I’m just curious how most people handle renting to family. We have a walk out basement we are considering finishing and renting out to an older member of our family that, for heath reasons, is better off being close to us. We have to replace the septic tank anyway and are already planning to upgrade to the next size tank, we can do a lot ourselves but even still it’s expensive to get running water and a bathroom in the basement, plus heat of some sort. Is this a cost you just absorb since it’s an upgrade to your own house or do you charge rent based on the cost of finishing the space (like with a goal of making your money back in a certain amount of time)
We have also had this family member with us before in a much smaller space where we had to share a lot of spaces and it didn’t go well. There are a lot of cultural differences and some dementia that has led to some unsafe conditions for our kids. This is part of the reason why we need to them to have their own space downstairs. I’m wondering how others have handled these types of situations.
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source https://www.reddit.com/r/RealEstate/comments/z67eah/renting_to_family/
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