Close 2/3 MAP4C: Culminating Activity An October 2008 article in to t alks, in part about people who have moved from Toronto to Hamilton in order to find affordable downtown housing Would you be willing to change cities in order to find housing that fits your budget and your style of we? What kind of life would you like to have when the first phase of your formal education ends? Your educational choices will affect your future lifestyle choices will those choices be expensive or constrained? To help you answer these questions, for this project you'll collect data regarding a career choice, gather, interpret, and compare information about renting and owning accommodation, and prepare a budget based on possible wages connected to your career choice 1. Choosing a career Research a career that you are interested in pursuing and write a description including the specific education required to obtain a job in this field, places where that education can be obtained, and prerequisites for that education; what a person working in this career is required to do on a day-to-day basis; the estimated starting salary for this career, and the location of the job (characteristics and limitations like rural/urban, suburban/core, particular cities/regions/provinces). 2. Considering rental accommodation Where you live, and the type of accommodation available there, may depend on the type of career you have chosen. Once you know where you would like to (or are able to work, you must think about where you'd like to live. When you search for accommodations, you likely will have more than one option from which to choose, so you'll have to consider what accommodation features you need and what features you may want. Create an itemized list of features you will need and want in your future accommodations. Provide an explanation or justification for each feature, Research three rental accommodations you would consider occupying. Prepare 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. 3. 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 Identity the other costs associated with the purchase and ownership of property Prepare a chart comparing the three properties and the degree to which they offer the features you identified in task 2. 4. Considering expenses Create 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 5. 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? Research resources Besides the many printed resources available to you in the school library, in public libraries at financial institutions (credit unions, trust companies, and banks), in daily newspapers and in free employment and housing periodicals, you might find useful the and the at the Independent Learning Centre Close 2/3 MAP4C: Culminating Activity An October 2008 article in to t alks, in part about people who have moved from Toronto to Hamilton in order to find affordable downtown housing Would you be willing to change cities in order to find housing that fits your budget and your style of we? What kind of life would you like to have when the first phase of your formal education ends? Your educational choices will affect your future lifestyle choices will those choices be expensive or constrained? To help you answer these questions, for this project you'll collect data regarding a career choice, gather, interpret, and compare information about renting and owning accommodation, and prepare a budget based on possible wages connected to your career choice 1. Choosing a career Research a career that you are interested in pursuing and write a description including the specific education required to obtain a job in this field, places where that education can be obtained, and prerequisites for that education; what a person working in this career is required to do on a day-to-day basis; the estimated starting salary for this career, and the location of the job (characteristics and limitations like rural/urban, suburban/core, particular cities/regions/provinces). 2. Considering rental accommodation Where you live, and the type of accommodation available there, may depend on the type of career you have chosen. Once you know where you would like to (or are able to work, you must think about where you'd like to live. When you search for accommodations, you likely will have more than one option from which to choose, so you'll have to consider what accommodation features you need and what features you may want. Create an itemized list of features you will need and want in your future accommodations. Provide an explanation or justification for each feature, Research three rental accommodations you would consider occupying. Prepare 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. 3. 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 Identity the other costs associated with the purchase and ownership of property Prepare a chart comparing the three properties and the degree to which they offer the features you identified in task 2. 4. Considering expenses Create 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 5. 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? Research resources Besides the many printed resources available to you in the school library, in public libraries at financial institutions (credit unions, trust companies, and banks), in daily newspapers and in free employment and housing periodicals, you might find useful the and the at the Independent Learning Centre