DECEMBER 7, 2011 HOUSING DECISIONS

AGENDA Review Decision Making Model Vocabulary Marketing strategies that affect our spending Housing alternatives Living arrangements Renting Advantages and disadvantages Rental Agreements Landlord and tenant responsibilities

HOUSING ALTERNATIVES On-campus housing Dormitory – an on-campus building that contains many small rooms that colleges rent to students Apartments Efficiency apartment (studio) – apartment with one large room that serves as the kitchen, living room and bedroom Duplexes A building with two separate living quarters Condominiums Individually owned unit in an apartment-style complex with shared ownership of common areas Houses

LIVING ARRANGEMENTS Choose a roommate or live alone? How many roommates? Where to live? What do I take? Group decisions

RENTING ADVANTAGES Mobility Convenience Minimal Responsibilities Social Life Lower Living Expenses

RENTING DISADVANTAGES Noise Lack of Privacy Small Quarters Lack of Storage Area Lack of Parking

RENTAL AGREEMENTS Application Lease – a written agreement that allows a tenant to use property for a specified time period and rent Month to month Year Specified term Security deposit Rental Inventory form

LANDLORD RESPONSIBILITIES Landlord – needs to provide a dwelling that is habitable. Habitable includes: 1.The exterior (including the roof, walls, doors and windows) is weatherproof and waterproof 2.Floors, walls, ceilings, stairs, and railings are in good repair 3.Elevators, halls and stairwells meet fire and safety regulations (smoke detectors are required in each unit) 4.Adequate locks 5.Plumbing facilities comply with state and local laws 6.Water supply provided is adequate 7.Lighting, wiring, heating and air conditioning and appliances are in good condition and comply with laws 8.Buildings and grounds are clean and sanitary

TENANT RESPONSIBILITIES Read and understand and abide by the terms of the lease To pay the rent on or before the due date To give the landlord days notice of intent to move To keep the premise good, clean condition and to prevent unnecessary wear and tear or damage the unit Use the dwelling unit only for the purposes stated in the lease Allow the landlord access to the living unit to make repairs To obey the rules of the surrounding community or apartment complex

WOULD YOU SIGN THIS RENTAL AGREEMENT? INDIVIDUAL ACTIVITY Read the rental agreement Answer the questions DUE TOMORROW at the beginning of Class!