There are several personal and financial advantages of sharing a home with your parents, but there are also a lot of financial considerations that need to be taken into account to make the process as enjoyable as possible. This article from U.S. News highlights some of the most important things to consider.
There’s a lot of talk of boomerang kids who come back to live with mom and dad after graduating from college, but sometimes parents can boomerang, too. Sometimes, it can make sense for a mother or father to move in with an adult child. Heck, it might even be fun.
But naturally, as with all living arrangements, you could find the financial part of having your parents living with you could get messy, if you don’t think through all of the issues first. There are so many considerations, but as you think it through, here are a few items you should mull over.
For example, you’ll probably split some of the bills, which may work out well for both of you. Whatever you do, you’ll want to discuss everything beforehand and try to devise a system that works for you.
As for taxes, insurance and other paperwork – if your parents are pretty young, then they’re probably on their own here. But if your parents are getting up there and need help, you’d be wise to ensure they’re keeping up with their financial paperwork.
You also may want to call your insurance agent if your parent is bringing any valuables to your home that you would hate to lose in a burglary or fire.
If your parents are having health issues, or appear poised to be, it’s no secret that you may be in for a lot of chauffeuring, which could impact everything from your career to your gas budget. On the other hand, you may find that having your parents around helps your finances, not to mention your quality of life.
