Housing Renting Stuff Flashcards
Dorm
on campus building that contains many small rooms
Studio Apartment
has one large room that serves as the kitchen, living room, and bedroom
Duplex
building with two separate living units
Townhouse
living space w two or more levels
Condo
individually owned unit in an apartment-style complex with shared ownership of common areas
Single Fam Home
an independent structure that is on it’s own land
Security Deposit
refundable amount paid in advance to protect the owner against damage or nonpayment
Bundling
combining services into one package
Rental Agreement vs Lease
lease - long term contract
rent agree - usually occurs month to month basis, expires each month and then renews for the next one
Budgeting for a Home
no more than 25% of your take-home pay on the mortgage payment (same % for renting)
Market, Apprasied, Assessed Values
Market - estimated price a property would sell for the current market
Appraised - an independent pro’s opinion
Assessed - the value assigned to a property by a governemtn agency for tax purposes
Equity
amount of money that would be returned to the owner if the asset were sold
FHA backed loans
cheaper DownP than commerical, down payments as low as 3.5% available to veterans, first time home buyers, and low income buyers
Fixed v Adjustible Rate Mortgages
Fixed - interest rate & monthly payments stays the same for the entire loan term
Adjust - interest rate & monthly payments can change based on market conditions
Closing Costs
fees when buying a house paid at the closing of the transaction
