clapper
Uploaded by
21 SLIDES
244 VUES
210LIKES

Your First Apartment

DESCRIPTION

Learn about renting terms, the rental process, financial considerations like rent calculation, deposits, and utilities, and legal aspects such as breaches of contract and eviction.

1 / 21

Télécharger la présentation

Your First Apartment

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Your First Apartment • WEBSITES • ZILLOW.COM • RENT.COM • NAME OF APARTMENT COMPLEX • ADDRESS OF APARTMENT COMPLEX • FLOOR PLAN • PICTURES • PRICE PER MONTH • AMENITIES • REFLECTION – TELL WHY THIS IS YOUR CHOICE

  2. Objective 2.02ANALYZE financial and legal aspects of renting.

  3. Terms to know: • Landlords are property OWNERS. They expect tenants to: • Pay rent on time • Keep property in reasonable condition • Tenants are RENTERS. They expect landlords to: • Make necessary all repairs • Give written notice to enter the unit • Not increase rent until the lease ends • Lease is a legal document that includes • Length of agreement • Amount of deposits, rent, and fees • Address of unit • Who pays utilities • Number of people that can live in the unit • Pets (types and sizes).

  4. The Rental Process • Application • Application Fee – shows landlord you are serious. Usually $25-$100 or higher • Credit Check through a credit agency tells if the tenant pays bills on time.

  5. The Rental Process cont. • Security Deposit: • Covers cost of future damage to property • May equal 1 or more month’s rent • Can be returned partially or in full • Pet Deposit - covers pet damage.

  6. The Rental Process cont. • Advance on Rent • One or more month’s rent in addition to deposits

  7. Example of Advance on Rent

  8. The Rental Process cont. • Renter’s Insurance • Insurance to cover the renter in the event of flood, fire, theft or any other hazard • VERY inexpensive.

  9. Should You Buy Renter’s Insurance?

  10. The Rental Process cont. • Utilities • Water, gas, sewer, electricity, phone, cable, trash collection • Sometimes the landlord will pay some or all utilities, BUT usually the tenant pays all.

  11. How Much Rent Can I Afford? • In general your housing should not exceed 28% of your gross monthly income.

  12. Calculating Rent if Paid by the Hour • Hourly wage x # of hours worked weekly x weeks in year = gross pay yearly / 12 months = gross monthly wage x 28% = maximum rent • Example: • $6.00 x 40hours = $240 • $240 x 52 weeks = $12,480 • $12,480 /12 = $1040 • $1040 x 28% = $291.20

  13. Weekly Income = $240 • If paid by week: $240 x 52 weeks = $12,480/12 = $1040 x 28% = $291.20 • If paid by the month: $1040 x 28% = $291.20 • If paid by the year: $12,480/12 = $1040 x 28% = $291.20

  14. Complete “Finding Maximum Rent”

  15. Ending a Lease • Suppose you need to move earlier than expected. What are your options? • Continue to pay the rent until the end of the lease • Assign the lease • Sublet the lease.

  16. Assigning the Lease • This means to transfer the remainder of the lease to another person • The original tenant is NO LONGER responsible for any rent or damages.

  17. Subletting a Lease • Tenant leases the property to another person • BOTH tenants are responsible to the landlord • EX: college student leaving for semester abroad and lets friend rent apartment.

  18. Results of Violating the Lease • Breach of Contract • When either the landlord or the tenant fail to meet the terms of a lease • Eviction • Legally removing tenants from the property before the lease expires • Tenant must receive written notice.

  19. In summary…..

  20. Complete “Calculate Rent, Deposits and Utilities”

  21. So, how much can you really afford? • Choose your job • Go to www.salaryexpert.com and calculate your MONTHLY salary for the zip code of your apartment’s location • Can you afford the apartment you chose? • Reflect in writing the changes you will make and how you feel about making these changes to your selection. BE REALISTIC! • Write your reflection on your original document and turn in.

More Related