1. Daily Goals
Compare the advantages & disadvantages of renting and buying a home
List several items to check prior to signing a lease

2. What would you do? Write a paragraph answer the following questions…
If you were single, just graduating from college, would you choose to rent or buy? In both cases, what are the requirements? If you had a small family, would you choose to rent or buy and why? Why might people choose to rent a home their entire life?

3. Acquiring Housing-Renting
Chapter 5 Notes Part 1
Acquiring Housing-Renting
To rent or buy…this is the first decision in selecting housing.
There are advantages and disadvantages to both.
Chart 5-2 in book on page 111 illustrates both.

4. A Place to Rent Over 1/3 of all people in the U.S. rent.
The majority of these people are single, young married couples, and older people.
Many of these people have very mobile lifestyles.
Pay in monthly installments.

5. Steps in Renting a Home Meet the Landlord View the rental property
Discuss utilities, the property, restrictions and responsibilities
View the rental property
Make sure you inspect the property-will this home meet your needs (present & future)
Discuss and decide
Sign the lease or continue looking

6. Renting
Security deposit- a payment that insures the owner against financial loss caused by the renter. *Usually one month’s rent
Advantages:
Free to move as they desire
Do not need to worry about value of property
Save money on not having to worry about home improvements
Dwellings:
Duplexes
Triplexes
Apartment buildings
Single-family homes
*Take a look at the “Apartment Renters’ Checklist” on page 113 in the textbook.

7. The Written Lease
Rental agreements can be on a month-to-month basis or for a specific length of time, such as one or two years.
Lease- a legal document spelling out the conditions under which the renter rents the property. It lists the rights and responsibilities of both the owner (lessor) and the renter (lessee).
Go over “What the lease should include” in the textbook, pages
Reading a Lease p

8. Assigning the lease Breach of contract Eviction Sublet
To transfer the entire unexpired portion of the lese to someone else.
Sublet
To transfer part interest in the property to someone else.
Breach of contract
This is the legal term for failure to meet all terms of a contract or agreement.
The most common breach of contract is when the renter has failed to pay rent.
Eviction
A legal procedure that forces a lessee to leave the property before the rental agreement expires

9. Renters Insurance Highly recommended for renters! Very affordable
Help to protect your personal items in the event of a break in, fire, etc.