I live with my BF in a rental that is $1300. He has just bought a house & is expecting me to move in when it closes. It is a high mortgage due to him taking shorter term mortgage. Fair market rent value on the house is $1,500.00. The payment on the house though is right at $2,300.00 due to the shorter term mortgage. I have no personal interest in the home, we are not married or even engaged. I feel that paying half of fair market rental price is what I should pay. He thinks I should pay half the mortgage. I don't think it is fair as I have no interest financially in the home & who knows what will happen 5 years down the road. If he were to sell & make money in a few years, he isn't obligated to give any to me. I love him, but do not see this as fair. I told him I was not ready to buy & he did so on his own. He wants me to move in but at the same time, I don't want to be taken advantage of financially. Not to be a Debbie Downer, but half the mortgage is $500 more than I pay now for half the rent & that is not including the extra utilities that will come with the home. The house will be about $650 more a month for me. I told him I am comfortable with $750 for rent & half utilities, any more than that, I can't afford it. He is livid and says I am being terrible and raining on his parade. No, I am just stating what I can afford. Opinions?
Added (1). Had to move the category… I fully understand a homeowner can charge what they like in rent legally, more of a relationship question than real estate law.
Added (2). Had to move the category… I fully understand a homeowner can charge what they like in rent legally, more of a relationship question than real estate law.
Read more: Should I pay half the mortgage or fair market value rent?
