Rent
When you rent a home, do you own the home?
No
When you buy a house, who owns it?
You do
Which is usually a monthly cost for someone who rents?
A. Rent
B. Down payment
C. Property purchase price
A. Rent
You are going to college and may move to another city next year.
Would renting or buying probably make more sense?
Renting
What is the person who owns a rental property called?
Landlord
What is a mortgage?
A loan used to buy a home.
Which is commonly paid when buying a home?
A. Security deposit
B. Down payment
C. Application fee
B. Down payment
You want to stay in the same city for many years and have money saved for a down payment.
Would renting or buying probably make more sense?
Buying
Name ONE cost someone might have when renting.
Rent, security deposit, utilities, renters insurance, etc.
What is a down payment?
Money paid upfront when buying a home.
Your rent is $900 and your utilities are $150. What is your total housing cost?
$1,050
You don't want to worry about paying for major home repairs.
Would renting or buying probably be better?
Renting
What is one advantage of renting?
It is usually easier to move, and the landlord may handle many repairs.
Name TWO costs that a homeowner may have besides their mortgage.
Property taxes, homeowners insurance, utilities, repairs, maintenance, etc.
Your mortgage is $1,400, property tax is $150, and insurance is $100.
What is your monthly cost?
$1,650
You want to own your home and potentially build equity over time.
Would renting or buying make more sense?
Buying
Your apartment's air conditioner breaks. Who will usually be responsible for fixing it?
landlord
You own a house and the roof needs a $4,000 repair. Who is usually responsible for paying for it?
The homeowner.
You make $3,000 per month.
Your other expenses total $1,600.
Your rent would be $1,000.
How much money would you have left?
$400
You make $3,000 a month.
You have $2,000 in other monthly expenses.
A house would cost you $1,500 per month.
An apartment would cost $900 per month.
Which choice leaves you with more money
The apartment.