1. 29.1 Planning for Housing 29.2 Apartment Living
Chapter 29
WHERE TO LIVE
29.1 Planning for Housing
29.2 Apartment Living
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2. PLANNING FOR HOUSING Objectives Lesson 29.1
Identify housing alternatives
Discuss advantages and disadvantages of renting and buying
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3. CHOOSING A TYPE OF HOUSING
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Lesson 29.1
CHOOSING A TYPE OF HOUSING
Housing is a major expense.
Analyzing housing needs and wants will help you decide whether to rent or buy.
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4. HOUSING NEEDS AND WANTS
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Lesson 29.1
HOUSING NEEDS AND WANTS
Availability
Affordability
Essential features
Important features
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5. HOUSING ALTERNATIVES Single-family detached house Townhouse Apartment
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Lesson 29.1
HOUSING ALTERNATIVES
Single-family detached house
Most expensive type of housing
Space, yard, privacy
Townhouse
A townhouse is an attached house.
Often includes a small yard and may share common properties such as tennis courts
Apartment
Range in size from one room to many
Usually does not include a yard
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6. HOUSING ALTERNATIVES Cooperative Condominium Mobile home (continued)
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Lesson 29.1
HOUSING ALTERNATIVES
(continued)
Cooperative
A cooperative is a townhouse or apartment that is part of a property jointly owned by residents.
Condominium
A condominium is an individually owned townhouse or apartment with shared ownership of common facilities, like the grounds.
Mobile home
Several rooms
Usually located in mobile home parks
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7. Lesson 29.1
RENT OR BUY?
Consider your family, your financial situation, your lifestyle, and the housing alternatives in your community.
Buying generally requires a down payment and a monthly mortgage payment for 15 to 30 years.
A mortgage is a loan, typically for 30 years, obtained from a financial institution to buy housing.
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8. RENTING Rent is usually a fixed amount for the term of the lease.
Lesson 29.1
RENTING
Rent is usually a fixed amount for the term of the lease.
A lease is a rental agreement between a tenant and a landlord.
A tenant is a renter; the person who rents an apartment.
The landlord is the owner or manager of a rental property.
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9. ADVANTAGES OF RENTING Few unexpected costs
Lesson 29.1
ADVANTAGES OF RENTING
Few unexpected costs
Limited obligation—length of the lease
Limited responsibilities
Overall expenditures are usually lower
Flexibility
It is easier to move if you are renting.
Renting provides an opportunity to learn about the community.
When future housing needs are uncertain, you can postpone a decision by renting.
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10. Lesson 29.1
ADVANTAGES OF BUYING
Spending money to buy a home is a fairly safe investment.
Property values rise during inflationary times.
Owning your home saves money on income taxes
Deduction for mortgage interest
Deduction for real estate taxes
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11. ADVANTAGES OF BUYING The equity can be used to secure a loan.
Lesson 29.1
ADVANTAGES OF BUYING
(continued)
The equity can be used to secure a loan.
Equity is the value of (money invested in) a home above the amount owed on a mortgage.
Home ownership can improve your credit rating.
When you own your own home, you can decorate the way you wish. You may also make structural or landscaping alterations.
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12. APARTMENT LIVING Objectives Lesson 29.2
Name and describe factors to consider in apartment hunting
Summarize items included in an apartment lease
Explain rights and responsibilities of a tenant
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13. APARTMENT HUNTING Things to Consider Location Safety Privacy and noise
Lesson 29.2
APARTMENT HUNTING
Things to Consider
Location
Safety
Privacy and noise
Ventilation
Other considerations
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14. HOW TO APPROACH A LANDLORD
Lesson 29.2
HOW TO APPROACH A LANDLORD
Apply in person
Complete an application
Pay an application fee, if required
Find out if a security deposit is required
A security deposit is a sum of money, usually equal to one month’s rent, which a landlord holds while you rent an apartment.
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15. RENTAL AGREEMENT Names of the landlord and tenant
Lesson 29.2
RENTAL AGREEMENT
Names of the landlord and tenant
Address of the property
Beginning and ending dates of occupancy
Amount of rent and when and where to pay
Amount of any security deposit
Limits on the number of renters
Rules regarding pets
Who is responsible for normal maintenance and repairs
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16. RENTAL AGREEMENT Who is responsible for utilities
Lesson 29.2
RENTAL AGREEMENT
(continued)
Who is responsible for utilities
An inventory that describes the condition of the apartment
Sublease permission
Sublet means to lease a property as a tenant to another person
When the landlord can enter the apartment
Procedures to follow when the tenant wishes to end the lease
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17. LANDLORD-TENANT RELATIONSHIPS
Lesson 29.2
LANDLORD-TENANT RELATIONSHIPS
Rights and responsibilities of landlords
Rights and responsibilities of tenants
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18. RIGHTS AND RESPONSIBILITIES OF LANDLORDS
Lesson 29.2
RIGHTS AND RESPONSIBILITIES OF LANDLORDS
RIGHTS
Receive rent as agreed upon in the lease
Set reasonable rules and regulations
RESPONSIBILITIES
Repair and maintain property
Keep premises clean and safe
Deal with tenants in a businesslike manner
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19. RIGHTS AND RESPONSIBILITIES OF TENANTS
Lesson 29.2
RIGHTS AND RESPONSIBILITIES OF TENANTS
RIGHTS
A safe and livable apartment
Peace
Quiet
Privacy
Fair treatment
RESPONSIBILITIES
Pay rent on time
Keep your area clean and safe
Respect landlord’s property and rights of other tenants
Deal with the landlord in a businesslike manner
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