Housing Options
Jan 20, 2016
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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