Buying Vs. Renting
Your First Place
Adult Living
Objectives
 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 Options
 What is the first thing that comes to mind
when you hear the word “Housing?”
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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 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
Out 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.
Single-Family Homes
 Come in all sizes and
styles
 May be built on large
or small lots of land
 Located in different
types of
neighborhoods
Single-Family Homes
Multiple-Family Homes
 Apartments
 Duplexes
 Townhouses
Apartments
 Variety of sizes and
styles
 High-rise building
 Smaller buildings with
only a few units
 Huge complexes
 Location varies as
well
Apartment
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
TownHouse
Duplex
Mobile/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
Mobile/Modular Homes
Rent 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
Take a look at your housing
needs
 How many bedrooms do you need?
 How many bathrooms do you need?
 Special purpose rooms desired?
Recreation/TV
Office/Study
Sewing/Crafts/Hobby Room
How much storage space/closet space do you need?
Take a look at your housing
needs
Do you need
A garage/carport?
Parking Space?
Room for pets?
Space for garden?
Room for play/children?
Other outdoor space
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?
What type of housing suits you?
Single family house
Apartment
Mobile Home
Town House or Duplex
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
 Location
 Neighborhood, city
 Fire and Police
Protection
 Shopping & Recreational
facilities
 City Services
 New/older home
Pros 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
 Cons
 Lack of control of the
property
 Property owners can
raise rent
 Restrictions
 Pets
 children
 redecorating
Pros 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
 Cons
 Time consuming and
expensive home
repairs
 Costs
 Down Payment
 Loan cost
Review
 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 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
 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
Some Suggestions:
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www.walmart.com
www.target.com
www.ikea.com
www.biglots.com