I am moving my family back to my hometown after finishing up medical training (debt 300k student loans, 450k starting salary, ~100k equity from when I sell my home). Renting is probably the smartest move to make sure my job works out, and to avoid rushing into buying a home that my wife and/or I will not be happy with and want to move out of in the near future. The rental scene in town is not the greatest - pretty bad actually with few rental homes or apartments (aside from college apartments).
My grandma recently passed away, and my mom and her two siblings will inherit the home which is paid off (meeting with lawyer soon, I won’t be moving for 6 months). I thought about potentially renting the home from them until I decide on buying a home eventually (anticipate 6-24 months timeframe once I move), and they graciously agreed to not only let me live there but to let me live there for free. My initial reaction is that I will at minimum have to pay them to cover home insurance, property tax, and plus at least a little bit extra (whatever we can agree upon).
All parties involved are not familiar with the renting process, and I want to make sure my ignorance on this topic does not somehow mess them up financially or with taxes in the future. They would plan to sell the home when I am done with it, so I know if the housing market tanks then that is one possibility of this move negatively impacting them.
Can anyone offer me any general advice on how we should set this up? I’m assuming they need to cancel the current home insurance for a landlord home insurance policy. Are there any other renting related insurance or other type policies they/I should look into? I assume we should create some type of rental agreement document to all sign (would this need to be notarized?).
Thanks for your time and help.
My grandma recently passed away, and my mom and her two siblings will inherit the home which is paid off (meeting with lawyer soon, I won’t be moving for 6 months). I thought about potentially renting the home from them until I decide on buying a home eventually (anticipate 6-24 months timeframe once I move), and they graciously agreed to not only let me live there but to let me live there for free. My initial reaction is that I will at minimum have to pay them to cover home insurance, property tax, and plus at least a little bit extra (whatever we can agree upon).
All parties involved are not familiar with the renting process, and I want to make sure my ignorance on this topic does not somehow mess them up financially or with taxes in the future. They would plan to sell the home when I am done with it, so I know if the housing market tanks then that is one possibility of this move negatively impacting them.
Can anyone offer me any general advice on how we should set this up? I’m assuming they need to cancel the current home insurance for a landlord home insurance policy. Are there any other renting related insurance or other type policies they/I should look into? I assume we should create some type of rental agreement document to all sign (would this need to be notarized?).
Thanks for your time and help.
Statistics: Posted by RadBaw9 — Sat Jan 04, 2025 12:20 pm — Replies 0 — Views 91