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Renting

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125 views9 pages

Renting

Uploaded by

api-325621104
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Renting a Home

1.9.3.G1

Reasons for Making a


Housing Choice

 Personal and financial goals


 Personal values, needs, and wants
 Amount of money available for housing costs
 Financial resources and readiness
 Credit history
 Real estate prices
 Location preference
 Expected length of stay in particular place

© Family Economics & Financial Education – Revised April 2005 – Housing Unit – Renting vs. Owning a Home
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.9.3.G1

Costs of Renting

 Monthly rent
 Security deposit
 Utilities – electricity, water, garbage, etc.
 Renter’s insurance

© Family Economics & Financial Education – Revised April 2005 – Housing Unit – Renting vs. Owning a Home
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.9.3.G1

Renting

 Rent
 The cost of using someone else’s property

 Tenant (renter)
 The person who rents the property

 Renters are generally


 People who choose not to own a home

 People who cannot afford to own a home

© Family Economics & Financial Education – Revised April 2005 – Housing Unit – Renting vs. Owning a Home
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.9.3.G1

Renting continued

 Landlord
 Owner of the rental property

 May perform management duties or hire a property manager


 Property manager - may charge a fee to the landlord to perform
the management tasks
 Duties
 May collect rent and deposits, pay utility bills, complete repairs
and maintenance, watch over the property, respond to tenant
complaints, assign new tenants, etc.

© Family Economics & Financial Education – Revised April 2005 – Housing Unit – Renting vs. Owning a Home
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.9.3.G1

Moving into a Rental

 Upon moving into a new place, people are usually required


to pay a security deposit and sign a lease
 Security deposit
 An advance payment to cover anything beyond normal wear and tear
on the unit
 Lease
 A legal contract between the tenant and the landlord, specifying the
responsibilities and rights of both parties
 Identifies the rent amount, security deposit amount and
specifications, payment for utility bills, late payment penalties,
length of lease, eviction terms, etc.

© Family Economics & Financial Education – Revised April 2005 – Housing Unit – Renting vs. Owning a Home
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.9.3.G1

Advantages of Renting

 Low move-in costs  Less expensive than home


 Fixed monthly expenses ownership
 Easy to move  May be able to save for other
 Location choices (may be
wants or needs if renting a
close to work or school) less expensive apartment
 Other expenses may be
 Less maintenance and repair
work included in rent payment
such as electricity, water,
 Fewer responsibilities
sewer, and/or garbage
 May offer extra amenities
such as a tennis court or pool

© Family Economics & Financial Education – Revised April 2005 – Housing Unit – Renting vs. Owning a Home
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.9.3.G1

Disadvantages of Renting

 Subject to terms of a lease  When leaving a property, no


 Rent may change with little equity is returned as it would
notice be if selling a home
 Less privacy and transient  No tax deductions
neighbors  May lose rental if the
 Restrictions on noise level, property is sold
pets, etc.
 Fewer opportunities to
upgrade apartment such as
new carpet, paint, or
wallpaper

© Family Economics & Financial Education – Revised April 2005 – Housing Unit – Renting vs. Owning a Home
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.9.3.G1

Keep In Mind. . .

People are always paying


for a home. It’s just a
matter of whether it is
for themselves or
their landlord.

© Family Economics & Financial Education – Revised April 2005 – Housing Unit – Renting vs. Owning a Home
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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