My boyfriend has a home with a 30-year mortgage of $150,000 at 4% interest. He has $275,000 in cash in a retirement account. He retired.
My rent is paid. I have $50,000 in cash in a retirement account. I would like to retire in one to two years.
We want to live together but can’t agree on the right “rent” to pay. He doesn’t want to live in my house because he has few amenities.
He believed that I would pay half of his monthly expenses for his better and more expensive house. He can pay his bills and save $600 a month, but he likes to have money.
I have given up that luxury and paid my debt. I am currently working to build my savings. I don’t feel like paying half of the bullet interest.
I don’t know what repairs and maintenance should be expected from me, if I don’t have equity in his house. There are many ideas, none of them have the right effect.
These are the options he came up with:
· I live in his house and how can I rent from. Tell him half of what I got from the rental.
· Pay half of the cost of living expenses and maintenance of his house while I live there.
· Tell him what I pay to live in my house now for taxes, insurance, and utilities: $800/month.
What are you talking about, Moneyist?
Homeowner & Girlfriend
I’m sure your house is beautiful too. And just because he believes it, does not make it so. If you don’t pay rent on your own house, I don’t believe you should pay a hundred more for him to live in his house.
That is, you will not end up paying more due to this arrangement, just because he (a) wants you to live in his house and (b) help him pay his rent, or taxes head and his care.
You both made different choices: yours is to own a house that doesn’t pay the mortgage, so you can use this time to build up your savings for retirement and/or a rainy day.
You worked hard to pay off your mortgage, but you have $50,000 in savings, less than 20% of your boyfriend’s income. He has $150,000 left on his mortgage, and that’s his choice.
“If his goal is to find help to pay half of his mortgage, he can find a landlord to do that for him. “
You are not the answer to his long term financial plan, you are his partner in life. If his goal is to find help to pay half of his mortgage, he can find a landlord to do that for him. What is happening you are you expecting? Forget what he expected.
From the way he approaches this arrangement, it seems that he needs an equal amount of soap and mild detergent – a girlfriend and a resident in the same bottle to keep his financial plan healthy and clean. .
Bottom line: You shouldn’t compromise any plans to build your nest egg. That woman is not for turning. Only get his plan if – with the help of a real home owner – it helps you.
In other words, what you want to achieve is more important than the suggestions he made. It can save you $600 per month! That’s his job. It’s not yours. What do you want to get out of your pocket every month?
Find out you needs, and then work your way back based on that goal. For example, if you can pay it $800 a month, pay a $1,600 mortgage on your house, put $800 toward your savings, do that.
It’s been a long time. Don’t let these discussions ruin that.
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