Day 6 - Thurs, Feb 11 - Apartment Assignment

Careers Friday - Lets Move Out!

Yes it is Thursday but tomorrow is a PD Day, so lets bump our careers lesson to today!

Today we are learning about moving out on your own.  It begins with renting an apartment.  This is when you want to take the big step and be your own person living on your own.  It is expensive.   There's nothing wrong with living at home and saving up money for your downpayment for your own house but if you live away from home or you want to be more independent, then you will some day need to rent a place.

A typical order would be:
1. rent apartment
2. buy condo
3. buy house

We will look at all of these today because it puts your life and career in perspective.

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Apartment Blog Assignment

Viewit.ca

Find apartments in 3 different price ranges:
1. Low Rent:  Under $700
2. Average:  $800-$1200
3. High Roller:  $2000 +

Provide the following for each price range:

1. A screenshot of the apartment listing and the LINK to it!
2. The Cost
3. The closest major intersection
4. Why you picked it.  Relate this to: distance to school/work, layout, amenities, interior style and decoration, location, restaurants and shops, etc.  This should be 3-5 sentences if you want full marks.  Not just "I like it." (this gets you ZERO).

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Condo Blog Assignment

Now lets shop for condos to buy!
There are lots of condos in Toronto as more young people get money and more older people decide to invest in them to rent out like apartments.
Read this website (don't view the video): https://www.realtor.ca/BuyerInformation.aspx#step=4_2

Can you figure out how much you can afford to buy?

Go to www.realtor.ca

Pick condo and 1 bedroom to start.

Find apartments in 3 different price ranges:
1. Low Cost:  Under $120,000
2. Average:  $150,000 - $275,000
3. High Roller:  $400,000+

Provide the following for each price range:

1. A screenshot of the condo listing and the LINK to it!
2. The Cost
3. The closest major intersection
4. Why you picked it.  Relate this to: distance to school/work, layout, amenities, interior style and decoration, location, restaurants and shops, etc.  This should be 3-5 sentences if you want full marks.  Not just "I like it." (this gets you ZERO).
5. Calculate how much Annual Income you will need to buy this property using the Affordability Calculator:
1. Go to this link: https://www.realtor.ca/Residential/BuyerInformation.aspx#
2. Click on Affordability Calculator at the bottom left
3. Enter the following numbers:
1. Annual Income: 45000
2. Monthly Debt Payments : 0
3. Annual Property Taxes: 500
4. Monthly Condo Fees: 500
5. Monthly Heating Cost: 200
6. Mortgage Interest Rate: 4
4. It will show you a Monthly Payment for your mortgage and Maximum Mortgage.
5. The Maximum Mortgage = The house you can afford at your Annual Income
6. Adjust the Annual Income until you reach your Maximum Mortgage number for the condo you want!