The Finances of Housing Business and Personal Finance Chapter 7 Renting an Apartment Advantages Disadvantages • Easy to move • Low maintenance responsibility • Low financial commitment • Few Financial.
Download ReportTranscript The Finances of Housing Business and Personal Finance Chapter 7 Renting an Apartment Advantages Disadvantages • Easy to move • Low maintenance responsibility • Low financial commitment • Few Financial.
The Finances of Housing Business and Personal Finance Chapter 7 Renting an Apartment Advantages Disadvantages • Easy to move • Low maintenance responsibility • Low financial commitment • Few Financial Benefits – No tax advantage • Limitation on activities – Less Privacy • Legal Concerns – Lease • Sublet???? Renting a House Advantages Disadvantages • Easy to move • No tax advantage • Low maintenance responsibility • Some limitation on activities • Low financial commitment • Higher utility expenses • More Space Advantages • Pride of Ownership Owning a House • Plenty of Space • Tax benefits Disadvantages • Financial commitment • High living expenses • Limited mobility Owning a Condominium • Advantages • Disadvantages • Pride of Ownership • Financial commitment • Fewer maintenance costs or responsibilities than a house • Less privacy than in a house • Tax benefits • Need to get along with others • Access to recreation and businesses • Typically small and limited space • May be hard to sell • Advantages Owning a Mobile Home • Less expensive than other ownership options. • Disadvantages • May be hard to sell • Possible poor construction quality Types of Housing • Single Family Dwellings • Multiunit Dwellings – Duplexes – Townhouses • Condominiums • Cooperative Housing • Manufactured Homes – Prefabricated – Mobile Home Housing How much can you afford? • Price and Down Payment – Financing • • Points Interest Rate – Mortgage – PMI (Private Mortgage Insurance) – Closing Costs • Size and Quality Your lifestyle will affect the type of housing that you choose!