Finding a Place to Live

Looking for a Place To Live

Today, you will learn how to find a place to live

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Where will you live?

There are many ways to live

-Renting

-Owning

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Vocabulary

Apartment

-Part of a complex

-Meant for a single renter or group of renters

-Can be rented or owned by its inhabitant(s)

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​Landlord

-Owner of a property

-Rents out to tenants

-They set the rules

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Furnished/Unfurnished

-When furniture and appliances are already on the property

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Lease

-A signed agreement between the property owner and tenant(s)

-Contains important information

-Monthly rent

-Rules set by landlord

-Terms and conditions

-Time living on the property

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Purchasing a home

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Condominium

-Much like an apartment complex

-BUT, with the option of owning your apartment rather than renting

-Often need to pay maintenance fees

-Owners are responsible for the maintenance of the apartment

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Cooperative

-When owners have shares in the corporation and share in the right to live in the unit

-Owners are responsible for maintenance and the right to live in a unit

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Multiple Choice

Owners have complete control over this type of unit

• apartment

• Condominium

• Duplex

• Cooperative

-28.9% in 2005 -31.6% in 2010

-29.9% in 2006 -31.9% in 2011

-29.7% in 2007 -31.1% in 2012

-29.9% in 2008 -30.8% in 2013

-30.8% in 2009 -31% in 2014

Median Rent over the years (percent of gross income)

Affording the Rent

Source: Cengage Financial Algebra

​How much should I be paying in rent?

-Should only be paying 20-25% of gross income

-Big city renters pay above 40% of their gross income

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​How to calculate the maximum rent I should pay

-Divide annual salary by 12

-Multiply by the highest percentage you should be paying

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Multiple Choice

Alex gets paid $61,992 a year. What is the maximum amount he should pay in rent every month?

• $15,498

• $1291.50

• $623

• $1,200

Renting an Apartment

​Why Rent?

-Viable option for many people

-Many times sign a lease

-Lease can be fixed or indefinite

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Signing the Lease

-Application Deposit

-Often 100 to 400 bucks

-sometimes refundable

-Security deposit

-Often 1 to 4 months worth of rent

-Covers the cost of repairs in case damage is done

-can be refunded if no damage exists

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Multiple Choice

Zach and Nolan want to rent an apartment that goes for $1,300 per month. The property charges a $300 application fee, a broker's fee that is 10% of the monthly rent, two months rent as a security deposit, and the first month's rent in order to move in. What is the total they will pay in order to move into their apartment?

• $4200

• $4300

• $4330

• $4000

Moving day!

-Must make a budget for moving expenses

-You can rent a service or rent equipment and do it yourself

-Consider these:

-how many stories are in your current place and your new place?

-how much personal property are you moving?

-what is the weight and size of your personal property?

-how far is it from your current place to your new place?

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Multiple Choice

Johnnie wants to move from Pensacola to Orlando. The moving service he wants to rent charges $5 per mile and $30 per hour packing boxes. The service charges $20 for every box that is loaded onto the truck. Johnnie has 15 boxes worth of personal property that will take 4 hours to pack. There are 452 miles between Pensacola and Orlando. What will be the total cost for him to move?

• $2260

• $2680

• $3,000

• $2,000

Multiple Choice

Lexi wants to Rent a U-haul truck and a trailer to move her personal belongings from Pensacola to Tallahassee. Lexi needs 16.42 gallons for the trip. Gas is $3.40 per gallon. The cost of renting the truck and the trailer combined is $50 per day and Lexi is renting for 3 days. What will be the total cost of Lexi renting and operating the truck and trailer?

• $400

• $205.82

• $197.66

• $320

Bookwork

pp 399 Application Questions 1-7

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