Leasing vs Buying a Home Flashcard

Front

What is an advantage of leasing a home?

Back

Flexibility and easier relocation

Front

What is an advantage of buying a home?

Back

Builds equity over time

Front

Which option is a disadvantage of buying a home? Maintenance and repair costs, Higher upfront costs, Financial commitment and responsibility, Limited flexibility in location

Back

Financial commitment and responsibility

Front

What is one advantage of leasing a home?

Back

Flexibility

Front

A ___________ deposit refers to money held to cover possible damage in an apartment.

Back

Security

Front

The agreement between a renter and a landlord is:

Back

Lease

Front

A common flexible expense associated with renting an apartment is:

Back

Electricity

Front

Which of the following is an advantage to renting a place to live? Limited expenses for maintainance., Limited expenses for utilities, Limited options for size and location, Limited rights for redecorating

Back

Limited expenses for maintainance.

Front

Renting an apartment should involve: making an emotional decision because you want to be happy where you live, setting a strategy to get what you need for the amount you can afford, setting a strategy to get what you want, even though it is more than you can afford, making a decision based only how much it will cost to live there

Back

setting a strategy to get what you need for the amount you can afford

Front

A landlord can refuse to rent you an apartment if which of the following is true? You are married., You are of Irish descent., You own a cat and a dog., You are a Buddhist.

Back

You own a cat and a dog.