Learning Goal:

I can identify various housing alternatives.

I can determine local housing options, both renting and buying.

Estimated Time for The Week: # hours, 2 hours

Learn & Practice:

Watch

• Renting a Place to Live
• Buying a Home

Read

Do you want the excitement of living in a big city? Or do you prefer the quiet and solitude of living in the country? Are you more interested in having a place to hang out with your friends? Or, are you more concerned about finding a small, affordable safe place to sleep because you do not like staying at home? Whatever your answer to these questions, they are factors to consider when looking for a place to live.

Finding the right “home” is one the most significant financial decisions you will make because it will help determine what kind of life you will live and how you will live it. While owning a house is often called “the American Dream”, it does not mean that homeownership is always the best solution to finding a place to live. The best alternative is to find a place that is both affordable and appropriate for your personal lifestyle.

In most cases, you will have many housing options from which to choose. Sometimes, the number of options may even seem overwhelming! Just keep in mind, finding a place to live is a financial decision – not an emotional decision. Finding a place that meets your budget will help keep you happy while meeting your monthly financial obligations, so be careful about the temptation of thinking “it’s only a little bit more”. That “little bit more” can quickly turn into a financial nightmare.

It is important to consider what type of housing is best for you at the time you are making the decision, realizing that you have different needs at different points in your life. Listing your priorities will help ensure you are making the best choice. For example, is it more important to have two bedrooms or live close to work?

Following are several criteria to consider when listing your priorities:

*Location (close to work, in the country, near friends, etc.).

*Space issues (number of bedrooms, size of the kitchen or living room, closet space, etc.). Amenities (swimming pool, washer and dryer, townhouse or flat, etc.).

*Safety (outside lighting, deadbolt locks, etc.).

*How long you plan to live there (is it temporary or for several years?).

Different Housing Options

Once you have prioritized your wants and needs, you may want to consider the various options available in the area. These include renting a place to live in an apartment complex, a condominium unit, or a neighborhood. Or, you may be in a financial situation where buying a house is the best option. Understanding the costs and benefits of each option will help you make an informed decision about where to live.

RENTING:. Renting is often the least expensive housing option and the easiest for your budget to handle because you tend to have a set monthly expense, minimal maintenance responsibilities, and the ability to relocate relatively easily when your lease expires. If you are unsure of your plans, renting or leasing is a great option.

When renting, you enter into a legal contract called a lease with your landlord for a defined period of time— generally six months to one year. In some cases, you may even be able to get a month-to-month lease if you need more flexibility. However, a month-to-month lease tends to be more expensive and the landlord may have the opportunity to terminate your agreement before you are ready to move.

Apartment complexes generally offer more amenities than other rental options, and their cost is usually included in your monthly rent. Some of these extra benefits are workout rooms, swimming pools, laundry facilities, designated or covered parking spaces, and community clubhouses. Sometimes even utilities, cable television, and Internet access are included in the monthly rent. It is always best to ask what is included in your rent before signing a lease because terms will vary significantly from one apartment complex to another.

While apartments offer a great deal of flexibility in price and amenities, the opportunity cost is a lack of privacy.

CONDOMINIUMS (CONDOS): Condominiums and cooperatives generally offer similar amenities to apartment complexes. The main difference is that condo and coop

dwellers generally “own” their units; however, some owners buy condo units and lease them to people who prefer renting instead of owning.

Because condo owners share common areas, each unit owner shares the cost of maintaining these areas by paying monthly fees called homeowner association fees. Some of the shared expenses include landscaping, street maintenance, swimming pools, and tennis courts. Unit owners usually form a board to manage the common areas, set fees, and make other decisions regarding the complex.

One of the advantages of condos and other cooperatives is the limited responsibility for outside maintenance. Most units have a small courtyard or patio space requiring minimal upkeep. One of the disadvantages may be shared space with others in a lifestyle similar to an apartment. You may also be somewhat limited in what you can do with your condo, depending upon the requirements of the homeowner’s association.

HOUSES: Houses offer the widest variety of living options and remain the preferred housing choice for most people, regardless of age or income. While most people living in houses own their own homes, many others rent houses just as they would rent an apartment or condo.

You can find houses of almost all sizes and price ranges. In addition, you can consider buying an older house in a well-established neighborhood or in a new suburban housing addition. Or, you may want a “fixer upper” that needs minor repairs or major renovations.

Homeowner associations are becoming increasingly popular to support amenities that are available only to people who live in the neighborhood; and the number of “gated communities” is growing in major metropolitan areas. For safety purposes, gated communities have controlled entrances allowing only people who live there or their guests to enter. The more extras you have available, the more you can expect to pay for living in those neighborhoods.

While owning a home offers independence and flexibility, it also requires you to make a rather substantial investment or commitment. Most people who buy a home will need to secure a loan, which means you need to have a good credit history or someone who has a good credit history to cosign for you. When buying a home, you will need to have a down payment (generally 10% percent of the sales price) at the time of purchase. Your monthly payment will include the loan payment, insurance, and property taxes. In addition, you need to establish a monthly maintenance fund to pay for the normal upkeep on your home as well as any emergency expenses (new hot water heater, new heating or cooling system, plumbing problems, etc.). And, you will be responsible for all of the outside maintenance including yard work and landscaping.

As you can see, finding a place to live is more than looking for a cool place with your friends. The amount you pay for housing will be one of the largest, if not THE largest, expense you have each month. Before deciding where to live, it can be helpful to separate the financial criteria from the emotion criteria to ensure you are making the best decision about a place that best suits your lifestyle and your needs.

Application: Housing Alternatives Activity

Use your knowledge of housing options to determine appropriate housing choices in the following situations. To complete the activity, identify the best housing option (apartment, condo, or house), and locate a local housing alternative for each scenario.

1. Inez and Omar have two young children. Inez is a stay at-home mom and Omar works for a computer software company. They want to find a larger place to live where the children will have room to play. What do you recommend?
2. Herman is a single father. He works long hours and he wants to move closer to his mother’s house so she can help care for the children. What do you recommend?
3. Gina is a single, young professional. She enjoys playing golf and dining out with friends. Her job requires her to travel frequently and she anticipates a move to another city in the next year. What do you recommend?
4. Jessie and Sherman live an active life. They like to entertain and spend time with family. While they enjoy owning their home, it has become too large. They would like a place with less maintenance. What do you recommend?
5. Marta has been retired for a number of years. She lives alone on a limited income. Her family lives in another state, and she has decided to move closer to them. She wants a small place that she can manage on her own. What do you recommend?
6. Josh just graduated from high school and he plans to go to college in his hometown. Instead of living at home or in the dorm, he plans to move in with one of his buddies. Both have part-time jobs but limited savings. What do you recommend?
7. Josie has a great job as an architect and loves to spend time at home. She has started a retirement account at work and contributes monthly to her savings account. She wants a place to show off her decorating skills. What do you recommend?
8. Now is your turn to identify your housing choice ten years from now. You will still be living in the Edmond/OKC area but you can create your own scenario that fits your long term goals.

Websites

• https://www.zillow.com
• https://www.redfin.com

Reflect

Discuss with your parent/guardian different housing alternatives and what is your current lifestyle. Rent/Buying/Selling a home/Buying a home/Looking to relocate/housing dreams/etc….

Share

Share your answer on Housing Alternatives Activity #8- Where do you see yourself in ten years and what housing alternative you would like to be living in at that time?

Interior Design, Week 3

Learning Goal: I can learn basic architecture skills

Estimated Time for The Week: endless hours of knowledge

Learn & Practice: Chief Architect Academic, Student, & Education Licenses

Chief Architect helps educators focus on teaching concepts and less on teaching software. Chief Architect includes a complete curriculum with a digital reference manual and tutorial guide as well as access to interactive training videos making it easy to learn and teach your architectural or interior design classes.

We are offering a free Student License to allow more flexibility for students to complete coursework outside the classroom. Licenses will be valid March 17–June 30, 2020.

Steps to receiving a free licenses through June 30

1. Complete form online and send to Chief Architect
2. Print your schedule and scan/take a picture to send with your form
3. Have a good time with this great resource. Share with other students that might be interested in architecture, interior design, and engineering.

EMAIL FORM AND/OR QUESTIONS TO:

SALES@CHIEFARCHITECT.COM

(PLEASE ALLOW TWO BUSINESS DAYS FOR PROCESSING)

Interior Design, Week 5-6

Learning Goal:

I can create a basic house plan using Chief Architect online software.

Estimated Time for The Week: 2-? hours

Learn & Practice:

• Watch

Chief Architect Tutorial Videos Watch the quick start video then begin creating a house plan.

• Read

Chief Samples Gallery Review the materials in the samples gallery for ideas and ways to begin your project.

• Create

Using the Chief Architect Software, create a simple house plan including the basic areas in a house. Example: Living room, kitchen, laundry, dining, bedrooms (3), baths (2-3), garage, etc…..

• Reflect

If your family has built a home, review the house plans or look online at house plans for creative ideas.

• Share

Share a screenshot of your house plan with your teacher.

Chief Architect Student License—Free through June 30, 2020

In response to the closing of schools and the number of students that have shifted to taking classes online or remotely, we are offering free student licenses through June 30, 2020. If you enjoy home design or are a professional designer, request a free student license for your kids by completing our student application form. Use our student curriculum and learning resources to get started with Chief Architect.