Submitted by howtosplitit t3_za7931 in personalfinance
I own my place outright, a 2 bedroom 2 bathroom place, in great condition and renovated a few years ago. My partner of 3 years is moving in with me. I make 85k, he makes 95k. He is currently paying $1000 (update: $1600) to rent a room (update: and bathroom) in a house that is significantly older and in worse shape than mine. If he was living in a studio, that's $1700, a 1 bedroom is $2250 and a 2 bedroom is $2400 (local prices). How much should I charge my partner for rent?
I was thinking that it should be either half of a 1 bedroom or a full studio rental cost ($1125-$1700). However, both these numbers seem too high when I don't have a mortgage. How do I have us both benefit in this scenario? Is there a formula I can use? I don't really know what to do.
I'm also asking my partner to contribute $100 a month to gas and car maintenance in order for me to drive him around as he requests (he does not drive and will need transport regularly). $100 is about 1/3 of my car expenditures (I don't have a car payment). Does this seem fair?
Edit: I've talked to my partner to ask about his expenses and currently he pays $1600 including utilities for a large basement bedroom and his own bathroom. I was WAY off with my guess of $1000, that was from when we started dating.
Edit 2: Everyone asking why we don't just split bills, I can't just split bills, I must charge rent or he can become entitled to ownership of my home under Canadian law. It is different in America. I owned the home outright and renovated it myself before we began dating so I don't want to give away ownership in this fashion.