Housing: Renting Vs. Buying Study Guide

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One of the advantages of renting is that you

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have less responsibility for maintenance and upkeep.

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Condominiums are

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owned by individuals and common parts of the property, such as the grounds and building structure, are owned jointly by the unit owners.

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When making decisions about a place to live, you should determine how much you can spend and stay within your budget.

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determine how much you can spend and stay within your budget.

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Amenities refer to

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additional features such as swimming pools, exercise rooms, etc.

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“Everyone would own a house if they could afford to do so.” This statement is

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false because not everyone wants to own a house.

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Renter’s insurance

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should be purchased by anyone who rents a place to live.

Front

A lease specifies _______________________________ when renting a place to live.

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the rights and responsibilities of the tenant and landlord

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A down payment is the

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part of the purchase price paid in cash up front.

Front

Which of the following should be included in a lease before you sign?
The amount of the rent and how it must be paid.
If you have a roommate, only one person’s name and signature.
The hours that the office is open and how to contact the manager.
The address of the apartment complex, but not the exact apartment number.

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The amount of the rent and how it must be paid.

Front

What do you recommend Janalee should do as she graduates and considers moving?

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rent an apartment, either on a month-to-month lease or with a lease that she can cancel if relocating out of state.