Buying Vs. Renting Your First Place Adult Living

Housing Options  What is the first thing that comes to mind when you hear the word “Housing?”  Two-story house?  High-rise apartment?  Townhouse?  Chances are the first thing that comes to your mind is the home in which you live in right now.

Out on your own  As you continue on your own, the housing that suits you best might be quite different from the house that you live in now.  Think of all of the different types of housing.  Make a list.

Single-Family Homes  Come in all sizes and styles  May be built on large or small lots of land  Located in different types of neighborhoods

Single-Family Homes

Multiple-Family Homes  Apartments  Duplexes  Townhouses

Apartments  Variety of sizes and styles  High-rise building  Smaller buildings with only a few units  Huge complexes  Location varies as well

Apartment

Town House and Duplexes  Housing Units in which at least two units are attached  Share a common wall  Townhouses often come in clusters of 4-8 units in one structure  Duplexes are only 2

TownHouse

Duplex

Mobile/Modular Homes  Most “mobile” homes today are actually mobile  Most are set on some type of foundation  Usually they are set in a mobile-home park and never moved  Generally quite spacious  Offer a low price option for someone who wants to own a home

Mobile/Modular Homes

Rent or Buy  Most of these different types of homes can be owned or rented  Single-Family Homes  Own  Responsible for all maintenance and yard care  Mobile Homes in a Park  Own the home but rent the land or lot it is on

Take a look at your housing needs  How many bedrooms do you need?  How many bathrooms do you need?  Special purpose rooms desired? Recreation/TV Office/Study Sewing/Crafts/Hobby Room How much storage space/closet space do you need?

Take a look at your housing needs Do you need A garage/carport? Parking Space? Room for pets? Space for garden? Room for play/children? Other outdoor space

Take a look at your housing needs  Life-style  Do you have pets?  Do you want recreational facilities nearby  Pool, tennis courts  Do you like to take care of a yard, garden, etc?  Do you like to fix things, paint, etc?  Do you want to be able to fix up a place to suit your own style?

What type of housing suits you? Single family house Apartment Mobile Home Town House or Duplex

What are some factors that you need to consider in your selection of a place to live?  Length of time you will live there  Future housing needs  Parents, children  Distance to  work  Medical facilities  Places of worship  Construction of housing  Access to schools/daycare  Location  Neighborhood, city  Fire and Police Protection  Shopping & Recreational facilities  City Services  New/older home

Pros and Cons of Renting  Pros  Starting out on your own as a young, single adult  No responsibility for repairs, maintenance  Recreational facilities  Laundry facilities  More mobility or flexibility  Does not require large outlay of cash  Cons  Lack of control of the property  Property owners can raise rent  Restrictions  Pets  children  redecorating

Pros and Cons of Buying  Advantages  Pride of ownership  Freedom to decorate, landscape  Independence  Financial advantages  Equity  Tax deduction for mortgage  Interest and property tax deductions  Cons  Time consuming and expensive home repairs  Costs  Down Payment  Loan cost

Your First Place  You have four rooms  Bedroom  Living Room  Kitchen  Bathroom  On your poster board you will paste your furnishing in the rooms  List all furnishings  Describe your color schemes  Show your  Price your Pad

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