HOUSING ALTERNATIVES Carl Johnson Financial Literacy Jenks High School

Advantages of Renting a Home Your decision to rent or buy a home will depend on your lifestyle and on financial factors Renting is a good choice for young adults beginning their career or for people who need mobility Renting appeals to those who do not want to devote time or money to maintenance Renting sometimes is cheaper than buying a home and can be attractive to those with limited funds

Advantages of Buying a Home Owning a home also has some advantages Owning a home provides stability, gives privacy and freedoms that may not be available to renters Pet Ownership Parties Ownership can be costly, but does offer some tax advantages The purchase of a home is a good long-term investment

Different Types of Housing Options Renting is the least expensive housing option and the easiest for your budget to handle You have set monthly expenses and can easily relocate when your lease expires You have a legal contract with your landlord in the form of a lease for a defined period of time Apartment complexes offer more amenities than other rental options, and are usually included in your monthly rent Workout rooms, laundry rooms, covered parking spaces, cable television, and internet The negative of apartment living is a lack of privacy

Different Types of Housing Options Condominiums offer usually the same amenities as apartments, but are usually owned or leased out by the owner Condo owners share common areas and share the maintenance costs by paying homeowner association fees Some of these shared expenses include landscaping, street maintenance, swimming pools and tennis courts Limited responsibility for maintenance is an advantage of condo living, while a similar lifestyle to that of apartments is considered to be a disadvantage

Different Types of Housing Options Houses offer the widest variety of living options and are considered to be the preferred housing choice for most people You can find houses in all sizes and costs You might consider an older house in a well established neighborhood, a newer house in a new neighborhood, or even a fixer-upper that needs repair or renovations Homeowner associations, as well as gated communities are becoming more popular in major metropolitan areas The more amenities a neighborhood has, the greater the amount of dues in the homeowners association

Different Types of Housing Options Home ownership require a significant amount of investment (money and/or time) Down payment Monthly maintenance fund for upkeep, as well as emergencies Yard work and landscaping