YOU’RE OUTTA HERE!FINDING THE RIGHT LIVING SPACE FOR YOU

DO NOW

How often do you think of moving out when you turn 18-21?

What “stuff” would you bring with you?

Where do you think you would like to live and why does this location appeal to you?

DO NOW(ANSWERS)

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2.

3.

STANDARD

4.1-Students will be able to

understand factors associated with the cost of living space choices and furnishings.

STUDENTS WILL BE ABLE TO RESEARCH AND IDENTIFY THE RIGHT LIVING SPACE FOR THEM

Compare the costs and benefits of renting Explain the elements of a standard lease agreement (e.g., security deposit, due date, grace period, late fees, and utilities).

Rent - an agreed sum paid at fixed intervals by a tenant to the landlord

Tenant - one who has the occupation or temporary possession of lands or tenements of another; specifically: one who rents or leases (as a house) from a landlord

TERMS TO KNOW WHEN RENTING

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Landlord -the owner of property (as land, houses, or apartments) that is leased or rented to another

Lease - a contract by which one conveys real estate, equipment, or facilities for a specified term and for a specified rent.

TERMS TO KNOW WHEN RENTING

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BEFORE YOU RENT

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Putting together a checklist of what you do and do not want will help you make an informed choice.

Consider what you can afford NOTE: You should never use

more than 30% of your net pay on your monthly housing payment.

BEFORE YOU RENT

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Practice calculating what you can afford to pay for rent: (remember 30% of your net pay):• Your monthly net pay is

$3,000(hint: $4,000*30%)=

• The rent is $900(hint: $900/30%)=

ApartmentOur primary Focus for this lesson

Other OptionsCondominiumDormHouse

WHAT CAN YOU RENT?

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RENTINGRenting:• Is often the least expensive

housing option• Offers a set monthly expense• Has minimal maintenance

responsibility• Provides the ability to relocate

relatively easily when your lease expires.

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RENTINGRenting:• Requires a contract (lease)

• Offers amenitiesAn amenity is a desirable or useful feature or facility of a building or place *Washer/Dryer

*• Has an opportunity cost …

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If you want to move into your own apartment you must sit down and make a list of “wants,” research what is available online, and then go look at potential locations.

LOCATION, LOCATION, LOCATION & WHAT ELSE?

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CREATE A POSTER

My Apartment Thoughts…

Location plus a picture

Something nearby(mall, gym, park etc.) plus pic.

Pets(cat, dog, fish tank, bird etc.) plus a picture

Key Items inside the apartment- 3 pics

What is one of the most important things to consider in choosing the location where you will live?

Accessibility to work and schoolWhat other things would you consider?

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OTHER THINGS TO CONSIDER

ADVANTAGES OF RENTING

FlexibilityNo repair or property maintenance costsWide variety of amenitiesMore freedom to relocate

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The landlord of your apartment has insurance, but it probably only covers the building where you live – not __________belongings or your liability for accidents.

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WHAT IS THE ADVANTAGE OF HAVING RENTERS INSURANCE?

If your possessions are stolen during a break-in or damaged by a fire or severe weather, a renters insurance policy will allow you to recover their value. If someone is injured during an accident in your home, renters insurance will help protect you in the case a liability lawsuit.

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WHAT IS THE ADVANTAGE OF HAVING RENTERS INSURANCE?

READING A LEASEREADING A LEASE

Components of a standard lease:• Landlord information - identifies the landlord and how to contact them.• Tenant names - include the names of ALL roommates on the lease.• Apartment address - street address and apartment number.  

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READING A LEASEREADING A LEASE

Components of a lease: - continued

• Rent - exact amount of payment and how often it is paid (weekly, monthly, etc.)

•  Additional fees - for certain services, such as replacing a key, allowing pets, carports, and late fees and so forth.

• Services paid by the landlord – such as water or any other utilities.

•  Security deposit (lst and last month’s rent) 20

READING A LEASEREADING A LEASE

Components of a standard lease: - continued

• Policies – such as pets or redecoration (painting)

• Lease start date and end date• Month-to-Month - Can give notice and leave before one-year without penalty

• 12 Month Lease – Would not be able to leave before one year unless willing to forfeit security deposit (penalty for breaking lease)

• Landlord’s right of entry - conditions under which a landlord can legally enter your apartment

• Requires everyone's signatures 21

HOW MUCH DO I NEED TO EARN?• What monthly income would you need to afford the apartment?

• Example:•If I found an apartment that cost $1,200 per month and I know that I can only use 30% of my monthly take home pay on my housing expense I would need to bring home (net pay/take home pay) $4,000 per month in order to afford that apartment.

READING A LEASEREADING A LEASE

Components of a standard lease: - continued

• Policies – such as _____or redecoration (painting)

• Lease start date and end date• Month-to-Month - Can give notice and leave before one-year without penalty

• 12 Month Lease – Would not be able to leave before one year unless willing to forfeit security deposit (penalty for breaking lease) 23

READING A LEASEREADING A LEASE

Components of a standard lease: - continued

• Landlord’s right of entry - conditions under which a landlord can legally enter your apartment

• Requires everyone's signatures • Is legally binding…you can be taken

to ____________________if you break the terms of the lease.

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FIND A REAL APARTMENT…• Using http://www.apartments.com/ , find • two one-bedroom apartments in South Jersey (within 40 miles of 08060)

• Fill in the chart completely.

• Which apartment would you prefer and why?