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Finding a Place to Live!!!

Finding a Place to Live!!!. Renting vs. buying. Advantages of Renting. Mobility Minimal Responsibilities Finances- As a young adult, you may not be able to afford to buy. Disadvantages of Renting. limited control & freedom lack of permanence does not encourage a sense of community

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Finding a Place to Live!!!

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  1. Finding a Place to Live!!! Renting vs. buying

  2. Advantages of Renting • Mobility • Minimal Responsibilities • Finances- As a young adult, you may not be able to afford to buy

  3. Disadvantages of Renting • limited control & freedom • lack of permanence • does not encourage a sense of community • financial disadvantages • money spent on rent is not applied toward ownership

  4. Advantages of Home Ownership • Get more for your money—not throwing away on rent • Right now, houses are cheap!! • Feelings of Permanence and Security • Incentive to Save • Tax Advantages/Improved Credit Rating • Investment Potential

  5. Disadvantages of Owning a Home • Hard to sell in the bad economy • Large down payment needed • Appreciation vs. Depreciation • Appreciate—increases in value • Depreciate—decreases in value • Let’s listen to the experts! Click here!

  6. Assess Your Housing Requirements • What location am I interested in? • Think specifics (near campus, work…) • What type of housing would suit me? • Condo, town home, single family? • If an apartment: High Rise, Low Rise, etc. • How much space do I need? • Will you have roommates??? • What can you afford to spend? • Allow 28-30% of your monthly income or allowance for rent/mortgage

  7. What is Available? • Drive or walk through the area you would like to live in • Look online at www.rent.com or other resources- we will do this tomorrow! • Contact local realty groups • Ask around!

  8. Inspect and Compare Units • You must always go to take a look at a rental unit or home before actually renting it! • Talk to other tenants/neighbors if possible • Living Space • evaluate the overall layout and efficiency • Individual Needs • pets, accessibility for handicapped people, parking… • Maintenance • whom do tenants contact if maintenance is needed? • does the manager of landlord live on the premises?

  9. Where do you begin looking for an apartment??

  10. Finding an Apartment • Check newspapers! • Use your “Understanding Ads” sheet to figure out the following ads…(write on your notes sheet) • Dplx, 2nd flr, 2br, mod eat-in kit, d/w, all elec., spac. Lr. Pvt pkg. No pets. Call 234-5678 for appt. • Furn bsmt apt. Outdr entr. Kitchnt. Utils inc. Brk walls, ww crpt. Clean, safe. Owner lvs upstrs. Come to 155 Maple Str. • Lux 2 br apt. Adults only. No pets. Hi rise w/lvly vw of cty. Hdwd flrs. Bkcses, wbfpl. priv. Undrgrnd prkg. Terr. Ref req. Avail June 1. Call age: 234-1212

  11. If renting—signing a Lease! • Legal document a tenant signs when agreeing to rent housing for a specific amount of time • States the rights and duties of both the landlord and the tenant

  12. Lease (cont.) • Must be read carefully • Record all damages in the apartment before you move in • Discuss anything “fishy” with the landlord before signing… • Sublet—finding someone to live in your space to fulfill your lease • DO NOT SIGN UNTIL YOU HAVE READ IT ALL!! ***Now read your sample lease and answer the questions…

  13. At what point in your life will you be ready to buy a home? What things need to be considered first? • Turn to your neighbor & chat 

  14. To Buy… • Contact a Real Estate Agent • Inspect Homes (you/ expert) • Make an offer (earnest money= contract pending) • 20% down is the standard amount…but now always…check with banks, but you will pay more in the end! • Question: If a house is for sale for $420,000, how much would you need for a down payment?

  15. Some Costs for Renters • application fee- you may have to pay for landlord to review your info • credit check fee- to cover the cost of running your credit check • security deposit- money you give to the landlord to cover any damages you cause to the place • advance on rent • moving and other costs • installation fees- cable, phone… • moving companies / uhaul

  16. Some Costs for Buyers • Closing Costs!! Terms to know: • Appraisal (opinion of an expert as to the fair market value) • Title – Legal papers show who owns it • Down Payment- Money you place toward the amount you pay for the house- this makes your payments less each month (20% standard) • Contract for Sale • Fees to move in/out of certain areas • Realtor Fees

  17. What is a Mortgage? • A large loan used to buy real estate (a home or land) • 2 Parts to a mortgage: • Principle- The amount you borrow from the lender • Interest- You get charged interest on your loan based on how much you still owe. Click here: THERE GOES THE NEIGHBORHOOD!!

  18. Chat with a neighbor about pros/cons of living with a roommate • Write your answers on the board and initial what you wrote

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