© South-Western Educational Publishing Ch. 21 and 22 Renting vs. Buying a Residence Rent or Buy? The Rental Process The Home-Buying Process.

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Presentation transcript:

© South-Western Educational Publishing Ch. 21 and 22 Renting vs. Buying a Residence Rent or Buy? The Rental Process The Home-Buying Process

© South-Western Educational Publishing Renting Alternatives On-campus housing Dormitory Sorority and fraternity houses Cooperative housing Apartments Duplexes Condominiums Houses

© South-Western Educational Publishing Advantages and Disadvantages of Renting Advantages Mobility Convenience Minimal responsibilities Social life Lower living expenses Disadvantages Noise Lack of privacy Small quarters Lack of storage Lack of parking

© South-Western Educational Publishing Rental Agreements Leases Month-to-month agreements

© South-Western Educational Publishing Responsibilities What are the responsibilities of the tenant? What are the responsibilities of the landlord?

© South-Western Educational Publishing Advantages of Home Ownership Equity increases Market value Equity Tax savings Quality-of-life advantages

© South-Western Educational Publishing Costs and Responsibilities of Home Ownership Down payment Mortgage Closing Property taxes Insurance Utilities Maintenance and repairs

© South-Western Educational Publishing Finding and Selecting a Home Working with a real estate agent Multiple Listing Service (MLS) Making an offer Offer Acceptance Counteroffer

© South-Western Educational Publishing Obtaining Financing Down payment sources Qualifying for a mortgage – CREDIT CHECK Types of mortgages Fixed-rate mortgage Adjustable-rate mortgage

© South-Western Educational Publishing HGTV “House Hunters”