Reference no: EM133483359

Considering rental accommodation

Research three rental accommodations you would consider occupying. Build a chart

describing these accommodations;
comparing their costs, including the costs directly related to job location, such as transportation costs; and
comparing the degree to which these accommodations have the features you identified above.

Considering owned accommodation

Research residences for sale in the area in which you will be working. Keep in mind the list of needs you made in task 2, above. Select three sale properties that meet your needs, and for each summarize the associated benefits and costs. Include in your deliberations mortgage payments, mortgage insurance (if applicable), how and at what cost you could obtain a down payment, maintenance expenses, and taxes. Be sure to research and identify the other costs associated with the purchase and ownership of property.

Build a chart comparing the three properties and the degree to which they offer the features you identified in task 2.

Considering expenses

Build a detailed list of the expenses you think you will have when you start your career. Consider what you will need, including accommodation, transportation, clothing, food, tools, and savings, and what you may want, like telephone and Internet service, continuing education, and entertainment. Research reasonable estimates of what you will spend on each of these items per month.

Drafting a budget

Decide whether you will rent or buy your accommodation. Provide a detailed explanation of your decision, referring to all of your previous research and considerations. Combine this decision with your research on salary and consideration of expenses to produce a comprehensive monthly budget.

Scrutinize your budget. Did you choose the right accommodation? Are there any changes you should make to reduce your monthly expenses? Is this budget realistic? Could you live within its limits?