 ‘Trade-Offs’  Interest › Lost with a down payment/security deposit  Commuting › Driving to work daily › Time vs Cost  Time & Money › Lower/older priced homes

 Respond in your notes  Textbook page 274  Figure 1 Question

 Housing Source Information › Libraries › Newspapers › Real Estate Agents › Government Agencies

 What decisions about housing will be determined by your personal lifestyle?  As of right now, what is important for you to have in your first place?  Record answers in your notes

 Mobility  Low maintenance  Low financial comitment

 No tax advantages  Less pricy

 Textbook pg 281  Respond in your notes: › Which parts of a lease are most likely to be negotiable?

 Textbook pg 282  Respond in your notes: › How does the lease protect the tenant and the landlord?

 Complete the following end of the section assessments: › Page 276 # 1-4, 6 › Page 283 # 1-4, 6

 Pride of ownership  Plenty of space  Tax benefits

 Financial commitment  High living expense  Limited mobility

 How would you begin an apartment search?  Which features would be most important to you? › Location › Size/Cost › Building Amenities › Layout

 Size vs Cost  Tenant › Pays for the right to live in your rental › Owned by someone else  Landlord › Owns the property that is being rented  Complex

 What are some areas/places people want to live near?

 What are some costs to consider when selecting a rental unit?

 What are some factors about the building/complex that are important to consider?

 How does the layout of the apartment/complex and the facilities it offers play a role in renting a unit?  What do you believe people are looking for?

 Read the listing for an apartment that is in your notes. Can you decipher what they are advertising for rent?

 Greater mobility  Few Responsibilities  Lower Initial Cost

 Financial and Lifestyle Restrictions  Legal Issues

 How does the lease protect the tenant and the landlord?  Record thoughts in your notes

 Factors that determine cost: › Location › Living Space › Utilities › Security Deposits › Renters Insurance

 Renting vs Buying Worksheet  Examining › Lease Agreement › Rental Agreement › What's the difference?  Be prepared to discuss your thoughts

 Price and Down Payment  Size and Quality  ‘Trading Up’  Location

 Determine your ownership needs  Find and evaluate a property  Price the property  Obtain financing  Close › Insurance › Home inspection › Appraisal › Credit report › Land transfer tax › Interest paid in advance?

 Mortgage amount is determined by: › Income, amount available for down payment, current market rates  Calculating the costs of mortgages  Page 289  Record answers – discuss

 Great source of homes = location, availability, negotiators › Sellers › Buyers

 Topics to consider when making an offer: › Length on the market › Competition › “Seller’s Market” vs “Buyer’s Market” › Current owners › Meeting your needs › Financing › Taxes and Insurance

 Italy  Page 293  Record answers - discuss

 Fixed-Rate Mortgages  Adjustable-Rate Mortgages  Government Financing Program › FHA  Home Equity Loans  Refinancing