Download - Renting Versus Buying
Renting Versus Buying
Does renting or buying have less responsibility for maintenance
and upkeep?
Renting
Apartments, Houses, or Condominiums?
Owned by individuals and common parts of the property, such as the
grounds and building structure, are owned jointly by the unit owners?
Condominiums
True or FalseWhen making decisions about a
place to live, you should determine how much you can spend and stay
within your budget.
True
What does the term amenities refer to?
Swimming pools, exercise rooms, etc
What should be a lease before you sign?
Amount of rent and how it must be paid
What is the part of the purchase price paid in cash up front
referred to as?
Down Payment
Where should the rights and responsibilities of the tenant and
landlord be spelled out?
The lease
What should be purchased by anyone who rents a place to live?
Renter’s Insurance
True/FalseEveryone wants to own a home.
False
What is known as the money paid to provide some protection for the landlord for damage you
made to the apartment, cleanings fees, or other costs?
Security Deposit
If you do not want to do yard work, what should you consider
buying?
A condominium
True/FalseRenting an apartment offers a tax advantage over homeownership.
False
True/FalseBuying a house offers a tax
advantage over renting because homeowners can deduct the interest
they pay on a mortgage from their personal income taxes.
True
True/FalseIf you are unsure of your plans after college, you should buy a
house.
False
True/FalseIf you are unsure of your plans after
college, you should rent an apartment, either on a month-to-
month lease or with a lease that she can cancel if relocating.
True
True/FalseRenting an apartment is a
greater financial commitment than owning a house.
False
True/FalseOwning a house is a greater financial commitment than
renting an apartment.
True
What should you do with the inspection form given to you by
the landlord?
Complete the form, make a note of needed repairs, sign the form,
make a copy for yourself, and return it to the landlord
Who can cancel a month-to-month lease?
Tenant or Landlord
What are some of the costs associated with buying a house?
Down payments, points, and homeowner association fees
What is known as the deposit you pay when making an offer to
show you are serious about buying the house?
Earnest Money
True/FalseWhen negotiating an offer on a
house, your top priority is making an offer that you know the seller will
accept without further negotiations.
False
True/FalseWhen negotiating an offer on a
house, your top priority is making an offer that includes the contingencies
and details you want considered.
True
What type of mortgage should you considered?
Fixed rate mortgage
After working on a budget and you are ready to buy a house, how do you know how much
house you can afford?
Which is one of the disadvantages of renting?
Finding an apartment that will allow pets
What are some of the closing costs the buyer must pay?
Title InsuranceAttorney FeesSurvey Costs
PointsInspection Fees
What are homeowners responsible for paying?
UtilitiesProperty Insurance
Maintenance
True/FalseBuying a house is the most
expensive purchase most people make.
True
What is a good piece of advice for anyone considering buying a
house?
Buy a house you can afford
Who pays the utilities when renting an apartment?
Either by tenant or landlord
What percentage of your income is considered good when
purchasing a home?(house expense ratio)
28%
How can you reduce your monthly house payment?
Make a larger down payment
If the down payment on your house is less than 20% of the
house price, you may be required to pay ____ each month
with your mortgage payment.
Private mortgage insurance
Get pre-approved for a mortgage before looking for a place to buy