IDS thinks that youngsters leaving home and needing housing benefit to survive in an inflated private rented sector ( not enough social housing remember because of years of Housing F u c k ups from Governments of both colours) are making a lifestyle choice and should stay at home with parents to save for a deposit instead. The man is just not living in the world I know and that millions of others know too. He just doesn't get it because who feels it knows it and the man has never felt it.

Well bully for you two growing up in an era when housing was affordable. Assume you're happy to sell your property, give the money to charity and buy again without any deposit?

What makes you think I have property Notters? I've never been a property owner and never likely to be.

 

[BigGully]

How can you afford it? Well you could take out a £5,000 mortgage on your small terraced £500,000 house to support your children? It's not perceived is it, it's very real.

Or cash in your shares, sell your car, use your savings, mug your granny, use your exorbitant salary, which financial 'money grow on trees' do we have an obligation to give them stuff would you like to validate or not

 

[Bold Seagull]

Bold and Biddles. See my post above in response to an earlier post. I totally agree that it's really tough for youngsters today and I'm not having a dig at those in a position to help their kids. My point was that to dress that help up as a lesson taught about working hard and being careful with money is just not accurate. The lesson anyone with their eyes wide open will gain from it is how lucky they've been to have parents in a position to help them, whilst others their age may have worked just as hard but may never get enough for a deposit of their own.

My dig was at IDS and the general Tory world view that everyone is like them and comes from a background that affords them plenty of opportunities in life. Hence my jerry can comment - a quote from a Tory Minister at the time as though we all have a garage to store a jerry can in in the first place

I wasn't aiming my reply at you particularly, just a general comment.

 

[empire]

My lad pays 150 a month,which cover everything,although out of that,i pay his phone bill and season tik,which is 57 quid,so really he pays 93.00 a month,not a lot,and the mrs taxis service is tip top,he is now aware of what thinggs cost,nd certainly made him aware of the value of money

 

[Perkino]

My lad pays 150 a month,which cover everything,although out of that,i pay his phone bill and season tik,which is 57 quid,so really he pays 93.00 a month,not a lot,and the mrs taxis service is tip top,he is now aware of what thinggs cost,nd certainly made him aware of the value of money

It's about helping them learn the value of money, too many young adults work hard but waste all their salary on booze and socialising until they get to mid 20's and realise that a deposit for a house is in the region of £20,000.

I'll be encouraging my children to save for their futures and not to live beyond their means but I hate to be old knowing they'll pay an inheritance tax on my wealth so intend to pass it on to them wherever I can and if taking housekeeping and giving it back to them will help then it seems an obvious choice