Housing Options

Your Lifestyle and Choice of Housing…

How does your lifestyle affect your choice of housing? . .

▪ . Your lifestyle will determine several housing

decisions:▪ .▪ .▪ .

Opportunity Costs of Housing Choices

What are some opportunity costs to consider when purchasing a home? .

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Renting vs. Buying

Why would you rent a home if you could buy one? .

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Renting vs. Buying

Owning property also has advantages .

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Costly but it has financial benefits . .

Evaluating Housing AlternativesHousing Advantages Disadvantages

Renting an Apartment

Renting a House

Owning a House

Owning a Condo

Evaluating Housing AlternativesHousing Advantages DisadvantagesRenting an Apartment Easy to move No tax advantage

Low maintenance responsibility Limitations on activities

Low financial commitment Less privacy

Renting a House See above Higher utility expenses

More space Limitations on activities

No tax advantage

Owning a House Pride in ownership Financial commitment

Plenty of space High living expenses

Tax benefits Limited mobility

Owning a Condo Pride in ownership Financial commitment

Fewer maintenance costs Less privacy

Tax benefits Need to get along with others

Access to recreation Limited space

Housing Information Sources

Where can you research housing options . . . . . .▪ .

Renting a ResidenceSelecting a Rental Unit

What should you know before signing a lease?

“3-bdrm apt., a/c, w/w carpet, pvt back ent, $800 + utilities, ref reqd”

Tenant –

Landlord –

Size and Cost

Two-Family house

Apartment complex . .

Contain separate living units . . .

On-site conveniences . . . .

Selecting an Apartment

Location Finances Building Layout and Facilities

•Near school or work•Near place of worship•Near shopping•Near public transportation•Near recreation

•Amount of monthly rent•Amount of Security deposit•Cost of utilities•Length of lease

•Condition of building and grounds•Parking •Recreation on premises•Security system•Conditions of hallways and elevators•Access to mailboxes

•Size and condition of units•Type and control of heating and cooling•Plumbing and water pressure•Condition of appliances•Condition of doors, locks, windows, closets and floors

Buying and Selling a Home As a homeowner you will gain financial

benefits: .

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Drawbacks . . .

Types of Housing

Single-family Dwellings .

Multiunit Dwellings Duplex – Triplex –

Townhouse one of many single-family units attached to other units (own

outside entrance)▪ .▪ .▪ .

Condominiums one of a group of apartments that people own instead of rent.▪ .▪ .

Types of Housing:

Prefabricated Homes

Mobile Homes .

Hiring a Real Estate Agent

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