How to Locate A Living Space

1. How to Locate A Living Space

2. Introduction • Needs and Wants • Determining Housing Costs • Housing Options • Locating a Living Space • Reading an Ad for a Living Space • Rental Search Checklist • Completing an Application form

3. Group Wants & Needs

4. Needs and Wants • Space • Location • Amenities • Parking • Miscellaneous

5. What spaces are most important to you?

6. Space • How many rooms are needed? • Will there be roommates? Monthly charges are typically more affordable when people share the cost • Size of the rooms (total square feet) • Number of bathrooms • Garage • What is the size of the garage? • Storage Space • Yard

7. Located near what?

8. Location • Distance from work, schools, shopping, laundromat, family, friends • Consider the walking/biking distance from school , work, recreational areas, shopping • Minimize transportation expenses • Neighborhood • Safety • Quality of schools, streets, and homes • Presence of police, fire, and emergency services • Geographic location • Urban, suburban, rural

9. What “extras” are important?

10. Amenities • Amenities include utilities like heat, electricity, garbage, water, and other features like Internet and telephone service • Heat- Examples include electric, gas, and radiant • Different heating sources cost different amounts of money • Power- Examples include solar, gas, electric, and wind • Different power sources cost different amounts of money and have different affects on the environment • IMORTANT: Who is responsible for paying each bill? • Landlord is the person who owns the rental unit • Tenant, or renter, is the one who rents the property

11. Amenities • Amenities also include access to swimming pool, golf course, laundry facilities, tennis courts, open common areas, club house, playground areas, conservation areas, walking trails, boat slips, marina access • IMPORTANT: Who is responsible for the upkeep and maintenance of these areas? • Homeowners association- monthly dues amount? • Condo owners – monthly dues amount? • Individual homeowners

12. What are Your Parking Requirements? • Let’s suppose there are two people living in a space. • Unfortunately, there is only one covered parking spot next to the living space. • Who gets the covered parking and who has to park a block away on the side of the street? • The amount of available parking spaces may become more important when considering this scenario.

13. Parking • Location/size • Covered areas, private, security • Number of vehicles allowed (for self and guests) • Permits needed • Fees charged

14. Miscellaneous • Washer and dryer • Are hookups or machines provided? • Private or common area • Dishwasher • Are hookups or machines provided? • Smoking • Pets • Fireplace • Hot tub • Snow removal and lawn maintenance

15. Determining Housing Costs • Important to choose a rental unit one can afford • Create a spending plan • Spending plan is a financial statement used to assist in money management and track income and expenses • Based on this, determine what can be spent on rent and amenities • Rent is the payment made in exchange for occupying another’s land or property, usually paid to landlord or property manager • Property manager is a person who works for the owner to find/screen tenants, collect rent, maintain property, and respond to tenants’ needs

16. Is it Really Affordable? • It is important to choose an affordable living space. • Remember that while a person may be able to afford the rent and other costs associated with a living space, they may not have extra money to go to the movies or even buy groceries for example.

17. Housing Costs • General rule: Households should spend 30% or less of their net income on housing, not including amenities • Things to keep in mind when determining costs: • Determine maximum monthly amount (including amenities) you can afford and stay below that • Compare the costs of living spaces • One space may not include amenities in the rent, where another space will. Add in expected costs to compare the two

18. Housing Costs • Compare one time costs, like security deposits • Security deposit is money paid in advance of moving in to be used for repairs beyond normal wear and tear • Compare repeated costs - have to drive 20 miles one way to work, gas costs, wear & tear on vehicle,

19. What are the housing options? • Brainstorm group

20. Housing Options • Houses-Single housing units usually surrounded by a yard, varying in size • Apartments-Sets of rooms on one floor or a building used as separate residence spaces • Studio apartments-Usually one room with separate space for kitchen and bathroom, not divided rooms • Mobile homes-Manufactured house that is capable of being moved

21. Housing Options • Condominiums-Single apartment in a multiple housing structure, that can contain multiple stories, garages, and yards • Duplexes-Two apartments, situated side-by-side, sharing common wall • Rooms-Private rooms located within another structure • Residence halls-Usually located on college or university campuses and available for attending students

22. Locating a Living Space What sources can help you to find a living space? • Friends and family members- If in the area you wish to inhabit • Newspaper Classifieds-Obtain these through newspapers as soon as possible for increased opportunities for the living space you want • Bulletin boards-Homeowners and property managers post listings this way • Internet-Great way to start searches from distant locations

23. Locating a Living Space • Yellow pages- Search under “Apartment Rentals” and call apartment or property management offices • Local Chamber of Commerce- Valuable resource when relocating • Rental agencies/real estate agencies- Hold postings for rental spaces • In front of living space- Owners often post a sign when spaces are available

24. Rent vs. Lease • Brainstorm: Why do some people buy while others lease? • List advantages of renting……..disadvantages • List advanatages of buying……..disadvantages

25. Rent Advantages & Disadvantages • Rent: Advantages • Mobility • Maintenance by landlord • Less commitment • Usually costs less • Less risk • More time for recreation, etc since landlord maintains property • Rent: Disadvantages • Build no equity • Remodel/decorating limitations • Rent increases possible • Lease non-renewals • No pets • Limited space • No tax breaks

26. Purchase Advantages & Disadvantages • Ownership: Advantages • Build Equity • Can remodel/decorating • No worry of lease non-renewal • Pride in ownership • Less limitations – pets • Ownership: Disadvantages • Less mobility • Payments higher than rent; Less money for other expenses • Budget strained • Maintenance required • Long term commitment • Projects cost

27. Reading an Advertisement For a living Space • Abbreviations are often used in advertisements for living spaces • BR-Bedroom • BA-Bathroom • W/D-Washer/Dryer (may be hookups or machines) • DW-Dishwasher • FROG-Finished Room over Garage

28. Reading an Advertisement • NS- No smoking • NP- No pets (may be negotiable-you may pay more if you have pets) • F/P-Fireplace • AC- Air conditioner • W/S/G-Water, Sewer, and Garbage

29. Brainstorm Search Check List

30. Rental Search Checklist • Helpful to take a checklist of desired features while walking through rental units • Makes it easy to remember what was liked and disliked from place to place • May be difficult if one is not able to take a walk through • A person may be able to take a virtual tour or model and use the checklist • Sample Check List: • Number of rooms • Windows in BR, BA • Overall space (square footage) • Closets • Appliances • Air conditioning • Pets restrictions

31. Completing an Application Form • If an individual locates a living space they would like to rent, they should complete an application form • An application form is a document used to determine if a person’s credit history, financial stability, and references make them a worthy candidate • All information on this form should be truthful, factual, and answered completely

32. Application Form • Before returning the application, a person should ask some questions: • Is there an application fee? • If there is a fee, how much is it? • Will this fee be returned if the application is denied? • Is there a waiting list? • If there is a list, what is the estimated time wait?

33. Conclusion • Prioritize needs and wants • Determine housing costs • Locate a living space • Get ready to move in!