Everfi Module 6 - Renting vs Owning
Terms in this set (14)
something you own that increases in value over time. If you buy this asset and then sell it later on, it will be worth more money than you originally paid for it.
something you own that decreases in value over time, meaning that if you sell the asset, you'll get less money than you paid for it originally.
upfront payment made when an item is bought on credit. Usually provided at the time of purchase particularly when purchasing larger items, like a house or car.
process by which a bank or other entity takes possession of a mortgaged property when mortgage payments are not being made.
The owner of a property.
a rental agreement. It lays out the terms for the property you'd like to rent: how much you're going to pay and how long (and how often) you're going to pay it. Ex. Car or House
costs associated with ownership of a house, a car, or a similar purchase that are the owner's responsibility. Ex- House: Landscaping, plumbing, roof Car: Engine, Tires
a type of loan used to finance the purchase of real estate. At a basic level, it works just like any other loan: someone wants to purchase something (in this case, a house) but doesn't have enough money to pay for it all at once, so they borrow money from a bank to do so. Then they pay back the money they borrowed in installments, with interest.
amount of money, usually specified in the lease agreement, used to cover any rental property damages caused by a pet.
compulsory charge for registering the vehicle with a government authority, usually a state or county.
A type of insurance that can protect you from damage or loss of your items in a rental property.
deal where your rental payment goes towards owning the property later on.
An amount of money that the property owner holds onto during the lease that can later be used to pay for any damages to the property caused by the renter. Usually equal to one month's rent.
The renter of a property.
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