Should I rent a Wellesley condo to my mother?
Question: Rather than putting her in a nursing home, my wife and I have discussed buying a condo and charging her rent. A friend of mine said that by renting to a relative I might be losing on tax benefits. Anyway, my mother loves Wellesley, what do you think?
Bill’s Answer: Wellesley is a great town. And, Wellesley real estate offers many wonderful housing options.
Wellesley condominiums make very attractive investments since the market is solid, resales good and professional management is available. Check with your accountant but I do not see any negative tax consequences to renting to your mother or to any relative.
I presume that your mother is a wonderful person and that you want the best for her regardless of economic issues. Renting to your mother would provide you and your wife with an excellent tenant.
Please give us a call at 781-237-1212, and we’d be happy to present you with all available Wellesley condominium listings. We would be happy to preview units you with and your mother at your convenience.
About Bill
ABOUT Bill
Bill FitzPatrick has been a resident of Wellesley for over fifty years. He graduated from St. Paul’s School and Wellesley High School. He earned a bachelor’s degree from UMass and a master’s degree from Boston College.
He has taught courses and written articles for the National Association of Realtors®. For many years, Bill was the principal writer and editor of two of the nation’s leading business newsletters, Investing in Real Estate and the Homeowner’s Advisory Letter. Bill is also the author of the online real estate real estate investing course Master Real Estate.
Bill is the founder of both Wellesley Real Estate and the non-profit American Success Institute http://www.Success.org.
Having bought, sold, and renovated many properties himself, Bill has negotiated hundreds of real estate transactions. Selecting Wellesley Real Estate, you will have the opportunity to deal personally with Bill. Friendly and relaxed, Bill listens. From discovery through closing and beyond, Bill’s integrity, patience, diligence and critical eye ensures that he will be your personal advocate throughout the process of finding or marketing your Wellesley home.
