1. Renting vs Buying Interior Design Lesson Copyright © Texas Education Agency, 2011. All rights reserved. 1

2. Warm Up/Bell Ringer Day 1 Define the Following: – Evict – Lease – Sublet – Landlord – Tenant – Security Deposit – Renter’s Insurance Copyright © Texas Education Agency, 2011. All rights reserved. 2

3. Newspaper Scavenger Hunt Using the classified section of the local paper locate the following: – Advertisement for a realtor – Apartment Complex Advertisement – House for Sale – House for Lease – Housing Loan Advertisement – Current Home Interest Rate Copyright © Texas Education Agency, 2011. All rights reserved. 3

4. End of Day One Wrap Up and Summary As individuals, each of you will be asked to contribute to the class discussion on the following questions…. – What is renting? – What are the pros and cons of renting? – What are the initial costs of renting and why do you have to pay them? – What are some of the questions to ask yourself when looking for a rental home? Copyright © Texas Education Agency, 2011. All rights reserved 4

5. Warm Up / Bell Ringer Day 2 Define the following: – Assign – Breach of Contract – Subsidized Housing Copyright © Texas Education Agency, 2011. All rights reserved 5

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7. End of Day Two Wrap Up & Summary As individuals, each of you will be asked to contribute to the class discussion on the following questions…. – What are the responsibilities of a tenant? – What are the responsibilities of a landlord? – Can a landlord enter your home at any time they want? – Can you change the interior of a rental home? Copyright © Texas Education Agency, 2011. All rights reserved 7

8. Warm Up / Bell Ringer Day 3 Define the following: – Earnest Money – Equity – Escrow – Amortization Copyright © Texas Education Agency, 2011. All rights reserved 8

9. End of Day Three Wrap Up and Summary As individuals, each of you will be asked to contribute to the class discussion on the following questions…. – How does income and savings help determine what price range homebuyers can afford? – What percentage of your income should your mortgage or rent be? – What are the advantages of owning a home? – What are the disadvantages of owning a home? – What is meant when you say “It’s a buyers market”? Copyright © Texas Education Agency, 2011. All rights reserved 9