In your situation, I would probably offer the property as a rental to them, but for a ‘peppercorn rent.’ It could even be $10 per month! Whatever you decide…but the point being-that they have a home on an ongoing basis, but should there ever be a need to ‘get them out,’ then tenancy laws might protect you legally as a landlady. Allowing them to live rent-free is generous, but also opens up other issues.
Also-if the property is a rental property-have you checked if capital gains tax might be payable if you ever decide to sell the home?
How do you think your other child is going to react to their sibling being given a virtually rent-free ‘gift?’ Will this cause jealousy?
I’d give them a helping hand, but as paying (low cost) tenants, to at least cover the cost of house/buildings insurance and so as not to make your other child potentially jealous of their sibling being seen to be afforded free ‘favouritism ’ …🙏
Hello Kaz
Thank you for replying
(There is no mortgage in the house )
I am absolutely 100% sure that the other sibling will not get jealous he will be happy if my daughter could have a house with the backyard just the way he have too...
There will not be any conflicts what so ever
Guaranteed
But as a mother I will feel kind of uncomfortable taking rent money from my own kids ....
I do not want them to struggle
I will feel Happy if I just let them live rent free until they find a home they can afford
If you are able to allow them to live there rent free, you are sure it won't cause trouble with your other child and it gives you pleasure to do it - then do it.
You could charge them a nominal rent, then put it aside for them to use later. You could use that small amount for home repairs, property taxes, etc. Or let them live there free, but ask them to pay towards any home expenses (repairs, maintenance.)
But, it's your house, you can do what you want!
It sounds like you are a very caring mother, good for you!
Kelly