Housing Options

Your Lifestyle and Choice of Housing… How does your lifestyle affect your choice of housing? . Your lifestyle will determine several housing decisions:

Opportunity Costs of Housing Choices What are some opportunity costs to consider when purchasing a home? .

Renting vs. Buying Why would you rent a home if you could buy one? .

Renting vs. Buying Owning property also has advantages Costly but it has financial benefits

Evaluating Housing Alternatives Advantages Disadvantages Renting an Apartment Renting a House Owning a House Owning a Condo

Evaluating Housing Alternatives Advantages Disadvantages Renting an Apartment Easy to move No tax advantage Low maintenance responsibility Limitations on activities Low financial commitment Less privacy Renting a House See above Higher utility expenses More space Owning a House Pride in ownership Financial commitment Plenty of space High living expenses Tax benefits Limited mobility Owning a Condo Fewer maintenance costs Need to get along with others Access to recreation Limited space

Housing Information Sources Where can you research housing options .

Renting a Residence Selecting a Rental Unit What should you know before signing a lease? “3-bdrm apt., a/c, w/w carpet, pvt back ent, $800 + utilities, ref reqd” Tenant – Landlord –

Size and Cost Two-Family house Apartment complex . Contain separate living units On-site conveniences

Selecting an Apartment Location Finances Building Layout and Facilities Near school or work Near place of worship Near shopping Near public transportation Near recreation Amount of monthly rent Amount of Security deposit Cost of utilities Length of lease Condition of building and grounds Parking Recreation on premises Security system Conditions of hallways and elevators Access to mailboxes Size and condition of units Type and control of heating and cooling Plumbing and water pressure Condition of appliances Condition of doors, locks, windows, closets and floors

Buying and Selling a Home As a homeowner you will gain financial benefits: . Drawbacks

Types of Housing Single-family Dwellings Multiunit Dwellings Townhouse . Multiunit Dwellings Duplex – Triplex – Townhouse one of many single-family units attached to other units (own outside entrance) Condominiums one of a group of apartments that people own instead of rent.

Types of Housing: Prefabricated Homes Mobile Homes .

Hiring a Real Estate Agent .