Housing
The money put up front when purchasing a home. Typically expressed as a percentage of a price.
Down Payment
The money set aside for unexpected events.
5-10%
This legal agreement outlines rent payments, due dates, and the rights and responsibilities of owners and tenants.
Lease agreement
What has lower upfront costs? Renting or Buying a home?
Renting
Convenience, social connection, celebration, stress relief, and exploration of new experiences.
Unlike homeowners, people who choose this living option are not responsible for maintenance and repairs.
Renting
This transportation option can be a good alternative for people living in a city wanting to reduce commuting costs.
Public transportation
What is a way to address the issue of convenience when it comes to saving money on dining out?
Meal prep for the week at home
Building this over time is one major advantage of purchasing a home.
Equity
Budgeting makes sure unnecessary spending is controlled and essential expenses are covered
What percentage is it recommended that you put down on a home mortgage when purchasing.
20%
Name 2 disadvantages of buying a home compared to renting.
High upfront costs, responsibility for repairs and maintenance, and long term financial commitment.