![Page 1: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/1.jpg)
Housing
![Page 2: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/2.jpg)
Housing Fulfills Human Needs
• Physical
– Protection from the weather
– A place to eat, sleep and be safe
• Emotional
– Allows a place to relax and pursue interest in privacy
– Decorate to reflect your personal taste
• Social
– Gathering place for friends and family
– Place to work, play and relax together
![Page 3: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/3.jpg)
Influences of Housing Decisions
First consider needs and
wants and then find a way
to balance those needs and
wants with available
resources.
![Page 4: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/4.jpg)
What needs and wants should you
consider? • Family size
– How much room is needed?
– How many are in the family?
– Married, single, Number of children
• Family life cycle – What are the ages of the family members?
– Newly wed, new parents, empty nest
• Special needs of family members – Do any family members have special needs?
– Elderly, handicapped, space for hobbies
– Does anyone need a wheelchair or walker?
![Page 5: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/5.jpg)
Special Needs
• Kitchens
– Lower counter tops
– Special faucets
– Braille knobs
• Bathrooms
– Grab bars
– Non-slip strips on the shower floor
• Floors
– Hard finishes are easier for wheelchairs and walkers
• Stairs
– Railings on both sides
– Ramps
– Wider hallways and doorways
• Lighting
– Lights turned on at entrance and exit
– Brighter lights for people with vision problems
![Page 6: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/6.jpg)
Needs continued…
• Location
– Do you need to be close to your job, a school, or
transportation?
– Do you want a quiet or busy location?
– Do you want access to stores and amenities
• Environment
– Do you want to be away from noise and pollution?
– Do you want to be in a community that recycles
resources?
![Page 7: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/7.jpg)
More needs and wants…
• Technology
– Do you want access to high-speed internet
and cable?
• Lifestyle
– What are the interests and activities of the
family?
– What needs and wants are associated with
these interest and activities?
![Page 8: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/8.jpg)
Consider Family Resources • After deciding what the family needs and
wants, consider the financial aspects of
buying a home.
• Experts recommend spending no more
than 28 % of your income on housing
expenses.
• These expenses include: insurance, taxes,
repairs, and utilities (basic services, such
as electricity, gas, oil, water, and sewer
services)
![Page 9: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/9.jpg)
How to stretch your housing dollars
Human resources can stretch your
housing dollars:
– Construction skills
– Decorating skills
– Time
– Energy
– Creativity
![Page 10: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/10.jpg)
Types of Housing
Single Family Homes
– Do not share walls with another housing unit
– May be small or large
– Give more privacy
– Usually are more expensive than other types
of housing
– Includes manufactured (mobile) homes
![Page 11: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/11.jpg)
Multi-family Homes
Share one or more walls with another dwelling
– Often more affordable
– Costs varies with size and features
– Laundry, pool and special features may be shared
with other families
– Give less privacy
– Limited storage space
– Little or no yard area
– Pets may not be allowed
![Page 12: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/12.jpg)
Multi-family Dwellings
Duplex
– Two separate units sharing one wall or they
may be located on different levels of the same
building
![Page 13: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/13.jpg)
Duplex
![Page 14: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/14.jpg)
Multiplex
• Similar to duplex, but has three or more
units sharing one building
![Page 15: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/15.jpg)
Town Houses
• Built in rows and attached to one another
at the side walls
![Page 16: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/16.jpg)
Townhouse
![Page 17: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/17.jpg)
• An apartment building covers any
structure that has rental units for more
than two families. Apartment building
range from large older homes divided into
three or four apartments to a high-rise with
hundreds of units.
![Page 18: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/18.jpg)
Renting
• Rent means paying money to live in a housing
unit that is owned by some else.
• Owners of rental property are called landlords.
• When you rent housing you must sign a lease or
written rental agreement. The lease states that
you agree to pay rent a for a certain number of
months. It specifies the monthly fee and rules
you must follow to remain in the building.
• Always read before signing.
![Page 19: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/19.jpg)
![Page 20: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/20.jpg)
Renting Continued…
• A security deposit is required before
moving in the unit.
• The land lord may keep a portion or all of
the deposit if you do not leave the unit in
order when you move out.
![Page 21: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/21.jpg)
Rental Terminology
AEK
A/C
applcs
appt
Apt
Avl
Ba
Bldg
Blk
All electric kitchen
Air conditioning
Appliances
Appointment
Apartment
Available
Bath
Building
Block
![Page 22: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/22.jpg)
Terminology continued…
Cpl only Couples only
Cpt, crpt carpet
DW Dishwasher
Dntn Downtown
Elev Elevator
Entr Entrance
Facils Facilities
Frig refrigerator
Frplce fireplace
![Page 23: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/23.jpg)
Terminology continued…
Grbg Garbage
Gar Garage
Hdwd flrs Hardwood floors
Dntn Downtown
Hskpg rm Housekeeping room
Incl Includes
Info Information
Inq Inquire
Kitch prv Kitchen privileges
![Page 24: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/24.jpg)
Advantages of Renting
• Convenience
– Landlord does repairs
• Flexibility
– Do not have to sell your home to move
• Financial Advantages
– No unexpected costs for repairs
– No taxes
![Page 25: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/25.jpg)
Buying a Home
• Many people buy a home because they
value the feeling of permanence
• Owning a home also offers freedom to
redecorate or remodel
• Buying a home is the most expensive
purchase most families make
![Page 26: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/26.jpg)
Home Buying Terminology
• Mortgage – a long-term loan for the house
– Typically mortgages last for 15 to 30 years
– Longer mortgages amount to more money repaid
• Down Payment–
– Money paid before the loan
– Typically 10%-20% of the cost of the house
• Interest –
– Percentage charged for the use of the money
– Higher interest means you pay more money back
![Page 27: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/27.jpg)
Watch the Interest
• A 30 year mortgage for $100,000 at 10%
will cost $215,000 to repay
• Having a mortgage has some advantages:
– Tax deductible
– Allows money to be invested in ways that
might earn more money than you would
spend on the interest payments
![Page 28: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/28.jpg)
Buying
• All repairs are paid by the owner
• Yard work is done by the owner
• Property Taxes are paid by the owner, but
can be can be taken off on your yearly tax
![Page 29: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/29.jpg)
Many People want a home, but
do not want the responsibilities
of yard work. For these people
two options are available:
• Condominium
• Cooperative or Co-op ?
![Page 30: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/30.jpg)
Condominiums
• Individually owned units in a multiple-family
dwelling
• The owner pays a fee to help cover the cost of
maintaining hallways, landscaping, parking lots
and other common areas.
• The area from the walls in belongs to the owner
and may be decorated or remodeled to fit the
owner’s personal taste
• Rules of conduct are voted on my all owners
![Page 31: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/31.jpg)
Cooperative
• Residents form an organization that owns
the building
• Members buy shares in the organization
and contribute to its monthly costs
• Each member receives one of the living
units
![Page 32: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/32.jpg)
Sharing a Home
• Individuals combine finances to better
meet their housing needs
• Sharing a home only works if people are
thoughtful of one another
• If possible, every member of the
household should have some
degree of privacy
![Page 33: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/33.jpg)
Choosing a Place to Live
• People often change housing as needs
and resources change
• The decision to move should be made
carefully
• Moving is expensive
![Page 34: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/34.jpg)
How can housing reflect your
individuality?
Check out these unusual homes!
![Page 35: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/35.jpg)
![Page 36: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/36.jpg)
![Page 37: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/37.jpg)
Strange Homes
![Page 38: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/38.jpg)
![Page 39: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/39.jpg)
![Page 41: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/41.jpg)
Assignment
• Your row is forming a cooperative housing
group. Each desk is an individual unit.
• Make up a name for your housing
complex.
• Make a list of restrictions for tentants.
• Make a list of rules for your housing unit.
• Include what will be done if the rules are
not followed.
![Page 42: Housing€¦ · wants, consider the financial aspects of buying a home. •Experts recommend spending no more than 28 % of your income on housing expenses. •These expenses include:](https://reader035.vdocuments.net/reader035/viewer/2022081614/5fccca1bc019b37f1a5b7308/html5/thumbnails/42.jpg)
Housing Trends
• Culture
• Demographics (number of people in the
area)
• Economics
– Jobs in the area, cost of housing, interest
rates
• Society (moving south to retire, moving
often)