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Housing Options. Section 7-1. Renting Appeals to young adults just starting out. Offers mobility (ability to move easily). Good for people who don’t want to keep maintenance on their home. Can be cheaper than owning a home ( no maintenance/tax costs). Buying Provides stability. Privacy.

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housing options

Housing Options

Section 7-1

renting vs buying
Renting

Appeals to young adults just starting out.

Offers mobility (ability to move easily).

Good for people who don’t want to keep maintenance on their home.

Can be cheaper than owning a home ( no maintenance/tax costs).

Buying

Provides stability.

Privacy.

You can have pets.

You can redecorate or renovate.

An investment (house values increase, so when you sell it you can actually make money.)

Renting vs. Buying
renting an apartment
Advantages

Easy to move

Low financial commitment

Low maintenance responsibility

Disadvantages

No tax advantage

Limitations on activities

Less privacy

Renting an Apartment
renting a house
Advantages

Easy to move

Low maintenance responsibility

Low financial commitment

More space

Disadvantages

Higher utility expenses

Some limitations on activities

No tax advantage

Renting a House
owning a house
Advantages

Pride of ownership

Plenty of space

Tax benefits

Investment

Disadvantages

Financial commitment

High living expenses

Limited mobility

Owning a House
owning a condominium
Advantages

Pride of ownership

Fewer maintenance costs or responsibilities than a house

Access to recreation and businesses

Disadvantages

Financial commitment

Less privacy than a house

Need to get along with others

Typically small and limited space.

May be hard to sell.

Owning a Condominium
owning a mobile home
Advantages

Less expensive than other owning options.

Disadvantages

May be hard to sell

Possible poor construction quality

Owning a Mobile Home
where can you research housing options
Where Can you Research Housing Options?
  • Libraries
  • Newspapers
  • Internet
  • Friends and Family
  • Real Estate Agents
  • Government Agencies
  • Link to Bressi and Martin Real Estate
  • www.realtor.com
review
Review
  • What is an advantage and disadvantage of owning:
      • A house?
      • A condo?
      • A mobile home?
  • What is an advantage of renting?
  • What is a disadvantage of renting?
  • Where can you look to find information about your housing options?
  • When would buying a residence be better than renting one?

Write a short paragraph explaining the possible housing needs of a family the consists of two working adults and three school age children. Decide whether this family should rent or buy, and explain why you think so. Hand in when finished. (5 points)

homework assignment
Homework Assignment
  • Your uncle Manny and his wife, Karen, will be moving to our area within the next two months. Because his work requires frequent moves, they are not interested in purchasing a home at this time. They have little time to look for an apartment so they want you to come up with a list if apartments to visit. You must find 5 apartments in our area (within 10 miles) that you think would be good for Uncle Manny and Karen. Where can you look for this information?
homework assignment1
Homework Assignment
  • All 5 apartment findings must be printed directly from the Internet or cut out from the newspaper.