Finding An Apartment

Report
Finding An Apartment
Chapter 18 Section 3
Finding An Apartment
• “Home is where, when you have to go
there, they have to take you in” Gabaldon
• “Home is where you lay your hat”
• “Home is where the heart is”
• “A man’s home is his castle”
Finding An Apartment
• Independence is defined by living
on your own. That usually means
your own apartment.
• There is housing for every budget
• HOUSING will = BIGGEST EXPENSE!
Finding An Apartment
• Types of housing
• Condominium = low-maintenance,
hassle-free
• Single-Family Home = privacy, yard
• Apartment = independence, starting
point
Finding An Apartment
• Housing Budget items include:
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Rent/Mortgage
Utilities
Homeowner’s/renter’s insurance
Furnishings
Decorating
Maintenance
• Housing should be 1/4 of your
budget MAX
Finding An Apartment
• Other budget items:
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Food
Clothing
Transportation
Other essentials
Finding An Apartment
• Renting is a good choice for:
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Singles
Keeping expenses down
Recent grads (high school or college)
Frequent movers
• Disadvantages
• No motivation to improve property
• Décor and basic furnishing may not be
satisfactory
• Changes require landlord permission
Finding An Apartment
• Advantages of Renting:
Low down payment
Long-term debt is 1-year only
Less expensive than mortgage (usually)
Easier to relocate for opportunities
Landlord is responsible for repairs
Failure to make payments won’t cause loss of
investment
• Allows you to learn a new community before
making an investment
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Finding An Apartment
• Roommates?
• Can cut down on expenses
• May cause conflicts (same as those at
home)
• Do not move in with a best friend!
• Chores can be split
• Know the tastes, cleanliness & habits of
your potential roommate
Finding An Apartment
• Key terms
• Fluctuating - irregular, unsteady
• Tenant/Lessee - person paying rent
• Landlord/Lessor - person who owns the rental
property
• Security Deposit - $ you entrust with the landlord
to cover damage you may cause
• Lease - Contract for renting property

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