CLC 11 – Finance

The Roommate Agreement Project

Devynn Dion and Ben Villacorta

Overview:
You and your friend have decided to become roommates. Both of you have some similar and different
personalities and ways to make the place cool. In order for both of you to survive together, you need to
establish a few things.

Directions:
Given the worksheets below, you will look for an affordable apartment and fill in the required information
in the different sections. You and your partner will hand in ONE Roommate Agreement. Please ensure
both of your names are on the FRONT of this “legally” binding contract.

PLEASE NOTE: YOU MUST FOLLOW EACH DIRECTION CAREFULLY!

Marks breakdown:

Part 1: ____ / 15
Part 2: ____ / 10

Total Marks: ____ / 25

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Part the First: The Contract
15 Marks

1) Find a Job from the classifieds and estimate each of you're monthly incomes. Assume you will be
working 40 hours per week. If you currently have a job, you may use it for the purpose of this activity.

Roommate 1: Devynn Dion

Occupation: Physical Therapist

Monthly Income: $4,333
Roommate 2: Ben Villacorta

Occupation: Physical Therapist

Monthly Income: $4,333

Total Income for 2 Roommates (Roommate 1 + Roommate 2): $52k (PT) + $52k (PT) = $104k

Minus 30% for Taxes (Total Income X 0.30): $31,200

Net Income (Total – Taxes): $ $104,000k — $31,200 = 72,800

Monthly Rent: $2225

2) Find a Place to Rent using Craigslist Vancouver. Give the description and attach one picture of
the living room. Please label this assignment: The Pad Fill in the blanks:

What does this place feature? (Bathroom(s), Dining Room, Bedroom(s). etc.)

Pet Friendly - 2 Bedroom Apartment. 2 Bathroom, Living room, kitchen, common room game area,
and a rooftop hangout spot. 834ft2

The Heights is a newly constructed 85 unit mixed-used apartment building, perched in the Vancouver
Heights neighborhood, overlooking Vancouver, the Harbour and North Shore mountains. Come view a
great suite you can call home for years to come in this innovative, European-designed, energy-efficient
building.
Key Features:
- Quiet interiors with triple glaze windows
- Continuous fresh air circulation — allergy free, healthy air environment from the heat recovery
ventilation system
- Insuite washer/dryer
- Modo Car share in the building
- Extra secure large bicycle and locker storage lockers available
- Common amenity lounge and outdoor garden courtyard with children's play area
- Private patio
-Save on downtown parking, just half a block from the Kootenay bus loop
-Asian Heritage Eatery, Dental office and VITI liquor store coming soon

3. Utilities cost money as well, so if it is not included with your rent, estimate 10% of the rent money
to pay for utilities. If there are utilities included with your rent, make sure that is mentioned. List the
utilities below:

No mention of utility usage: rent is $2225 a month, therefore 10% is $222.5 for utilities

4. You need at least one phone; it can be a land line or a cell phone. Look up different plans from
the various BC Telephone/Cellphone Providers. Fill in the blanks:

Land line Cost: $15.00 for first 6 months, $30.00 after with Telus Home phone lite package

Cellphone Cost: Roommate 1 $100/month

Roommate $2 25/month

5. Each of you has your own bedroom furniture, but you need to furnish the kitchen and common
room. Make a list of furniture you will buy or borrow from your parents. Please attach a separate list
with the total to the back of this assignment labelled: Kitchen and Common Room List

Devynn Dion

BD= Bedroom CRK= Common room/ Kitchen

From Home:
- Bed and mattress (BD)
- side table (BD)
- Speaker (BD)
- Vanity (BD)
- Clothes (BD)
- TV & cable box (BD)
- Cups and water bottles (CRK)
- Dresser (CRK)
- Bean bag chair (CRK)
Things we have to Buy:
- Pots and pans- $101.47
- Knife set- $140.35
- Containers (plastic and glass) — $40.50
- 4 dining room Chairs $219.99
- kitchen table — $118.99
- 50 “ TV for living room — $399.99
- Vacuum- $79.99
- Microwave $74.97
- Standing lamp $67.99
- Island chair set of 2-$163.99
- Internet wifi plan -$78.00/month
-Set of dishes-Set includes — $29.99

 Four 10 1/2" dinner plates

 Four 7 1/2" dessert plates
 Four 7" bowls
 Four 12 oz. mugs
- Total costs for common for common room: $1,438.22

Ben Villacorta

From Home:
-Bed (BD)
-Coffee Maker (CRK)
-Clothes (BD)
-TV (BD)
- Cutlery(CRK)
-Lamp (BD)
-Console (CRK)
-Speaker (BD)
-Sofa (CRK)
-Study Desk (BD)

6. How are you going to travel from place to place? Discuss this with your roommate. If one of you
already owns a car, then factor in the monthly costs; if neither of you own a car, find out how much a
monthly bus pass is?

Transportation Costs: $85.00/monthly bus pass-Ben

Car Costs-Devynn (if applicable) $169/month insurance — gas costs $220 a month

7. Using the TD Monthly Budget Template, you will create a monthly budget. In order for you to
survive the Roommate Agreement, you must use the total income from question one to determine your
budget. You will also need to factor in other costs from the previous questions. This must be printed off
and attached to this assignment labelled: TD Monthly Budget. However, you will also need to consider
the other following items:

 Grocery Costs
 Eating/Dining Out Costs
 Clothes
 Entertainment
 Personal Supplies
 Other costs

TD Monthly Budget Income

By: Devynn Dion & Ben Villacorta

Income

Net income (Roommate 1) 52k-15,600 = 36,400

Net income (Roommate 2) 52k - 15,600 = 36,400

Total Income: 72,800k

Monthly net income each: $3,033.3

Home Expenses

Mortgage/Rent $2,225 a month - 1,112.5 each

Electricity - $76… $38 each

Gas/Oil - $131… $65.50 each

Water/Sewer/Trash $40… $20 each

Phone $100- Devynn $25-Ben

Internet/Cable/Satellite $130… 65 each

Transportation

Car payments (Devynn): n/a

Car insurance (Devynn): $169

Fuel/Gas (Devynn): $220

Bus/Taxi/Train Fare (Ben): $174

Parking Fee : Included in monthly fee for one car (Modo Car Share underground)

Daily Living

Groceries: $300 (Ben) $350 (Devynn)

Eating/Dining Out Costs: $40.00 (Ben) $150.00 (Devynn)

Clothing: $150 each

Cleaning(Shampoo/Conditioning, soap..etc) : $80(Devynn) $60 (Ben)

Education/Lessons: $600 (Ben student loans from degree)

Entertainment: Netflix $13.99 (Ben)

Pet Food: $35.00 (Devynn)

Entertainment

Movies/Theatres: $35 each

Music/Games $4.99 Apple music (Devynn)

Transportation

Car payments (Devynn): n/a

Car insurance (Devynn): $169

Fuel/Gas (Devynn): $220

Bus/Taxi/Train Fare (Ben): $174

Parking Fee : Included in monthly fee for one car (Modo Car Share underground)

Daily Living

Groceries: $300 (Ben) $250 (Devynn)

Eating/ Dining Out Costs: $40.00 (Ben) $150.00 (Devynn)

Clothing: $150 each

Cleaning(Shampoo/Conditioning, soap..etc) : $80(Devynn) $60 (Ben)

Education/Lessons: $600 (Ben student loans from degree)

Entertainment: Netflix $13.99 (Ben)

Pet Food: $35.00 (Devynn)

Entertainment

Movies/Theatres: $35 each

Music/Games $4.99 Apple music (Devynn)

Devynn: $2,494.99 monthly expenses, = $538.31 balance in account monthly

Ben: $2,698.99 monthly expenses = $334.31 balance in account monthly

Please note, your budget must balance and you cannot go over your budget. You will also need to be
realistic.
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The Second Act: Clauses and Articles
10 Marks

Objective: Given the questions below, you will answer them in full sentences.

1) Article A:
Which section did you and your roommate both have the most disagreement about and why?

Eating out. Ben eats out once a month, and I typically eat out more. This is due to our lifestyles being
very different, and I tend to be out more often then Ben so eating out is more convenient for me. He
said that that my eating out style would not be realistic when I get older, so we had to compromise,
and I lowered my amount I would eat out.

Article B:
Which section did you and your roommate have the least disagreement about and why?

Home expenses we easily decided to split, in half. We found it fair that it would be an even spit, as we
both would use the same amount of internet, cable, electricity, etc. Therefore, neither one of us
should have to pay more then the other.
2) What cost amount shocked the both of you the most when completing this activity? Write your
answer below:

For me I was personally surprised on how much gas and insurance costed, even after I had completely
payed off the actual car itself. It was a lot higher then I was expecting, and even though the car is
small, the gas price was still very pricey. Ben however, was surprised on how much the monthly rent
costs were.

3) The Fairness Clause:

To ensure that there is “fairness” in your Roommate Agreement, you need to create 10 Rules and
1 Clause. A clause in contract law is a written contract that declares that contract to be the
complete and the final agreement between the parties. If you are having trouble creating a cause,
refer to examples from the T.V. Show “Big Bang Theory.” Please attach these rules to the back of
this assignment labelled: The 10 Rules and 1 Clause

1. Don’t go into the other persons bedroom

2. Don’t touch the other persons food, go buy your own
3. Mail is not to be opened by the person it is not addressed to
4. If you take a message for the other person write a note, or text them telling them what the
message was, so the other person does not forget
5. Check in with other roommate before bringing someone over. First to ask gets common
room for the night
6. If you break something clean it up, and replace it
7. Respect the other person’s space. Their room is their room, don’t bother them
8. If you borrow it, return it
9. Never take without asking
10. Don’t play music at full volume in common room if the other person is studying

Roomate Clause: Ben will not take things from Devynn without asking. Devynn will not yell at Ben for
taking things when he forgets to ask as well as vice versa.

4) How has your idea of moving out changes after completing this activity? Two Statements are
required and needs to be attached to this assignment labelled: (Your Name) Statement

When I first started the project, I thought that the change from living at home, to living in an
apartment would be easy, and a matter of just finding the right house. However, after doing the
project, I have since realized how much pre-planning is required, and all the extra neccacaties, such as
budget planning for food, etc I would have to think about. I also realized that compromise is a really
big factor when sharing with a roommate, as a lot of the times there will be disagreements, and
views/thoughts on a certain subject may be very different. - Devynn
It was more expensive than I thought it would be for example I didn’t know groceries costed so much.
Moving out is not as exciting as it seems to be it’s more like a job to do there is a lot of effort put into
moving out.- Ben

Roommate Agreement Checklist:

 The Roommate Agreement Project

 The Pad
 Kitchen and Common Room List
 TD Monthly Budget
 The 10 Rules and 1 Clause
 (Your Name) Statement