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Renting a Home Interior Design Copyright © Texas Education Agency,2011. All rights reserved.”. 1
Renting Means paying money to live in a dwelling that is owned by someone else. Housing ranges from small efficiency apartments to single-family houses. Can be furnished or unfurnished Can be found in all price ranges. Copyright © Texas Education Agency, All rights reserved. 2
Pro’s of Renting Predictable housing costs Limited maintenance Mobility Flexibility in where they live Copyright © Texas Education Agency, All rights reserved. 3
Con’s of Renting Limited control or freedom – Little/no voice on how building is maintained/managed – Can prohibit or restrict the number of pets – Can restrict hours when tenants can have guests Lack of permanence – No sense of community – Don’t know neighbors Copyright © Texas Education Agency, All rights reserved. 4
Con’s Continued Financial Disadvantage – No investment in property – Landlord can raise rent – May cost more than monthly loan payment Copyright © Texas Education Agency, All rights reserved. 5
Renter’s Initial Costs Application Fee – Helps ensure renter is seriously interested Credit Check Fee – Tells landlord if you pay bills on time Security Deposit – Covers cost of any future damage caused to home – May equal 1 to 2 months rent – Additional pet deposit – may/may not be refundable Advance on Rent – 1 month’s rent before moving in – May be pro-rated if not there for entire month Moving Costs Installation/Turning on Services – Phone, electricity, cable Copyright © Texas Education Agency, All rights reserved. 6
Renter’s Continual Costs Rent Payment – Depends on Size of unit Age of building/home Neighborhood Services included Renter’s Insurance – Covers personal property against loss by theft, fire and other hazards Utilities Parking Fees – Additional fee for garage space – Normally in large cities Copyright © Texas Education Agency, All rights reserved. 7
Looking for a Rental Home What can I afford? – Spend no more than 28% of gross monthly income What location am I interested in? What type of housing unit would suit me? – House – Apartment – Town house How much space do I need? Copyright © Texas Education Agency, All rights reserved. 8
Deciding on Housing Apartments located near stairways, elevators or entrances may be noisy Facing a busy street or high traffic area tend to be noisier Upper portion of building warmer and have poorer air circulation than lower floors Close to stairs and elevator may have greater risk of theft Upper floors may be more secure Ground floors may be more convenient 9 Copyright © Texas Education Agency, All rights reserved.
1. Find Out What is Available Drive or walk through the neighborhood you want Look in newspaper – classified – Common Abbreviations in Ads Handout Online listings Friends Real Estate Agency Apartment-Finding Services – Some charge fee – you or landlord – Relocation Service – Chamber of Commerce Newspaper Scavenger Hunt 10 Copyright © Texas Education Agency, All rights reserved.
Newspaper Scavenger Hunt Instructions: Using the classified section of the local paper locate the following, cut out and place in order on white paper. Item Description 1. Advertisement for a Real Estate Agent/Realtor Company 2. Advertisement for Apartment Complex 3. A house for sale 4. A house for lease 5. Housing Loan Advertisement 6. Current Interest Rate Advertisement (Extra Credit) Copyright © Texas Education Agency, All rights reserved. 11
Affordable Options Most rental property is privately owned – Tenant pays full amount of rent – Can be: Apartment Town house Single-family home Duplex 12 Copyright © Texas Education Agency, All rights reserved.
Affordable Options Continued Public housing complexes with low-cost units are typically found in large cities. – Designed for low-income families, senior citizens and those with disabilities – Government builds and rents to those who can’t afford private housing – Rent is based on a percentage of monthly income – Can’t earn more than X amount – varies with each building Copyright © Texas Education Agency, All rights reserved. 13
Affordable Housing Continued Subsidized housing – The government provides assistance payments to private owners – Makes it possible for low income families to live in safe, sanitary housing – Must meet income guidelines – Demand is greater than supply in some areas Copyright © Texas Education Agency, All rights reserved. 14
2. Inspect and Compare Units NEVER rent a home you have not seen Be sure you see the specific space that is available Talk to tenants who would be your neighbors Take notes to help you remember Do they allow pets? Do they allow waterbeds? Copyright © Texas Education Agency, All rights reserved. 15
3. Evaluate Overall Layout Will your furniture fit? Is there enough storage space? Get a copy of the floor plan if available or sketch it Copyright © Texas Education Agency, All rights reserved. 16
Evaluate Facilities Is covered parking available? – Is there a fee for parking? Laundry Area Swimming Pool Gated Access Copyright © Texas Education Agency, All rights reserved. 17
Evaluate Safety & Security Entrance is well lighted Doors have deadbolts Locks are changed when tenants move out Smoke detectors / carbon monoxide detectors are present Copyright © Texas Education Agency, All rights reserved. 18
Maintenance Who do you contact if needed? Are there provisions in lease when landlord may enter? Copyright © Texas Education Agency, All rights reserved. 19
4. Review the Rental Agreement Verbal Agreement – Not upheld in court of law Written Agreement – Month-to-month basis usually Lease – Legal document for specific time frame Copyright © Texas Education Agency, All rights reserved. 20
Lease Should Include: – Address of dwelling – Date tenant will move in – List of contents if furnished – Cost per month, due date and where to send – Penalty for late payment – Amount of security deposit and conditions for return – Amount of additional fees – trash collecting, parking – Who pays for utilities – Length of time the lease is valid – Procedures for renewing lease – Tenant’s and Landlord’s rights to end the Lease – Who is responsible for repairs and maintenance – Any restrictions - pets, window treatments, nails in wall, painting – Landlord’s actions for failure to pay rent Copyright © Texas Education Agency., 2011 All rights reserved. 21
Congratulations You can now move into the home you have chosen. Decorate it and make it fit your style. Copyright © Texas Education Agency, All rights reserved. 22
Tenant’s Rights and Responsibilities To a safe, habitable rental unit – landlord is responsible for providing plumbing and heating systems that work, installing smoke detectors and making necessary repairs. Right to privacy – landlord can not enter unless proper notice is given or in the case of an emergency. Landlord can not discriminate because of race or color, national origin, religion, gender, family status, or disability. Copyright © Texas Education Agency, All rights reserved. 23
Rights & Responsibilities Continued Responsibility to abide by the rules and regulations set forth in the lease – failure causes a breach of contract which can lead to eviction Landlords must provide tenants with written legal notice of eviction. Notice must include the reason for eviction and the amount of time tenant has to remove themselves and their belonging from the property. Copyright © Texas Education Agency, All rights reserved. 24
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