Finding An Apartment Chapter 18 Section 3

Finding An Apartment “Home is where, when you have to go there, they have to take you in” - Gabaldon “Home is where you lay your hat” “Home is where the heart is” “A man’s home is his castle” “Home is where, when you have to go there, they have to take you in” - Gabaldon “Home is where you lay your hat” “Home is where the heart is” “A man’s home is his castle”

Finding An Apartment Independence is defined by living on your own. That usually means your own apartment. There is housing for every budget HOUSING will = BIGGEST EXPENSE! Independence is defined by living on your own. That usually means your own apartment. There is housing for every budget HOUSING will = BIGGEST EXPENSE!

Finding An Apartment Types of housing Condominium = low-maintenance, hassle-free Single-Family Home = privacy, yard Apartment = independence, starting point Types of housing Condominium = low-maintenance, hassle-free Single-Family Home = privacy, yard Apartment = independence, starting point

Finding An Apartment Housing Budget items include: Rent/Mortgage Utilities Homeowner’s/renter’s insurance Furnishings Decorating Maintenance Housing should be 1/4 of your budget MAX Housing Budget items include: Rent/Mortgage Utilities Homeowner’s/renter’s insurance Furnishings Decorating Maintenance Housing should be 1/4 of your budget MAX

Finding An Apartment Other budget items: Food Clothing Transportation Other essentials Other budget items: Food Clothing Transportation Other essentials

Finding An Apartment Renting is a good choice for: Singles Keeping expenses down Recent grads (high school or college) Frequent movers Disadvantages No motivation to improve property Décor and basic furnishing may not be satisfactory Changes require landlord permission Renting is a good choice for: Singles Keeping expenses down Recent grads (high school or college) Frequent movers Disadvantages No motivation to improve property Décor and basic furnishing may not be satisfactory Changes require landlord permission

Finding An Apartment Advantages of Renting: Low down payment Long-term debt is 1-year only Less expensive than mortgage (usually) Easier to relocate for opportunities Landlord is responsible for repairs Failure to make payments won’t cause loss of investment Allows you to learn a new community before making an investment Advantages of Renting: Low down payment Long-term debt is 1-year only Less expensive than mortgage (usually) Easier to relocate for opportunities Landlord is responsible for repairs Failure to make payments won’t cause loss of investment Allows you to learn a new community before making an investment

Finding An Apartment Roommates? Can cut down on expenses May cause conflicts (same as those at home) Do not move in with a best friend! Chores can be split Know the tastes, cleanliness & habits of your potential roommate Roommates? Can cut down on expenses May cause conflicts (same as those at home) Do not move in with a best friend! Chores can be split Know the tastes, cleanliness & habits of your potential roommate

Finding An Apartment Key terms Fluctuating - irregular, unsteady Tenant/Lessee - person paying rent Landlord/Lessor - person who owns the rental property Security Deposit - $ you entrust with the landlord to cover damage you may cause Lease - Contract for renting property Key terms Fluctuating - irregular, unsteady Tenant/Lessee - person paying rent Landlord/Lessor - person who owns the rental property Security Deposit - $ you entrust with the landlord to cover damage you may cause Lease - Contract for renting property