Housing Options Section 7-1

Renting vs. Buying Renting Appeals to young adults just starting out. Offers mobility (ability to move easily). Good for people who don’t want to keep maintenance on their home. Can be cheaper than owning a home ( no maintenance/tax costs). Buying Provides stability. Privacy. You can have pets. You can redecorate or renovate. An investment (house values increase, so when you sell it you can actually make money.)

Renting an Apartment Advantages Easy to move Low financial commitment Low maintenance responsibility Disadvantages No tax advantage Limitations on activities Less privacy

Renting a House Advantages Easy to move Low maintenance responsibility Low financial commitment More space Disadvantages Higher utility expenses Some limitations on activities No tax advantage

Owning a House Advantages Pride of ownership Plenty of space Tax benefits Investment Disadvantages Financial commitment High living expenses Limited mobility

Owning a Condominium Advantages Pride of ownership Fewer maintenance costs or responsibilities than a house Access to recreation and businesses Disadvantages Financial commitment Less privacy than a house Need to get along with others Typically small and limited space. May be hard to sell.

Owning a Mobile Home Advantages Less expensive than other owning options. Disadvantages May be hard to sell Possible poor construction quality

Where Can you Research Housing Options? Libraries Newspapers Internet Friends and Family Real Estate Agents Government Agencies Link to Bressi and Martin Real Estate

Review 1. What is an advantage and disadvantage of owning: A house? A condo? A mobile home? 2. What is an advantage of renting? 3. What is a disadvantage of renting? 4. Where can you look to find information about your housing options? 5. When would buying a residence be better than renting one? Write a short paragraph explaining the possible housing needs of a family the consists of two working adults and three school age children. Decide whether this family should rent or buy, and explain why you think so. Hand in when finished. (5 points)

Homework Assignment Your uncle Manny and his wife, Karen, will be moving to our area within the next two months. Because his work requires frequent moves, they are not interested in purchasing a home at this time. They have little time to look for an apartment so they want you to come up with a list if apartments to visit. You must find 5 apartments in our area (within 10 miles) that you think would be good for Uncle Manny and Karen. Where can you look for this information?

Homework Assignment All 5 apartment findings must be printed directly from the Internet or cut out from the newspaper.