PERSONAL FINANCE UNIT 5 CHAPTER 21 RENTING A

PERSONAL FINANCE UNIT 5 CHAPTER 21 RENTING A RESIDENCE

BELL RINGER • If you decide to go to college would you want to live in on-campus or off-campus housing for most of your years going to school and why?

HOUSING ALTERNATIVES 1. GO TO THIS WEBSITE ABOUT THE PROS AND CONS OF LIVING ON AND OFF CAMPUS. 2. LIST ALL OF THEIR PROS AND CONS 3. RANK THEM FROM #1 BEING THE MOST IMPORTANT TO YOU TO #6 FOR EACH CATEGORY. 4. EXPLAIN IN A SHORT PARAGRAPH WHY YOU CHOSE THE WAY YOU DID.

LET’S SHARE SOME OF YOUR RANKINGS ABOUT ON-CAMPUS HOUSING • On-Campus Pros: • On-Campus Cons: ___ Built in Community ___ Less Space ___ Convenience ___ Less Privacy ___ More Social Opportunities ___ Less Independence ___ You’re More Plugged In ___ Rules ___ It’s Sometimes easier to furnish ___ It can be more expensive ___ It’s Simple ___ You’re Stuck in the School Bubble

LET’S SHARE SOME OF YOUR RANKINGS ABOUT OFF-CAMPUS HOUSING • Off-Campus Pros: • Off-Campus Cons: ___ It can be cheaper ___ Commuting ___ More freedom and independence ___ More Complex ___ More Space ___ More Responsibility ___ More Flexible Roommate choice ___ Out of touch with Campus Life ___ Summer Housing/Less Moving ___ Costs can add up ___ You’re Part of the Greater Community ___ Less Community

ON-CAMPUS HOUSING • - building that contains many small rooms that are student rented • - Social organization of male or female students. Usually house 20 or more people. • - Get a room similar to a dorm at a lower cost. Share responsibilities like cooking, cleaning, and maintaining the building.

OFF-CAMPUS HOUSING Apartment Townhouse Studio Apartment • - A separate living facility that exists among similar units. • (Efficiency Apartment) Has one large room that serves as the kitchen, living room, and bedroom. • - A living space that has two or more levels.

OFF-CAMPUS HOUSING (CONT. ) • - Building with two separate living units. Usually both with separate entrances. • - An individually owned unit in an apartment style complex with shared ownership of common areas. • - Most features, but usually most expensive to rent as well.

WHERE TO LIVE? • - Refundable amount paid in advance to protect the owner against damage or nonpayment. Will get this back if rental property is returned without damages • To Keep in Mind: • Length of time to stay there • Lease signing, legal contract • Distance from Work or School • Public Transportation? • Distance from Services • Laundry, groceries, gas • Repairs and Maintenance • Allot 25 -35% of your total budget

WHAT TO TAKE… • - The basics are provided, bed, dresser, sofa, chairs, lamps, dining table, and essential appliances. • - May or may not include basic appliances, fewer the items, lesser the rent. • - Rent furniture with an option to buy at a reduced price.

IT’S ROOMMATE TIME Break into 6 groups of 4 students each. With your given budget I would like each group to find a place to live in your given college. You will make a google slides presentation showing the place you want to rent and how you will pay for the rent and how you will live. Will each of you have a separate bedroom? Will it be furnished or will you have to furnish it? Will anyone have to get another job? Etc. You may use any source you want to find a rental. Group #1: Starting out with $5000 total, make $2000/month, going to Penn State Main Campus Group #2: Starting out with $2000 total, make $1500/month, going to Penn State Main Campus Group #3: Starting out with $1000 total, make $3000/month, going to Penn State Altoona Group #4: Starting out with $4000 total, make $1500/month, going to St. Francis University