PFL #10a Renting/Buying a Home

One of the advantages of renting is that you

• can build equity.
• can remodel or make decorative changes as wanted.
• have less responsibility for maintenance and upkeep.
• have an opportunity to make friends with your neighbors.

Condominiums are

• primarily designed for older people who no longer want a yard.
• built more like houses, but someone else is responsible for the maintenance.
• built like apartments, but have fewer units and fewer people living in the complex.
• owned by individuals and common parts of the property, such as the grounds and building structure, are owned jointly by the unit owners.

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

When making decisions about a place to live, you should

• determine what you want and figure out a way to pay for it.
• determine how much you can spend and stay within your budget.
• not worry about the cost because it is most important that you feel safe and happy with where you live.
• base your final choice on cost because you can learn to be happy living anywhere you can afford to live.

Amenities refer to

• the actual location of an apartment complex.
• extra features that cost more than most people can afford.
• additional features such as swimming pools, exercise rooms, etc.
• basic features such as the color of the walls, the type of carpeting, etc.

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

• false because not everyone wants to own a house.
• true because owning a home is the American dream.
• true because living in a house has more advantages than living in an apartment.
• false because everyone can afford a house if they would only learn how to better budget their money.

Renter’s insurance

• is available only to people who rent a house.
• is available only to people who rent an apartment.
• should be purchased by anyone who rents a place to live.
• is not necessary because the owners will pay for your personal property if anything happens.

A lease specifies _____ when renting a place to live.

• what you can and cannot do.
• only the rights and responsibilities of the tenant.
• only the rights and responsibilities of the landlord.
• the rights and responsibilities of the tenant and landlord.

A down payment is the

• part of the purchase price paid in cash up front.
• amount that a person must pay when renting an apartment.
• difference between how much a house is worth and how much is owed on it.
• loan to finance the purchase of real estate, usually with specified payment periods and interest rates.

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 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.

Amy is graduating from college and moving out of the dorm. Her best friend found a job in Dallas and plans to move soon. Amy is not sure whether to keep her job in Tulsa or move to Dallas with her friend. She needs a place to live until she decides. What do you recommend? Amy should

• buy a house because she can sell it when she leaves and make some money on it.
• sign a one year lease on an apartment because it will give her time to decide what she wants to do.
• rent an apartment, either on a month-to-month lease or with a lease that she can cancel if relocating out of state.
• Buy a house; she can always rent it out to someone else if she cannot sell it when she decides to move.