Learn Your Way to Financial $uccess Today. “Financial Feud”! sti Learn Your Way to Financial $uccess Today.

Topic of Today’s Game:: Housing Decisions

Students Get Ready to Start the Game. Ready to Play!? Students Get Ready to Start the Game.

Question 1: What is the number 1 reason students choose to move off campus?

ANSWER 1 Private bathroom -will also accept access to alcohol

Question 2: Is it cheaper to live off campus?

ANSWER 2 It depends… If you do not make your own food and you eat out a lot it can be expensive. If you need transportation, that is another added expense.

Question 3: Name at least 2 advantages of living on campus.

ANSWER 3 Convenient Greater access to people and friends Greater access to events Someone else cleans the bathroom University as a landlord cares about you Don’t have to cook your own food with a meal plan

Question 4: True or false? You may have your credit history checked by a landlord when applying for an apartment.

ANSWER 4 TRUE - Potential landlords can request your credit report. Check your own at annualcreditreport.com (Does not include credit score.)

Question : 5 If you go home for the summer, who pays the rent for your apartment?

ANSWER 5 In most cases YOU are responsible… may be sublet, or a 9 mo. lease. Check the lease.

Question 6 How do you find out if you can afford to live off campus?

Answer 6 Estimate your expenses and create a budget

Question 7 How do you find a place to live?

Answer 7 Word of mouth Craigslist Places4students.com “For Rent” signs, and speaking directly to the landlord.

Question 8 What is an important question to ask the landlord BEFORE renting?

(Before you sign.) Get help if you do not understand it. Answer 8 Be sure to ask what is included in rent: utilities, water, trash, laundry units, etc. Any policies regarding pets, guests, maintenance, painting, residential quiet hours, parking… Any other questions or concerns READ the LEASE!! (Before you sign.) Get help if you do not understand it.

Sample lease Wisconsin Residential Lease Agreement THIS LEASE AGREEMENT (hereinafter referred to as the "Agreement") made and entered into this ____________ day of ____________________________, 20____, by and between _____________________________________________________________________ (hereinafter referred to as "Landlord") and _____________________________________________________________________ (hereinafter referred to as "Tenant"). WITNESSETH : WHEREAS, Landlord is the fee owner of certain real property being, lying and situated in _______________ County, Wisconsin, such real property having a street address of ______________________________________________________________ (hereinafter referred to as the "Premises"). WHEREAS, Landlord is desirous of leasing the Premises to Tenant upon the terms and conditions as contained herein; and WHEREAS, Tenant is desirous of leasing the Premises from Landlord on the terms and conditions as contained herein; NOW, THEREFORE, for and in consideration of the sum of TEN DOLLARS ($10.00), the covenants and obligations contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: Etc.

Question 9 What happens if you move out before your lease is up? (Breaking your lease)

Answer 9 A lease is a legal contract, and in most circumstances it cannot be ended ('broken') or modified except with the consent of both parties. That means: usually you cannot break your lease unless your landlord agrees to it. If you do break your lease you could be responsible to pay the full rent for the remaining months left on your lease. Make sure to discuss everything with your landlord before making decisions regarding your lease.

Question 10 Where can I go to receive further guidance with my decision to move off campus? Questions regarding renting, budgeting, landlords, questions to ask, and things to look for before renting.

Answer 10 Resident Life Other students Check campus services for one-on-one financial coaching for students. Rent Smart (https://fyi.uwex.edu/rentsmart/)

WINNER??

Bonus question True or false? Living off campus is better than living on campus.

Bonus answer Maybe or maybe not…

Activity: What can you learn from ads? Costs- what is the: Parking? Rent? Security deposit? Heat? Application fee? Water and Sewer? Others? Trash?

BEST OF LUCK WITH YOUR DECISION!!!! Ask questions!!!! Ask questions and compare units Take someone with you that has had experience renting Read the least before signing Think carefully about whether or not this is the best decision for you. BEST OF LUCK WITH YOUR DECISION!!!!

Thank You!! This presentation created for UW-River Falls students in conjunction with UW-Extension.