HOUSING VOCABULARY TERMS
RENTING VS. OWNING A HOME
Costs of renting-
Landlord- Owner of the property. Tenant- The person who rents the property. Rent- The cost using someone else's property. Security Deposit- An advance payment to cover anything beyond normal wear and tear on the unit. Advantages of renting-
Costs of owning-
Home Ownership- The buyer has purchased a housing unit as property. Equity- When the house is sold for more than what they had bought it for, making a profit. Collateral- An item promised to the lender if the borrower does not pay back the loan, usually the home.
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