Personal finance

1. Personal finance Unit 5 chapter 21 renting a residence

2. Bell Ringer • If you decide to go to college would you want to live in on-campus or off-campus housing for most of your years going to school and why?

3. Housing alternatives • Go to This website about the pros and cons of living on and off campus. • List all of their pros and cons • rank them from #1 being the most important to you to #6 for each category. • Explain in a short paragraph why you chose the way you did.

4. Let’s share some of your rankings about on-campus housing • On-Campus Pros: ___ Built in Community ___ Convenience ___ More Social Opportunities ___ You’re More Plugged In ___ It’s Sometimes easier to furnish ___ It’s Simple • On-Campus Cons: ___ Less Space ___ Less Privacy ___ Less Independence ___ Rules ___ It can be more expensive ___ You’re Stuck in the School Bubble

5. Let’s share some of your rankings about off-campus housing • Off-Campus Pros: ___ It can be cheaper ___ More freedom and independence ___ More Space ___ More Flexible Roommate choice ___ Summer Housing/Less Moving ___ You’re Part of the Greater Community • Off-Campus Cons: ___ Commuting ___ More Complex ___ More Responsibility ___ Out of touch with Campus Life ___ Costs can add up ___ Less Community

6. On-campus housing • - building that contains many small rooms that are student rented • - Social organization of male or female students. Usually house 20 or more people. • - Get a room similar to a dorm at a lower cost. Share responsibilities like cooking, cleaning, and maintaining the building.

7. Off-campus housing • - A separate living facility that exists among similar units. • - (Efficiency Apartment) Has one large room that serves as the kitchen, living room, and bedroom. • - A living space that has two or more levels. Apartment Townhouse Studio Apartment

8. Off-campus housing (cont.) • - Building with two separate living units. Usually both with separate entrances. • - An individually owned unit in an apartment style complex with shared ownership of common areas. • - Most features, but usually most expensive to rent as well.

9. Where to Live? • - Refundable amount paid in advance to protect the owner against damage or nonpayment. Will get this back if rental property is returned without damages • To Keep in Mind: • Length of time to stay there • Lease signing, legal contract • Distance from Work or School • Public Transportation? • Distance from Services • Laundry, groceries, gas • Repairs and Maintenance • Allot 25-35% of your total budget

10. What to Take… • - The basics are provided, bed, dresser, sofa, chairs, lamps, dining table, and essential appliances. • - May or may not include basic appliances, fewer the items, lesser the rent. • - Rent furniture with an option to buy at a reduced price.

11. It’s Roommate time Break into 6 groups of 4 students each. With your given budget I would like each group to find a place to live in your given college. You will make a google slides presentation showing the place you want to rent and how you will pay for the rent and how you will live. Will each of you have a separate bedroom? Will it be furnished or will you have to furnish it? Will anyone have to get another job? Etc. You may use any source you want to find a rental. Group #1: Starting out with $5000 total, make $2000/month, going to Penn State Main Campus Group #2: Starting out with $2000 total, make $1500/month, going to Penn State Main Campus Group #3: Starting out with $1000 total, make $3000/month, going to Penn State Altoona Group #4: Starting out with $4000 total, make $1500/month, going to St. Francis University Group #5: Starting out with $3000 total, make $1000/month, going to Juniata College Group #6: Starting out with $2500 total, make $2000/month, going to Mount Aloysius College