Buying Vs. RentingBuying Vs. Renting

Your First PlaceAdult Living

Your First PlaceAdult Living

ObjectivesObjectives After studying this unit you will be able to:

Describe how housing meets people’s needs Identify different types of housing Identify various factors that influence housing

choices Learn the various kinds of housing and their

advantages and disadvantages Identify Pros and Cons of renting and owning

housing Use technology to access, research, manage,

integrate, and create information as well as generate and solve real world problems using mathematical concepts.

After studying this unit you will be able to: Describe how housing meets people’s needs Identify different types of housing Identify various factors that influence housing

choices Learn the various kinds of housing and their

advantages and disadvantages Identify Pros and Cons of renting and owning

housing Use technology to access, research, manage,

integrate, and create information as well as generate and solve real world problems using mathematical concepts.

Housing OptionsHousing Options

What is the first thing that comes to mind when you hear the word “Housing?” Two-story house? High-rise apartment? Townhouse? Chances are the first thing that comes

to your mind is the home in which you live in right now.

What is the first thing that comes to mind when you hear the word “Housing?” Two-story house? High-rise apartment? Townhouse? Chances are the first thing that comes

to your mind is the home in which you live in right now.

Functions of HousingFunctions of Housing Physical Needs

Shelter Protection Safety

Emotional Needs Personal and Private space (relaxing) Self-expression (decorating)

Social Needs Interaction with others

Gathering place for family and others

Physical Needs Shelter Protection Safety

Emotional Needs Personal and Private space (relaxing) Self-expression (decorating)

Social Needs Interaction with others

Gathering place for family and others

Out on your ownOut on your own

As you continue on your own, the housing that suits you best might be quite different from the house that you live in now.

Think of all of the different types of housing. Make a list.

As you continue on your own, the housing that suits you best might be quite different from the house that you live in now.

Think of all of the different types of housing. Make a list.

Single-Family HomesSingle-Family Homes

Come in all sizes and styles

May be built on large or small lots of land

Located in different types of neighborhoods

Come in all sizes and styles

May be built on large or small lots of land

Located in different types of neighborhoods

Single-Family HomesSingle-Family Homes

Multiple-Family HomesMultiple-Family Homes

Apartments Duplexes Townhouses

Apartments Duplexes Townhouses

ApartmentsApartments

Variety of sizes and styles

High-rise building Smaller buildings

with only a few units

Huge complexes

Location varies as well

Variety of sizes and styles

High-rise building Smaller buildings

with only a few units

Huge complexes

Location varies as well

ApartmentApartment

Town House and Duplexes

Town House and Duplexes

Housing Units in which at least two units are attached

Share a common wall Townhouses often come in clusters

of 4-8 units in one structure Duplexes are only 2

Housing Units in which at least two units are attached

Share a common wall Townhouses often come in clusters

of 4-8 units in one structure Duplexes are only 2

TownHouseTownHouse

DuplexDuplex

Mobile/Modular HomesMobile/Modular Homes

Most “mobile” homes today are actually not mobile Most are set on some type of

foundation Usually they are set in a mobile-home

park and never moved Generally quite spacious Offer a low price option for someone

who wants to own a home

Most “mobile” homes today are actually not mobile Most are set on some type of

foundation Usually they are set in a mobile-home

park and never moved Generally quite spacious Offer a low price option for someone

who wants to own a home

Mobile/Modular HomesMobile/Modular Homes

Rent or BuyRent or Buy

Most of these different types of homes can be owned or rented

Single-Family Homes Own

Responsible for all maintenance and yard care

Mobile Homes in a Park Own the home but rent the land or lot it

is on

Most of these different types of homes can be owned or rented

Single-Family Homes Own

Responsible for all maintenance and yard care

Mobile Homes in a Park Own the home but rent the land or lot it

is on

Take a look at your housing needs

Take a look at your housing needs

How many bedrooms do you need? How many bathrooms do you need? Special purpose rooms desired?

Recreation/TVOffice/StudySewing/Crafts/Hobby RoomHow much storage space/closet space do you need?

How many bedrooms do you need? How many bathrooms do you need? Special purpose rooms desired?

Recreation/TVOffice/StudySewing/Crafts/Hobby RoomHow much storage space/closet space do you need?

Take a look at your housing needs

Take a look at your housing needs

Do you needA garage/carport?Parking Space?Room for pets?Space for garden?Room for play/children?Other outdoor space

Do you needA garage/carport?Parking Space?Room for pets?Space for garden?Room for play/children?Other outdoor space

Take a look at your housing needs

Take a look at your housing needs

Life-style Do you have pets? Do you want recreational facilities nearby

Pool, tennis courts

Do you like to take care of a yard, garden, etc?

Do you like to fix things, paint, etc? Do you want to be able to fix up a place

to suit your own style?

Life-style Do you have pets? Do you want recreational facilities nearby

Pool, tennis courts

Do you like to take care of a yard, garden, etc?

Do you like to fix things, paint, etc? Do you want to be able to fix up a place

to suit your own style?

What type of housing suits you?

What type of housing suits you?

Single family houseApartmentMobile HomeTown House or Duplex

Single family houseApartmentMobile HomeTown House or Duplex

What are some factors that you need to consider

in your selection of a place to live?

What are some factors that you need to consider

in your selection of a place to live?

Length of time you will live there

Future housing needs Parents, children

Distance to work Medical facilities Places of worship

Construction of housing Access to

schools/daycare

Length of time you will live there

Future housing needs Parents, children

Distance to work Medical facilities Places of worship

Construction of housing Access to

schools/daycare

Location Neighborhood, city

Fire and Police Protection

Shopping & Recreational facilities

City Services New/older home

Location Neighborhood, city

Fire and Police Protection

Shopping & Recreational facilities

City Services New/older home

Pros and Cons of RentingPros and Cons of Renting

Pros Starting out on your own

as a young, single adult No responsibility for

repairs, maintenance Recreational facilities Laundry facilities More mobility or

flexibility Does not require large

sum of money for down payment / property taxes

Pros Starting out on your own

as a young, single adult No responsibility for

repairs, maintenance Recreational facilities Laundry facilities More mobility or

flexibility Does not require large

sum of money for down payment / property taxes

Cons Lack of control of

the property Property owners can

raise rent Restrictions

Pets children redecorating

Cons Lack of control of

the property Property owners can

raise rent Restrictions

Pets children redecorating

Pros and Cons of BuyingPros and Cons of Buying

Advantages Pride of ownership Freedom to

decorate, landscape Independence Financial advantages Equity Tax deduction for

mortgage Interest and property

tax deductions

Advantages Pride of ownership Freedom to

decorate, landscape Independence Financial advantages Equity Tax deduction for

mortgage Interest and property

tax deductions

Cons Time consuming

and expensive home repairs

Costs Down Payment Loan cost

Cons Time consuming

and expensive home repairs

Costs Down Payment Loan cost

ReviewReview

How can changes during a family’s life cycle affect their housing needs, wants and priorities?

What are three types of housing? What are advantages of renting a

home? Buying a home? How does a home met needs?

How can changes during a family’s life cycle affect their housing needs, wants and priorities?

What are three types of housing? What are advantages of renting a

home? Buying a home? How does a home met needs?

Your First PlaceYour First Place

Apartment You will be given a

budget of $2000 You have four rooms

Bedroom Living Room Kitchen (stove and

refrigerator are furnished)

Bathroom On your poster board

you will paste your furnishing in the rooms

Apartment You will be given a

budget of $2000 You have four rooms

Bedroom Living Room Kitchen (stove and

refrigerator are furnished)

Bathroom On your poster board

you will paste your furnishing in the rooms

On your poster board you will paste your furnishing in the rooms Make sure to include

the prices you paid

Determine the cost of each room Develop a circle graph

showing the percentage of the budget used to furnish each of the rooms

On your poster board you will paste your furnishing in the rooms Make sure to include

the prices you paid

Determine the cost of each room Develop a circle graph

showing the percentage of the budget used to furnish each of the rooms

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