Housing Options Personal Finance

Identifying Housing Alternatives Graduating high school is often considered to be the beginning of the transition from youth to adulthood and independence. Once you graduate, many of you will have a choice of what you want to do when it comes to housing, some of these include: Remaining at home with parents Living in college housing Moving out on your own or with a friend

Living With Your Family Many teens continue to live with their family after graduation. It is an excellent way to save money and focus on school and savings. But for many the conditions of their living at home change. Sometimes parents will require rent or help paying bills. Boomerang children are becoming more prevalent. These are people who move back home after graduating from college. Unemployment and student loans often leave them no choice.

Living in a College Dorm If you are going to college, you may live in a dorm for a few years. Many colleges are now requiring it. It is a good way to make friends, but the dorm is often small and cramped. Many times bathrooms and showers are shared with the other people living in the dormitory.

Renting an Apartment Apartments are likely to be your first step after moving out of your family’s home or dorm. Most apartments are located in complexes where there are sometimes 100s of units to one building. There are many factors that affect the cost of rent, including: Amenities (pool, gym, parking, laundry room, recreational areas) Location Space Pets

Owning a Condo Condos are similar to apartments, but they are owned by you, not a landlord. Unlike a house there is a common area that everyone in the complex shares. Sometimes you may be allowed to rent out portions of your condo so that you can make money on your condo.

Duplexes and Townhouses Townhouses are individual housing units with two or more floors often attached to other units. Duplexes are houses with two living units and many times offer a yard and garage.

Owning a Home Home ownership provides you with the most freedom but also the most amount of responsibility. All of the repairs and maintenance fall on your shoulder, but you do not have to ask anyone for most internal improvements. The price of the house depends upon many factors: Location Age of house Architectural style Homes can also be rented.