Housing Chapter 7 Read Page 130

Roommates - Discuss Living Arrangements  Discuss responsibilities and living habits  Put everything in writing  Look for and decide on an apartment together  KcLAq_cNYX4 KcLAq_cNYX4

*Plan for Initial Apartment Expenses  First and last months rent  Security/damage deposit  Gas and/ or electric service  Telephone installation  Cable/Satellite installation  Water and Garbage Services

Where to find an apartment?  Family/friends  Classified section of newspaper  Real estate agencies  Apartment managers  The internet

Activity A Pages Skip #5

Interpreting a Lease Read pg Lease – written contract allowing the use of the owners property for a designated period of time.  Important aspects to consider –Security deposit –Responsibilities of parties –Legal rights if lease violated –Party responsible for repairs and maintenance Activity B page

Buying vs. Renting  

*Buying a Home - ADVANTAGES  Privacy and freedom  Build equity  Tax benefits – mortgage interest DISADVANTAGES  Reduced mobility  Responsibility  High initial costs –Down Payment –Closing Costs  Interest over the life of the loan ..\..\Variable Rate Mortgage.xls..\..\Variable Rate Mortgage.xls

Things to Consider Before Buying  Read Page 142 – 143  Closing Costs -

Making an Offer  Usually offer less than market price  May offer more if you don’t have down payment  Earnest money – minimize Activity C page 145