Housing and Home Furnishings

Housing meets our PHYSICAL needs:

• Shelter (extreme weather)

• Space for possessions (clothing, food)

• Space for activities (eat, sleep)

• Safety (physical danger and theft)

Housing meets our EMOTIONAL needs:

• Feeling of belonging (sharing your life with others)

• Privacy (even in limited space)

• Personal Expression (decorating)

• Social Needs (neighbors, parties)

Housing Options:

• Buy (own and build equity)

• Renting (month or yearly lease)

Lease – legal contract between the renter and the property owner (landlord)

Advantages to Renting

• Landlord is responsible for making repairs• Leaving is fairly simple. Usually have to

give notice to your landlord• Can get your security deposit back

Disadvantages to Renting• You cannot make changes to the property• You do not build any equity in your home

Security Deposit

The amount of money paid to the owner to guard against damage

Equity

The amount of money you will receive when you sell your home.

Advantages to Buying

• You will build equity making your home an investment

• You may change or add almost anything you wish

• Feeling of stability

Disadvantages to Buying• More responsibility• Long term house payment• Responsible for repairs and upkeep

Types of Homes:

• Single family home (own or rent)

Provides space for one family. It is not attached to any other building. Usually has own yard and outdoor living space. This type of home can be very expensive.

Apartment Building

• This is a building that contains a number of separate living units. The living spaces may range from one room or studio, to three bedroom or larger.

• Rented and not owned

High-Rises – very tall apartments that require elevators

Garden apartments- have a patio or a small bit of yard

Town Houses• This is a one many single-family units

attached to other units on its sides. These are also called row houses. Can be rented.

Condominium

• This is a group of apartments or town houses that people own rather than rent.

Duplex, triplex or fourplex

• This is a building divided into living spaces of two, three or four families. They can be arranged side by side or one on top of the other. Each unit has its own outside entrance.

Manufactured Home

• This is a factory built home. It is moved from the factory by a truck and put on the owners property OR a special park for these types of homes. They can be moved to a new area.

Public Housing

• Housing that is paid for, in part or in full, by the government. Found in most large cities.

• Renters usually fixed percentage of their income for rent.

• Accommodates low-income families, senior citizens and people with disabilities