Housing

Question 0

Different apartments?

Answer 0

1. Studio- smallest, 1 room and bathroom
2. 1 or 2 bedroom
3. Luxury

Question 1

How much should you spend on housing?

Answer 1

No more than 25%

Question 2

Names of apartment buildings

Answer 2

High rise- 3+ stories, elevator

Garden- 1-3 stories, walk up

Question 3

Advantages of renting

Answer 3

1. Cheaper
2. Not tied down, move when you want
3. Little responsibility for maintenance

Question 4

Advantages of buying

Answer 4

1. It’s yours
2. Make improvements
3. Improves credit rating

Question 5

What’s a lease?

Answer 5

Contract for renting

Question 6

What’s on a lease?

Answer 6

1. Lessee- tenant
2. Lessor- landlord
3. 6 months- year
4. What’s your address
5. Landlord has access at anytime
6. How much is rent?
7. When is rent due?
8. Whose responsible for maintenance?
9. How much is damage deposit?
10. Can you sublet?
11. Can you have pets?
12. Who pays utilities?

Question 7

What’s a month-month lease?

Answer 7

Pay rent every month. Rent is higher every month but you can leave when you want.

Question 8

What’s does it mean to sublet?

Answer 8

You can rent the place to someone else

Question 9

What utilities do typical apartments pay?

Answer 9

Water, sewage, and garbage

Question 10

One story house definition

Answer 10

A rancher

Question 11

One story house advantages and disadvantages

Answer 11

Advantages-
More floor space under same roof and no stairs

Disadvantages-
More expensive

Question 12

One and one half story house definition

Answer 12

1 story and finished attic

Question 13

One and one half story house pros and cons

Answer 13

Pros-
More floor space under same roof

Cons-
Stairs

Question 14

Two story house definition

Answer 14

Two stories above ground

Question 15

Two story house pros and cons

Answer 15

Pros-
More floor space under same roof

Cons-
Stairs

Question 16

Split level house definition

Answer 16

Entryway goes into room and then you can either go up or down

Question 17

Split level house pros and cons

Answer 17

Pros-
Bedrooms on quiet level

Cons-
Stairs

Question 18

Split entry house definition

Answer 18

Can either go up or down when entering

Question 19

Split entry pros and cons

Answer 19

Pros-
More floor space under same roof
Plumbings economical

Cons-
Stairs

Question 20

Duplex definition

Answer 20

Two housing units under one roof with common dividing well

Question 21

Duplex pros and cons

Answer 21

pros-
Cheaper

Cons-
Noise

Question 22

Row house definition

Answer 22

(Townhouse) narrow, deep on properties, 2or 3 stories

Question 23

Row house pros and cons

Answer 23

Pros-
Less expensive

Cons-
Noise

Question 24

Modular house definition

Answer 24

Factory built, built in wet and dry modules, wet part is plumbing and dry is living spaces

Question 25

Modular house pros and cons

Answer 25

Pros-
Less expensive

Cons-
Not as well built

Question 26

Mobile home definition

Answer 26

Factory built, has wheels, can be towed on own frame

Question 27

Mobile home pros and cons

Answer 27

Pros-
Less expensive

Cons-
Not as well built

Question 28

Mortgages: amount you can borrow from VA?

Answer 28

100%

Question 29

Mortgages: Down payment for Conventional?

Answer 29

10-25%

Question 30

Mortgages: interest rates for FHA?

Answer 30

Lower than conventional but 1/2% for insurance added

Question 31

Mortgages: features of Conventional?

Answer 31

Requires 3 days to 1 week for approval

Question 32

Mortgages: features for FHA?

Answer 32

Largest approval time

Question 33

Mortgages: features of VA

Answer 33

Veterans must occupy