© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 1 Funded 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

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

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

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

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

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

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

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

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

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

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

property

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

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

guests) l  Permits needed

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

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

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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 9 Funded 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

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

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© 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. to the Norton School of Family and Consumer Sciences at the University of Arizona

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 expected costs to compare the two

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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 11 Funded 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

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

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

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

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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 13 Funded 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

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

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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 14 Funded 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

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

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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 15 Funded 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

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

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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 16 Funded 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 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

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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 17 Funded 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 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

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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 18 Funded 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

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

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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 19 Funded 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

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

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© Family Economics & Financial Education – Revised November 2004 – Housing Unit – Renting vs. Owning a Home – Slide 20 Funded 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

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?

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

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