Presentation on theme: "Renting a Place to Live Unit 6: Major Purchases. Three Times To Rent College Temporarily Living There ▫Military ▫Study Abroad Saving Up for a Down Payment."— Presentation transcript:
Three Times To Rent College Temporarily Living There ▫Military ▫Study Abroad Saving Up for a Down Payment on a House
Housing Decisions Live in Dorms Live with Parents Rent an apartment
On-Campus Housing Dormitory – on campus building that contains small rooms that colleges rent to students ▫Advantages Conveniently Located Less expensive than apartment Furnished- contains furniture! ▫Disadvantages Tiny!
Apartments Efficiency apartment- one large room that serves as kitchen, living room, bedroom ▫Least expensive Apartment in Multi-Unit Building ▫No pets, no noise ▫Sometimes recreational activities (gym, pool)
More Housing Options Duplex ▫Building with 2 separate living quarters (same) Separate entrances Maintain landscaping??? Shovel Snow Rent a House ▫Most expensive!
Furnished vs. Unfurnished Furnished: Contains basic items (appliances, furniture, etc.) Unfurnished: does not contain basic items
Vocabulary Landlord: the owner of rental property Tenant: person who rents property from a landlord Lease: written agreement that allows tenant to use property for a specified time period and rent Eviction: legal process of removing a tenant from rental property…done through the court system
Roommates General rule of thumb is NOT live with friends…. however it is your choice
Decisions Usually based on finances ▫Off campus involves more planning Need to sign in October/November for following May/June…lots of competitions Deposits and Fees ▫Security Deposit- refundable amount of money paid in advance to protect owner against damage or non- payment Take pictures before entry Length of time you plan to live there Distance from school/work Cost of maintenance you are expected to perform
Some things to think about Limit number of bills that you have in your name Read fine print of lease Talk to previous tenants ▫How much bills were ▫Landlord? Can’t be charged cleaning expenses when you move out (exception: carpet cleaning) Non-payment of rent or property destruction are good reasons for eviction ▫Gets you out of lease However, good luck finding another apartment
Other Charges to Consider… Electric Internet Cable Household supplies Water/Sewer Maintenance expense/supplies
Advantages of Renting Mobility Convenience Repairs, Maintenace, Property Management Social Lower living expenses
Disadvantages of Renting Noise Lack of Privacy Laundry, recreation is shared Small Lack of Parking
Rental Agreement Have to fill out application for lease Your responsibilities as a Tenant 1.Abide by terms of lease 2.Pay rent on or before due date 3.Give notice of intent to leave 4.Keep in good condition