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Finding An Apartment

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.

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Finding An Apartment

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  1. Finding An Apartment Chapter 18 Section 3

  2. 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”

  3. 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!

  4. Finding An Apartment • Types of housing • Condominium = low-maintenance, hassle-free • Single-Family Home = privacy, yard • Apartment = independence, starting point

  5. Finding 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

  6. Finding An Apartment • Other budget items: • Food • Clothing • Transportation • Other essentials

  7. Finding 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

  8. 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

  9. 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

  10. 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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