© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 1Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

How to Locate A Living Space

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 2Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Introduction Needs and Wants Determining Housing Costs Housing Options Locating a Living Space Reading an Ad for a Living Space Rental Search Checklist Completing an Application form

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 3Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Needs and Wants Space Location Amenities Parking Miscellaneous

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 4Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Space How many rooms are needed?

Will there be roommates? Monthly charges are typically more affordable when people share the cost

Size of the rooms (total square feet) Number of bathrooms Garage

What is the size of the garage? Storage Space Yard

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 5Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Location Distance from work, schools, shopping,

laundromat Consider the walking/biking distance from

school or work Minimize transportation expenses

Neighborhood Safety Quality of schools, streets, and homes Presence of police, fire, and emergency services

Geographic location Urban vs. rural

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 6Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Amenities Amenities include utilities like heat, electricity,

garbage, water, and other features like Internet and telephone service

Heat- Examples include electric, gas, and radiant Different heating sources cost different amounts of

money Power- Examples include solar, gas, electric, and wind

Different power sources cost different amounts of money and have different affects on the environment

Who is responsible for paying each bill? Landlord is the person who owns the rental unit Tenant, or renter, is the one who rents the property

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 7Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Parking Location/size Number of vehicles allowed (for self and

guests) Permits needed

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 8Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Miscellaneous Washer and dryer

Are hookups or machines provided? Dishwasher

Are hookups or machines provided? Smoking Pets Fireplace Hot tub Snow removal and lawn maintenance

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 9Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Determining Housing Costs

Important to choose a rental unit one can afford Create a spending plan

Spending plan is a financial statement used to assist in money management and track income and expenses

Based on this, determine what can be spent on rent and amenities

Rent is the payment made in exchange for occupying another’s land or property, usually paid to landlord or property manager Property manager is a person who works for the

owner to find/screen tenants, collect rent, maintain property, and respond to tenants’ needs

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 10Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Housing Costs continued

General rule: Households should spend 30% or less of their net income on housing, not including amenities

Things to keep in mind when determining costs: Determine maximum monthly amount

(including amenities) you can afford and stay below that

Compare the costs of living spacesOne space may not include amenities in the

rent, where another space will. Add in expected costs to compare the two

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 11Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Housing Costs continued

Compare one time costs, like security depositsSecurity deposit is money paid in

advance of moving in to be used for repairs beyond normal wear and tear

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 12Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Housing Options Houses-Single housing units usually

surrounded by a yard, varying in size Apartments-Sets of rooms on one floor or a

building used as separate residence spaces Studio apartments-Usually one room with

separate space for kitchen and bathroom Mobile homes-Manufactured house that is

capable of being moved

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 13Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Housing Options Continued

Condominiums-Single apartment in a multiple housing structure, that can contain multiple stories, garages, and yards

Duplexes-Two apartments, situated side-by-side

Rooms-Private rooms located within another structure

Residence halls-Usually located on college or universitycampuses and available for attending

students

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 14Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Locating a Living Space

Friends and family members- If in the area you wish to inhabit

Newspaper Classifieds-Obtain these through newspapers as soon as possible for increased opportunities for the living space you want

Bulletin boards-Homeowners and property managers post listings this way

Internet-Great way to start searches from distant locations

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 15Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Locating a Living Space Continued

Yellow pages- Search under “Apartment Rentals” and call apartment or property management offices

Local Chamber of Commerce- Valuable resource when relocating

Rental agencies/real estate agencies- Hold postings for rental spaces

In front of living space- Owners often post a sign when spaces are available

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 16Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Reading an Advertisement For

a living Space Abbreviations are often used in

advertisements for living spaces BR-Bedroom BA-Bathroom W/D-Washer/Dryer (may be hookups or

machines) DW-Dishwasher

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 17Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Reading an Advertisement

Continued NS- No smoking NP- No pets (may be negotiable-you

may pay more if you have pets) F/P-Fireplace AC- Air conditioner W/S/G-Water, Sewer, and Garbage

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 18Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Rental Search Checklist

Helpful to take a checklist while walking through rental units

Makes it easy to remember what was liked and disliked from place to place

May be difficult if one is not able to take a walk through

A person may be able to take a virtual tour and use the checklist

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 19Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Completing an Application Form

If an individual locates a living space they would like to rent, they should complete an application form

An application form is a document used to determine if a person’s credit history, financial stability, and references make them a worthy candidate

All information on this form should be truthful, factual, and answered completely

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 20Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Application Form continued

Before returning the application, a person should ask some questions: Is there an application fee? If there is a fee, how much is it? Will this fee be returned if the application is

denied?

1.9.2.G1

© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 21Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Conclusion Prioritize needs and wants Determine housing costs Locate a living space Get ready to move in!