Question to think about! Section 13.1 & 13.2 Question to think about! Key Terms *Dormitory *Condo *Lease *Tenant *Landlord *Security Deposit Describe agreements you should make with a roommate before renting an apartment?

Buy Rent Section 13.1 & 13.2 Advantages Advantages Lower Costs Ownership Value Your Own Space Fewer Restrictions Disadvantages Down Payment – 20% High Cost Property Taxes and Insurance Restricted Mobility More Responsibility Advantages Lower Costs Less Responsibility Mobility Disadvantages No Ownership More Restrictions Shared Space

Rent Section 13.1 & 13.2 Lease Terms: Rent of an apartment depends on: Length of Time Rent Amount and Due Date Security Deposit Who is responsible for paying utilities Rights to use facilities Restrictions – pets Rules – loud music, etc. Landlord’s responsibility to make repairs Notice you are required to give before moving out. Rent of an apartment depends on: Convenience Neighborhood Environment Age Size and Condition Facilities Pets

Work Section 13.1 & 13.2 4 more 2 more Prepare an Apartment Evaluation Checklist Outside the Building and Grounds Does the neighborhood appear safe and well maintained? 4 more Inside the Apartment Does the apartment’s entry door have a strong lock that works? 10 more Common Areas Inside the Building Are the building’s hallways clean and free of trash? 2 more

Work This is my #1 Section 13.3 & 13.4 Make a “wish” list to furnish your home affordably. Immediately Soon Wait Dishes Microwave Pictures Utensils Coffee Maker This is my #1

Section 13.3 & 13.4 “Lifestyle” *Mortgage *Escrow Account *Principal Question to think about! Key Terms *Mortgage *Escrow Account *Principal *Down Payment *Closing Costs *Fixed-Rate Mortgage *Adjustable Rate Mortgage *Earnest Money “Lifestyle” How would your lifestyle determine what type of home you will want when you are: Single Married with Kids Retired Location LifeSmart – Where to Live Section