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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

WHAT’S AHEAD

13.1 Your Housing Options

13.2 How to Rent an Apartment

13.3 How to Buy a Home

13.4 How to Furnish Your Home

Economic Educatin for Consumers

Chapter 13

ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

LESSON 13.1
Your Housing Options

GOALS

Discuss your housing alternatives.

Describe agreements you should make with a roommate before renting an apartment together.

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Economic Educatin for Consumers

Chapter 13

ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

KEY TERMS

dormitory

efficiency apartment

duplex

condominium

mobile home

lease

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Types of Housing

Your parents’ home

Dormitories

Apartments

Houses

Condos

Mobile homes

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Buy or Rent?

Advantages of renting

Lower cost

Less responsibility

Mobility

Advantages of buying

Ownership

Value

Your own space

Fewer restrictions

Tax-deductible interest and property tax

Disadvantages of renting

No ownership

More restrictions

Shared space

Disadvantages of buying

Down payment

High cost

Property taxes and insurance

Restricted mobility

More responsibility

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Shared Housing Costs

Agree on rules of behavior

Divide responsibilities

Make a written agreement

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

What kinds of housing alternatives may you choose among after you graduate from high school?

Why is it important to discuss house rules with a prospective roommate before living together and to put your agreement in writing?

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

What kinds of housing alternatives may you choose among after you graduate from high school?

Live with parents or guardians.

Rent an apartment, duplex, or house.

Buy a condominium, mobile home, or house.

If attending college, you will probably live in a dormitory.

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Why is it important to discuss house rules with a prospective roommate before living together and to put your agreement in writing?

Agreeing on house rules with prospective roommates minimizes conflicts.

Putting agreements in writing reduces financial and legal difficulties caused if one roommate abuses the rules or leaves without paying his or her share of the costs.

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

LESSON 13.2
How to Rent an Apartment

GOALS

Describe how to find available apartments, narrow the list, and make your selection.

Discuss lease terms and how to prepare for your move.

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

KEY TERMS

tenant

landlord

security deposit

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

How to Find Apartments

Budget trade-offs

Convenience

Neighborhood

Environment

Age

Size and condition

Facilities

Pets

Where to find leads

Family and friends

Newspaper ads

Internet

Real estate agencies

Apartment managers

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

How to Evaluate an Apartment

Ask the manager

Inspect the property

Talk to potential neighbors

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Ask the Manager

What is the monthly rent?

Does the rent include heat, electricity, gas, and water?

How long is the term of the lease?

At the end of the lease, must I sign a new lease, or can I rent month-to-month?

What facilities do you provide? Laundry? Parking?

What rules or restrictions do you have?

Can I have pets? If so, is there an extra charge?

What type of security do you provide?

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Apartment Evaluation Checklist

Outside the building and grounds

Inside the apartment

Common areas inside the building

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

The Lease and Moving In

Lease terms: Rights and responsibilities

Lease terms

Condition report

Getting ready to move

Packing

Mail

Utilities

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Where could you find information about apartments available to rent?

What terms should you expect to find in a lease and why should you read the lease carefully before signing?

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Where could you find information about apartments available to rent?

Ask relatives or friends.

Look at newspaper ads.

Search the Internet.

Make inquiries at real estate agencies.

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

What terms should you expect to find in a lease and why should you read the lease carefully before signing?

Amount of rent and security deposit

Rights and responsibilities of both the tenant and the landlord

Other terms listed on page 443 in the text

Because you can be held liable for everything in it, read the lease carefully.

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

LESSON 13.3
How to Buy a Home

GOALS

Discuss the costs of home ownership and different types of mortgages.

Describe the home-buying process.

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

KEY TERMS

mortgage

escrow account

principal

down payment

closing cost

point

fixed-rate mortgage

adjustable rate mortgage (ARM)

FHA mortgage

VA mortgage

graduated-payment mortgage

interest-only mortgage

appreciate

home equity loan

offer

earnest money

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Costs of Home Ownership

Property taxes

Mortgage payment

Principal

Down payment

Closing costs

Points

Homeowner’s insurance

Mortgage insurance

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Types of Mortgages

Fixed-rate mortgages

Adjustable-rate mortgages

Insured mortgages

Other mortgages

VA mortgage

Graduated-payment mortgage

Interest-only mortgage

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

The Home-Buying Process

Know what you can afford

Know what you want

Work with a real estate agent

Tips for evaluating houses

How to make an offer

How to complete the deal

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

What costs should you expect to pay as part of buying a home?

What steps should you complete to purchase a home?

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

What costs should you expect to pay as part of buying a home?

Points

Closing costs

Homeowner’s and mortgage insurance

Property taxes

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

What steps should you complete to purchase a home?

Determine the amount you can afford to pay.

Decide on and prioritize the features you want in a home.

Seek the help of a real estate agent.

Evaluate homes that interest you.

Negotiate the purchase.

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

LESSON 13.4
How to Furnish Your Home

GOALS

Explain how to make a plan to furnish your home affordably.

Describe how to select furniture and appliances for your home.

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

KEY TERM

energy star product

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Plan Your Place

Prioritize you wish list

Things you want immediately

Things you want soon

Things you would like to have eventually

What can you borrow?

What can you buy used?

How can you buy new affordably?

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

Furniture and Appliances

Materials

Construction

Appliances

Consumer Reports

Energy labels

Options

Warranties

Bargains

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

What are some ways that you can reduce the cost of furnishing your home?

What should you do before you choose furniture or appliances to buy?

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

What are some ways that you can reduce the cost of furnishing your home?

Try to borrow needed items.

Look for good used items.

Seek affordable alternatives, such as sale or discount merchandise.

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ECONOMIC EDUCATION FOR CONSUMERS ○ Chapter 13

What should you do before you choose furniture or appliances to buy?

Evaluate the materials and construction of furniture you might purchase.

Review reports on the quality of appliances and consider their energy efficiency.

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