1. RENTING 6.07: Major Expenditures

2. © Take Charge Today – August 2013– Major Expenditures – Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.6.7.G1 Renting a Home – Important Terms Landlord Person who owns a property and chooses to allow others to live there for rent Rent Price paid for the use of someone else’s property Tenant Person who rents the property

3. © Take Charge Today – August 2013– Major Expenditures – Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.6.7.G1 What are common rental expenses? Utilities (all or some may be included in rent) Household furnishings (some may be furnished) Renters Insurance – provides payment to renters to cover the damage and loss of property in addition to liability losses Communications (internet, television, phone) The cost of housing is more than rent!

4. © Take Charge Today – August 2013– Major Expenditures – Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.6.7.G1 Where can you find a place to rent? Sources Online Friends/ Family Bulletin Boards Property Management Company News- paper

5. © Take Charge Today – August 2013– Major Expenditures – Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.6.7.G1 When Comparing Properties Make a list of essential vs. preferred features If possible, visit properties of interest Know what you can afford and calculate the total cost Understand the policies What are examples of essential vs. preferred features?

6. © Take Charge Today – August 2013– Major Expenditures – Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.6.7.G1 What types of questions would you ask when comparing rental properties? How much is rent? When is it due? What is the rental contract length? Rent & Length of Rental Who is responsible for each bill? Utilities What is available? Are there additional charges for usage? Amenities (furniture, pool, laundry, etc) Direct Costs

7. © Take Charge Today – August 2013– Major Expenditures – Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.6.7.G1 What types of questions would you ask when comparing rental properties? What are the property features and restrictions - overnight guest and pet policies, parking, safety features? Policies Who is responsible for the work and fees? Repairs and maintenance What are the eviction terms? Eviction terms What are my rights? Landlord/Property Manager Access Policies

8. © Take Charge Today – August 2013– Major Expenditures – Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.6.7.G1 What types of questions does a landlord ask on a rental application? Who will be living at the property Income/employment verification Rental history ReferencesCredit history check Helps a landlord evaluate if they will rent to you

9. © Take Charge Today – August 2013– Major Expenditures – Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.6.7.G1 Rental Agreement Make sure all expenses and policies are clearly outlined Contract specifying the tenant’s and landlord’s legal responsibilities Rental agreement (lease) Don’t pay any deposits or rent payments without a rental agreement!

10. © Take Charge Today – August 2013– Major Expenditures – Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.6.7.G1 What initial expenses may be required to rent a property? Pre-payment First and last month’s rent Security Deposit Money paid to a landlord to cover cleaning costs and damage repairs beyond normal wear and tear One or both expenses may be required: