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.