Housing Choices and Renting vs Buying

What are some factors to consider when choosing a place to live?

• Finances

• Needs and Wants

• Goals

• Values

What kind of housing options are out there to choose from on a college campus?

• Dormitories

• Sororities and fraternities houses

• Nursing Home

• Hospital Rooms

What is the purpose of a rental application?

• To verify income

• To verify previous rental experience

• To verify credit rating

• All of the above

What is a lease?

• A legal contract between the tenant and the landlord

• A monthly rental fee

• A security deposit

• A rental application

What is NOT an advantage of renting?

• Mobility

• Convenience

• Minimal responsibilities

• You own your home

What are the disadvantages of renting?

• Noise

• Lack of privacy

• shared walls and hallways

• All of the above

What is eviction?

• The legal process of removing a tenant from rental property

• The process of becoming a member of a sorority or fraternity

• The process of moving out of your parents' home

• The process of buying a house

What are some costs that come with owning your own home?

• Monthly mortgage payments

• Down payment

• Closing costs

• All of the above

Why is buying a property a goal for some people?

• Because it is an investment to hopefully sell the home for more money later

• You are able to move to a new place whenever you want.

• It is usually the cheaper option

• You have no responsibility to manage your lawncare or appliances

What does the term 'tenant' refer to?

• A person who rents a property from a landlord

• A person who owns a property and rents it out to others

• A person who is NOT looking for a property to rent

• A person who is buying a property