The Moneyist: ‘It’s a touchy subject’: My in-laws live in our basement. They gave us our 20% down payment. Should we charge them for renovations?

by | Nov 9, 2022 | Stock Market

Dear Quentin, Last year, my husband and I approached my in-laws to see if they wanted to live with us. We had learned that my father-in-law had terminal cancer but could still live five to seven years in remission, and we felt that when the time came and my father-in-law passed, the adjustment would be easier on my mother-in-law, as she is quite dependent on him.

They agreed to this arrangement, and we each sold our homes for a profit; my in-laws already owned their home outright. We agreed that my in-laws would give us the 20% down payment we needed to buy the new home, and we would make the monthly mortgage payments. This 20% down payment is my husband’s inheritance.

“‘Who should be responsible for major upgrades or renovations to the house? For example, the central air conditioner will soon need to be replaced.’”

We bought a three-story house and converted the basement into an in-law suite, which amounts to more than 20% of the total living space in the house. But we’re not sure who is responsible for the ongoing costs of running …

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