Renting Versus Buying - PowerPoint PPT Presentation

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Renting Versus Buying

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  1. Renting Versus Buying

  2. Does renting or buying have less responsibility for maintenance and upkeep?

  3. Renting

  4. Apartments, Houses, or Condominiums?Owned by individuals and common parts of the property, such as the grounds and building structure, are owned jointly by the unit owners?

  5. Condominiums

  6. True or FalseWhen making decisions about a place to live, you should determine how much you can spend and stay within your budget.

  7. True

  8. What does the term amenities refer to?

  9. Swimming pools, exercise rooms, etc

  10. What should be a lease before you sign?

  11. Amount of rent and how it must be paid

  12. What is the part of the purchase price paid in cash up front referred to as?

  13. Down Payment

  14. Where should the rights and responsibilities of the tenant and landlord be spelled out?

  15. The lease

  16. What should be purchased by anyone who rents a place to live?

  17. Renter’s Insurance

  18. True/FalseEveryone wants to own a home.

  19. False

  20. What is known as the money paid to provide some protection for the landlord for damage you made to the apartment, cleanings fees, or other costs?

  21. Security Deposit

  22. If you do not want to do yard work, what should you consider buying?

  23. A condominium

  24. True/FalseRenting an apartment offers a tax advantage over homeownership.

  25. False

  26. True/FalseBuying a house offers a tax advantage over renting because homeowners can deduct the interest they pay on a mortgage from their personal income taxes.

  27. True

  28. True/FalseIf you are unsure of your plans after college, you should buy a house.

  29. False

  30. True/FalseIf you are unsure of your plans after college, you should rent an apartment, either on a month-to-month lease or with a lease that she can cancel if relocating.

  31. True

  32. True/FalseRenting an apartment is a greater financial commitment than owning a house.

  33. False

  34. True/FalseOwning a house is a greater financial commitment than renting an apartment.

  35. True

  36. What should you do with the inspection form given to you by the landlord?

  37. Complete the form, make a note of needed repairs, sign the form, make a copy for yourself, and return it to the landlord

  38. Who can cancel a month-to-month lease?

  39. Tenant or Landlord

  40. What are some of the costs associated with buying a house?

  41. Down payments, points, and homeowner association fees

  42. What is known as the deposit you pay when making an offer to show you are serious about buying the house?

  43. Earnest Money

  44. True/FalseWhen negotiating an offer on a house, your top priority is making an offer that you know the seller will accept without further negotiations.

  45. False

  46. True/FalseWhen negotiating an offer on a house, your top priority is making an offer that includes the contingencies and details you want considered.

  47. True

  48. What type of mortgage should you considered?

  49. Fixed rate mortgage