Buying vs. Renting a home

Marty earns $2920 monthly.  According to the Renter's Rule, how much can he afford to pay for monthly rent?

• $674
• $787
• $342
• $549

Tags

CCSS.6.RP.A.3B

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.

Tags

CCSS.RL.11-12.9

CCSS.RL.6.3

CCSS.RL.7.3

CCSS.RL.8.3

CCSS.RL.9-10.3

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.

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

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

CCSS.RI.8.3

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.

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

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.

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.11-12.1

CCSS.RL.8.1

CCSS.RL.9-10.1

The purpose for a security deposit is to

• pay for the last month of rent on your lease.

• pay for all maintenance while you live in the apartment.

• allow the owner/landlord draw interest on your money while you live in the apartment.

• provide some protection for the landlord for damage you made to the apartment, cleaning fees, or other costs.

If you had to give someone advice on buying a house, what you recommend?

• Buy a house you can afford.

• Buy what you want, not what you need.

• Always buy the largest, most expensive house you can afford.

• When the bank pre-approves you for a mortgage amount, spend all of it on a house.

Which of the following is an advantage of buying?

• Mobility

• Lower initial cost

• Tax deduction for mortgage interest

• Little to no maintenance cost

Tags

CCSS.RL.11-12.9

CCSS.RL.6.3

CCSS.RL.7.3

CCSS.RL.8.3

CCSS.RL.9-10.3

a legal document that defines the conditions of the rental

• mortgage

• lease

• Insurance

• contract

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.6.5

CCSS.RI.7.5