Rent or Buy

lease

a contract to lend property to another for a specific amount of time and for a certain amount of payment

Jake is thinking of buying a house. What's the most important question he should ask himself? Will I be accepted for a loan? How much does it cost to replace a water heater? What type of maintenance will I need to do? Am I financially ready?

am i financially ready?

List at least three questions you should ask yourself to make sure you are ready to rent.

do you have enough money and income to pay for all the costs? is the place you can afford safe? do you have a good credit score?

Josh has a stable job and makes $1600 per month. Does he have enough to afford the rent? yes no

no

Choose all that apply. Select all of the ongoing costs associated with renting. rent payment security deposit utility bills homeowner's insurance renter's insurance

rent payments utility bills renter's insurannce

property manager

the person in charge of renting an apartment or other rental property; sometimes called a landlord

The purpose of a lease is _____. to list all expenses you will have when renting for applying for an apartment to protect both the renter and the property manager to get a credit report to show you will be a trustworthy renter

to protect both the renter and the property manager

rent

to take possession of and use property by paying a set amount

One upfront cost of renting an apartment is the security deposit. True False

true

Monica graduated from high school this year and has a steady job. She feels ready to move into her own space and has $1,200 in savings. Does she have enough for a down payment to rent this apartment? yes no

yes