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Interior Design I

Interior Design I. 2.00 Options and legal aspects of housing. Renting. Landlord: Repairs home and expects tenants to pay rent Tenant: Pays rent and keeps place orderly. Renting. *Best for temporary living Cost of Renting: Security Deposit Application Fee/Credit Report Pet Deposits

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Interior Design I

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  1. Interior Design I 2.00 Options and legal aspects of housing

  2. Renting Landlord: Repairs home and expectstenants to pay rent Tenant: Pays rent and keeps place orderly

  3. Renting *Best for temporary living • Cost of Renting: • Security Deposit • Application Fee/Credit Report • Pet Deposits • First month of rent (advance on rent) • Utilities (electricity, sewer, water) • Renter’s Insurance (optional)

  4. Renting • Legal Issues • Lease: legal contract making a person responsible for the property financially • Document you sign when you get the place. Contains address, amount of rent and date of occupancy • Breach of Contract: legal phrase for failure to meet the terms of contract/lease • Assign the lease: give sole responsibility of the lease to someone • Subletting: Having place rented while gone temporarily • Eviction: forced to leave

  5. Renting • How much can you afford? • Don’t forget to take into account your other bills!

  6. Home Owning Housing Development: Planned community

  7. Home Owning • Inspections • Termite (damages) • General Home (structure)

  8. Home Owning • Financial: • Mortgage: Monthly payment on loan to bank/servicer • Equity: How much you have paid into the loan/home • Down payment: % of the total cost • Earnest Money: Shows you are serious about the home • Appraisal: Value of the property • Origination Fee: Process the loan

  9. Home Owning • Legal: • Title Search: Ensures seller owns the home • Agreement of Sale: Agree to terms and conditions, sales price and down payment amount

  10. Types of Home Loans FHA VA

  11. Home Owning • How much can you afford? • 2 & ½ times total annual income

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