Housing: Renting Vs. Buying Study Guide

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.

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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.

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.

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“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

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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.

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Janalee is graduating from college and moving out of the dorm. Her best friend found a job in Dallas and plans to move soon. Janalee 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? Janalee 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.

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