3.  ‘Trade-Offs’  Interest › Lost with a down payment/security deposit  Commuting › Driving to work daily › Time vs Cost  Time & Money › Lower/older priced homes

4.  Respond in your notes  Textbook page 274  Figure 1 Question

5.  Housing Source Information › Libraries › Newspapers › Real Estate Agents › Government Agencies

6.  What decisions about housing will be determined by your personal lifestyle?  As of right now, what is important for you to have in your first place?  Record answers in your notes

7.  Mobility  Low maintenance  Low financial comitment

8.  No tax advantages  Less pricy

9.  Textbook pg 281  Respond in your notes: › Which parts of a lease are most likely to be negotiable?

10.  Textbook pg 282  Respond in your notes: › How does the lease protect the tenant and the landlord?

11.  Complete the following end of the section assessments: › Page 276 # 1-4, 6 › Page 283 # 1-4, 6

13.  Pride of ownership  Plenty of space  Tax benefits

14.  Financial commitment  High living expense  Limited mobility

15.  How would you begin an apartment search?  Which features would be most important to you? › Location › Size/Cost › Building Amenities › Layout

16.  Size vs Cost  Tenant › Pays for the right to live in your rental › Owned by someone else  Landlord › Owns the property that is being rented  Complex

17.  What are some areas/places people want to live near?

18.  What are some costs to consider when selecting a rental unit?

19.  What are some factors about the building/complex that are important to consider?

20.  How does the layout of the apartment/complex and the facilities it offers play a role in renting a unit?  What do you believe people are looking for?

21.  Read the listing for an apartment that is in your notes. Can you decipher what they are advertising for rent?

22.  Greater mobility  Few Responsibilities  Lower Initial Cost

23.  Financial and Lifestyle Restrictions  Legal Issues

24.  How does the lease protect the tenant and the landlord?  Record thoughts in your notes

25.  Factors that determine cost: › Location › Living Space › Utilities › Security Deposits › Renters Insurance

26.  Renting vs Buying Worksheet  Examining › Lease Agreement › Rental Agreement › What's the difference?  Be prepared to discuss your thoughts

27.  Price and Down Payment  Size and Quality  ‘Trading Up’  Location

28.  Determine your ownership needs  Find and evaluate a property  Price the property  Obtain financing  Close › Insurance › Home inspection › Appraisal › Credit report › Land transfer tax › Interest paid in advance?

29.  Mortgage amount is determined by: › Income, amount available for down payment, current market rates  Calculating the costs of mortgages  Page 289  Record answers – discuss

30.  Great source of homes = location, availability, negotiators › Sellers › Buyers

31.  Topics to consider when making an offer: › Length on the market › Competition › “Seller’s Market” vs “Buyer’s Market” › Current owners › Meeting your needs › Financing › Taxes and Insurance

32.  Italy  Page 293  Record answers - discuss

33.  Fixed-Rate Mortgages  Adjustable-Rate Mortgages  Government Financing Program › FHA  Home Equity Loans  Refinancing