Finding An ApartmentFinding An Apartment

Chapter 18 Section 3Chapter 18 Section 3

Finding An ApartmentFinding 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”

• “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 ApartmentFinding 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!

• 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 ApartmentFinding An Apartment

• Types of housing• Condominium = low-maintenance,

hassle-free• Single-Family Home = privacy,

yard• Apartment = independence,

starting point

• Types of housing• Condominium = low-maintenance,

hassle-free• Single-Family Home = privacy,

yard• Apartment = independence,

starting point

Finding An ApartmentFinding An Apartment• Housing Budget items include:

• Rent/Mortgage• Utilities• Homeowner’s/renter’s insurance• Furnishings• Decorating• Maintenance

• Housing should be 1/4 of your budget MAX

• Housing Budget items include:• Rent/Mortgage• Utilities• Homeowner’s/renter’s insurance• Furnishings• Decorating• Maintenance

• Housing should be 1/4 of your budget MAX

Finding An ApartmentFinding An Apartment

• Other budget items:• Food• Clothing• Transportation• Other essentials

• Other budget items:• Food• Clothing• Transportation• Other essentials

Finding An ApartmentFinding An Apartment• Renting is a good choice for:

• 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

• Renting is a good choice for:• 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 ApartmentFinding 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

• 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

Finding An ApartmentFinding 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

• 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 ApartmentFinding 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

• 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