Housing

Chapter 7

Read Page 130

Roommates - Discuss Living Arrangements Discuss responsibilities and living

habits Put everything in writing Look for and decide on an

apartment together http://www.youtube.com/watch?

v=KcLAq_cNYX4

*Plan for Initial Apartment Expenses

First and last months rent Security/damage deposit Gas and/ or electric service Telephone installation Cable/Satellite installation Water and Garbage Services

Where to find an apartment?

Family/friends Classified section of newspaper Real estate agencies Apartment managers The internet

Activity A Pages 133-134

Skip #5

Interpreting a LeaseRead pg 134-135Lease – written contract allowing the use of

the owners property for a designated period of time.

Important aspects to consider– Security deposit– Responsibilities of parties– Legal rights if lease violated– Party responsible for repairs and maintenance

Activity B page 138-139

Buying vs. Renting http://www.youtube.com/watch?v=ORzUkbkLIbU&feature=related http://www.youtube.com/watch?v=_l2w-muKkJw&feature=related

*Buying a Home - ADVANTAGES Privacy and

freedom Build equity Tax benefits –

mortgage interest

DISADVANTAGES Reduced mobility Responsibility High initial costs

– Down Payment– Closing Costs

Interest over the life of the loan

..\..\Variable Rate Mortgage.xls

Things to Consider Before Buying

Read Page 142 – 143 Closing Costs - http://www.youtube.com/watch?

v=fifp2mLGoWc&feature=related

Making an Offer

Usually offer less than market price May offer more if you don’t have

down payment Earnest money – minimize

Activity C page 145