© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 1 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
How to Locate A
Living Space
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Introduction l Needs and Wants l Determining Housing Costs l Housing Options l Locating a Living Space l Reading an Ad for a Living Space l Rental Search Checklist l Completing an Application form
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Needs and Wants l Space l Location l Amenities l Parking l Miscellaneous
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Space l How many rooms are needed?
l Will there be roommates? Monthly charges are typically more affordable when people share the cost
l Size of the rooms (total square feet) l Number of bathrooms l Garage
l What is the size of the garage? l Storage Space l Yard
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Location l Distance from work, schools, shopping,
laundromat l Consider the walking/biking distance from school
or work l Minimize transportation expenses
l Neighborhood l Safety l Quality of schools, streets, and homes l Presence of police, fire, and emergency services
l Geographic location l Urban vs. rural
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Amenities l Amenities include utilities like heat, electricity,
garbage, water, and other features like Internet and telephone service
l Heat- Examples include electric, gas, and radiant l Different heating sources cost different amounts
of money l Power- Examples include solar, gas, electric, and
wind l Different power sources cost different amounts of
money and have different affects on the environment
l Who is responsible for paying each bill? l Landlord is the person who owns the rental unit l Tenant, or renter, is the one who rents the
property
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Parking l Location/size l Number of vehicles allowed (for self and
guests) l Permits needed
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Miscellaneous l Washer and dryer
l Are hookups or machines provided? l Dishwasher
l Are hookups or machines provided? l Smoking l Pets l Fireplace l Hot tub l Snow removal and lawn maintenance
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Determining Housing Costs
l Important to choose a rental unit one can afford l Create a spending plan
l Spending plan is a financial statement used to assist in money management and track income and expenses
l Based on this, determine what can be spent on rent and amenities
l Rent is the payment made in exchange for occupying another’s land or property, usually paid to landlord or property manager l Property manager is a person who works for the
owner to find/screen tenants, collect rent, maintain property, and respond to tenants’ needs
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Housing Costs continued
l General rule: Households should spend 30% or less of their net income on housing, not including amenities
l Things to keep in mind when determining costs: l Determine maximum monthly amount
(including amenities) you can afford and stay below that
l Compare the costs of living spaces l One space may not include amenities in the
rent, where another space will. Add in expected costs to compare the two
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Housing Costs continued
l Compare one time costs, like security deposits l Security deposit is money paid in advance
of moving in to be used for repairs beyond normal wear and tear
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Housing Options l Houses-Single housing units usually surrounded
by a yard, varying in size l Apartments-Sets of rooms on one floor or a
building used as separate residence spaces l Studio apartments-Usually one room with
separate space for kitchen and bathroom l Mobile homes-Manufactured house that is
capable of being moved
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Housing Options Continued
l Condominiums-Single apartment in a multiple housing structure, that can contain multiple stories, garages, and yards
l Duplexes-Two apartments, situated side-by-side
l Rooms-Private rooms located within another structure
l Residence halls-Usually located on college or university campuses and available for attending students
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Locating a Living Space
l Friends and family members- If in the area you wish to inhabit
l Newspaper Classifieds-Obtain these through newspapers as soon as possible for increased opportunities for the living space you want
l Bulletin boards-Homeowners and property managers post listings this way
l Internet-Great way to start searches from distant locations
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Locating a Living Space Continued
l Yellow pages- Search under “Apartment Rentals” and call apartment or property management offices
l Local Chamber of Commerce- Valuable resource when relocating
l Rental agencies/real estate agencies- Hold postings for rental spaces
l In front of living space- Owners often post a sign when spaces are available
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Reading an Advertisement For
a living Space l Abbreviations are often used in
advertisements for living spaces l BR-Bedroom l BA-Bathroom l W/D-Washer/Dryer (may be hookups or
machines) l DW-Dishwasher
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Reading an Advertisement
Continued l NS- No smoking l NP- No pets (may be negotiable-you may pay
more if you have pets) l F/P-Fireplace l AC- Air conditioner l W/S/G-Water, Sewer, and Garbage
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Rental Search Checklist
l Helpful to take a checklist while walking through rental units
l Makes it easy to remember what was liked and disliked from place to place
l May be difficult if one is not able to take a walk through
l A person may be able to take a virtual tour and use the checklist
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Completing an Application Form
l If an individual locates a living space they would like to rent, they should complete an application form
l An application form is a document used to determine if a person’s credit history, financial stability, and references make them a worthy candidate
l All information on this form should be truthful, factual, and answered completely
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Application Form continued
l Before returning the application, a person should ask some questions: l Is there an application fee? l If there is a fee, how much is it? l Will this fee be returned if the application is
denied?
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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Conclusion l Prioritize needs and wants l Determine housing costs l Locate a living space l Get ready to move in!