23 Effective Ways to Reduce Housing Expenses Quiz

What is one benefit of living closer to work?

• Reduces monthly housing expenses

• Increases commuting time

• Necessitates frequent relocation

• Requires a larger vehicle

Tags

CCSS.RL.11-12.9

CCSS.RL.6.3

CCSS.RL.7.3

CCSS.RL.8.3

CCSS.RL.9-10.3

Moving to a cheaper place can save you how much annually if the new rent is $100 cheaper per month?

• $2,400

• $100

• $1,200

• $500

Tags

CCSS.7.EE.B.3

What is a potential benefit of renting instead of owning a home?

• Property tax benefits

• Home equity

• Flexibility and mobility

• Fixed mortgage rates

How can you potentially reduce your rent?

• Pay rent in advance for a year

• Negotiate with your landlord

• Sign a shorter lease

• Increase your security deposit

What is a benefit of signing a longer lease?

• More frequent moves

• Reduced rent

• Less stability

• Higher rent over time

What can having a roommate help you with financially?

• Paying off student loans

• Buying luxury items

• Traveling more frequently

• Purchasing a new car

Tags

CCSS.RL.8.1

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

What is one way to potentially earn a discount on rent?

• Significantly extend the lease term

• Pay all rent upfront

• Work for a property management firm

• Offer to do repairs yourself

What is house hacking?

• Negotiating a lower buying price

• Living in a house while renovating it

• Buying a multi-unit property and renting out units

• Hacking into real estate databases for lower prices

What is the advantage of making biweekly mortgage payments?

• Leads to higher monthly payments

• Increases the interest paid

• Requires refinancing the mortgage

• Reduces the loan term and interest

What can you do if you think your property tax assessment is too high?

• Ignore it

• Appeal the assessment

• Pay it without question

• Sell the property