How to Locate A Living Space

Transcription

1 How to Locate A Living Space Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 1

2 Introduction l Needs and Wants l Determining Housing Costs l Housing Options l Locating a Living Space l Reading an Ad for a Living Space l Rental Search Checklist l Completing an Application form Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 2

3 Needs and Wants l Space l Location l Amenities l Parking l Miscellaneous Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 3

4 Space l How many rooms are needed? l Will there be roommates? Monthly charges are typically more affordable when people share the cost l Size of the rooms (total square feet) l Number of bathrooms l Garage l What is the size of the garage? l Storage Space l Yard Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 4

5 Location l Distance from work, schools, shopping, laundromat l Consider the walking/biking distance from school or work l Minimize transportation expenses l Neighborhood l Safety l Quality of schools, streets, and homes l Presence of police, fire, and emergency services l Geographic location l Urban vs. rural Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 5

6 Amenities l Amenities include utilities like heat, electricity, garbage, water, and other features like Internet and telephone service l Heat- Examples include electric, gas, and radiant l Different heating sources cost different amounts of money l Power- Examples include solar, gas, electric, and wind l Different power sources cost different amounts of money and have different affects on the environment Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 6 l Who is responsible for paying each bill? l Landlord is the person who owns the rental unit

7 Parking l Location/size l Number of vehicles allowed (for self and guests) l Permits needed Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 7

8 Miscellaneous l Washer and dryer l Are hookups or machines provided? l Dishwasher l Are hookups or machines provided? l Smoking l Pets l Fireplace l Hot tub l Snow removal and lawn maintenance Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 8

9 Determining Housing Costs l Important to choose a rental unit one can afford l Create a spending plan l Spending plan is a financial statement used to assist in money management and track income and expenses l Based on this, determine what can be spent on rent and amenities l Rent is the payment made in exchange for occupying another s land or property, usually paid to landlord or property manager l Property manager is a person who works for the owner to find/screen tenants, collect rent, maintain property, and respond to tenants needs Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 9

10 Housing Costs continued l General rule: Households should spend 30% or less of their net income on housing, not including amenities l Things to keep in mind when determining costs: l Determine maximum monthly amount (including amenities) you can afford and stay below that l Compare the costs of living spaces l One space may not include amenities in the rent, where another space will. Add in Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 10 Funded by a grant from Take Charge America, Inc. the Norton School of Family and Consumer Sciences at University of Arizona expected costs to compare the two

11 Housing Costs continued l Compare one time costs, like security deposits l Security deposit is money paid in advance of moving in to be used for repairs beyond normal wear and tear Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 11

12 Housing Options l Houses-Single housing units usually surrounded by a yard, varying in size l Apartments-Sets of rooms on one floor or a building used as separate residence spaces l Studio apartments-usually one room with separate space for kitchen and bathroom l Mobile homes-manufactured house that is capable of being moved Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 12

13 Housing Options Continued l Condominiums-Single apartment in a multiple housing structure, that can contain multiple stories, garages, and yards l Duplexes-Two apartments, situated side-by-side l Rooms-Private rooms located within another structure l Residence halls-usually located on college or university campuses and available for attending students Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 13

14 Locating a Living Space l Friends and family members- If in the area you wish to inhabit l Newspaper Classifieds-Obtain these through newspapers as soon as possible for increased opportunities for the living space you want l Bulletin boards-homeowners and property managers post listings this way l Internet-Great way to start searches from distant locations Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 14

15 Locating a Living Space Continued l Yellow pages- Search under Apartment Rentals and call apartment or property management offices l Local Chamber of Commerce- Valuable resource when relocating l Rental agencies/real estate agencies- Hold postings for rental spaces l In front of living space- Owners often post a sign when spaces are available Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 15

16 Reading an Advertisement For a living Space l Abbreviations are often used in advertisements for living spaces l BR-Bedroom l BA-Bathroom l W/D-Washer/Dryer (may be hookups or machines) l DW-Dishwasher Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 16

17 Reading an Advertisement Continued l NS- No smoking l NP- No pets (may be negotiable-you may pay more if you have pets) l F/P-Fireplace l AC- Air conditioner l W/S/G-Water, Sewer, and Garbage Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 17

18 Rental Search Checklist l Helpful to take a checklist while walking through rental units l Makes it easy to remember what was liked and disliked from place to place l May be difficult if one is not able to take a walk through l A person may be able to take a virtual tour and use the checklist Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 18

19 Completing an Application Form l If an individual locates a living space they would like to rent, they should complete an application form l An application form is a document used to determine if a person s credit history, financial stability, and references make them a worthy candidate l All information on this form should be truthful, factual, and answered completely Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 19

20 Application Form continued l Before returning the application, a person should ask some questions: l Is there an application fee? l If there is a fee, how much is it? l Will this fee be returned if the application is denied? Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 20

21 Conclusion l Prioritize needs and wants l Determine housing costs l Locate a living space l Get ready to move in! Family Economics & Financial Education Revised November 2004 Housing Unit Renting vs. Owning a Home Slide 21