Renting a Place to LiveUnit 6: Major Purchases

Three Times To Rent

•College

•Temporarily Living There▫Military▫Study Abroad

•Saving Up for a Down Payment on a House

Housing Decisions

•Live in Dorms

•Live with Parents

•Rent an apartment

On-Campus Housing•Dormitory – on campus building that

contains small rooms that colleges rent to students▫Advantages

Conveniently Located Less expensive than apartment Furnished- contains furniture!

▫Disadvantages Tiny!

Apartments

•Efficiency apartment- one large room that serves as kitchen, living room, bedroom▫Least expensive

•Apartment in Multi-Unit Building▫No pets, no noise▫Sometimes recreational activities (gym, pool)

More Housing Options•Duplex

▫Building with 2 separate living quarters (same) Separate entrances Maintain landscaping??? Shovel Snow

•Rent a House▫Most expensive!

Furnished vs. Unfurnished•Furnished: Contains basic items

(appliances, furniture, etc.)

•Unfurnished: does not contain basic items

Vocabulary• Landlord: the owner of rental property

• Tenant: person who rents property from a landlord

• Lease: written agreement that allows tenant to use property for a specified time period and rent

• Eviction: legal process of removing a tenant from rental property…done through the court system

Roommates

•General rule of thumb is NOT live with friends….however it is your choice

Decisions•Usually based on finances

▫Off campus involves more planning Need to sign in October/November for

following May/June…lots of competitions•Deposits and Fees

▫Security Deposit- refundable amount of money paid in advance to protect owner against damage or non-payment Take pictures before entry

•Length of time you plan to live there•Distance from school/work•Cost of maintenance you are expected to

perform

Some things to think about• Limit number of bills that you have in your name• Read fine print of lease• Talk to previous tenants

▫ How much bills were▫ Landlord?

• Can’t be charged cleaning expenses when you move out (exception: carpet cleaning)

• Non-payment of rent or property destruction are good reasons for eviction▫ Gets you out of lease

However, good luck finding another apartment

Other Charges to Consider…

•Electric•Internet•Cable•Household supplies•Water/Sewer•Maintenance expense/supplies

Advantages of Renting

•Mobility•Convenience•Repairs, Maintenace, Property

Management•Social•Lower living expenses

Disadvantages of Renting

•Noise•Lack of Privacy•Laundry, recreation is shared•Small•Lack of Parking

Rental Agreement• Have to fill out application for lease

• Your responsibilities as a Tenant1. Abide by terms of lease2. Pay rent on or before due date3. Give notice of intent to leave4. Keep in good condition