HOUSING and YOU

HOUSING OPTIONS

• Live with Parents• Live in a Dorm• Rent a House• Rent an Room/Apartment • Buy a Mobile Home, Condo or

House

So You Wanna Move Out. . .

• Reality Check• Can You Afford It?• There are many unforeseen costs

of moving and living on your own.• How to Tell?

– BUDGET!

Take Jose for example

• Wage $9.00/Hr, 40 hrs. week• Takes home $360/wk Gross, $300

Net• Car PMT of $150/month• Car Insurance of $100/month• Lives at w/ Parents• How much can he afford?

Jose with Parents

• Income • Expenses

300 week after taxes

1200 month

150 Car

100 insurance

950 Extra – Good Times!

Jose on His Own

• Income • Expenses

300 week after taxes

1200 month

Rent 500

Utilities 100

Food 300

Furniture 100?

Cable 60?

Internet 50

1210 Expenses

Key Terms

• Cost vs. Opportunity Cost• Opportunity Cost

– the next best alternative that is given up when a choice is made

• Does her really need to move out now?

• What other options are there?

– Roommate?

ROOMMATE RULES

• DISCUSS RESPONSIBILITES AND LIVING HABITS

• MAKE AGREEMENTS IN WRITING• LOOK FOR AND DECIDE ON AN

APARTMENT TOGETHER

Ready to Move Out?

• But Can’t Afford it?• GET A ROOMMATE• But:

– WARNING -- WARNING The quickest way to ruin a friendship is to live together!

Decision Making

• Using Charts for Analysis!– Pros and Cons Chart– Analysis Charts– http://www.virtualsalt.com/crebook6.h

tm• Decision Making Skills are important to

have in life!

UNFOR$EEN EXPEN$E$ of MOVING

• First and Last Month’s Rent• Security or Damage Deposit• Gas/Electric Utility Service• Telephone Needs – Installation and

Service• Water and Garbage Services• Moving Van and Other Expenses • Furniture• Appliances

THINGS TO ASK

– What is the monthly rent? – What does the rent include? Utilities,

Laundry? Repairs? – Is there a lease? How long are your

lease agreements? – What parking is provided? – What rules should I be aware of?

THINGS TO LOOK FOR

• How good is security? • How noisy is the place? • How often is the rent raised? • Are repairs made quickly? • Is the building well-kept?

WHEN READING the LEASE

• Requirements for return of the security deposit.

• Conditions of the lease• Legal Rights of the lessor

and the lessee• Who is responsible for

repairs and maintenance• Oral agreements not

contained in the lease.• INSIST THAT THESE BE

PUT IN WRITING.