CLC 11 – Finance

The Roommate Agreement Project

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 your 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: _______Aidan___________________________________

Occupation: _______Audio Engineer__________________________________

Monthly Income: _______$3,324.42__________________________________

Roommate 2: ________William Milner__________________________________

Occupation: ________Video game developer__________________________________

Monthly Income: _________$2806.25_________________________________

Roommate 3: Alex Harvey________________________________

Occupation: High school teacher__________________________

Monthly Income: $2,437.50__________________________________

Total Income for 3 Roommates (Roommate 1 + Roommate 2+3): $
________8569.17______________

Minus 30% for Taxes (Total Income X 0.30): $ ________2570.75______________

Net Income (Total – Taxes): $ ________5998.42______________

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:

Monthly Rent: $ ________(2500)___________

What does this place feature? (Bathroom(s), Dining Room, Bedroom(s). etc.)
● 3 bedrooms
● 1 bathroom plus ensuite
● Fully Furnished
● Family, and Living rooms
● Dining area
● Kitchen
● Washer and Dryer
● Balcony
● Kitchenware
● Convenient location
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:

not included :
● electricity ($150)
● sewer
● trash/ recycling

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:

Landline Cost: $ _____0_________________

Cell Phone Cost: Roommate 1 $ $60_____________________

Roommate 2 $ 50______________________
Roommate 3 $ $65___________________

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
William: Pillows, silverware, fans, a gaming console, extra blankets
Aidan: Record Player/Collection of tapes, vinyl and CDs, ghettoblaster
Alex: Lamps, toaster, kettle, microwave,

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 (prices of vehicles insurance)$ ___439.41___________________________

Car Costs: (if applicable) $ Alex : 125.75 Aidan :$2262/yearly (monthly188.5) Will :_$_125.16_

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:
Remaining money 2,734.01

( just in case. Divide by three for personal amount except for the last two)
● Grocery Costs ( 900)
● Eating/Dining Out Costs ( 150)
● Clothes (100)
● Entertainment (150)
● Personal Supplies (50)
● Other costs(400)
● Remainder (984.01)

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?
● Alex and Aidan both want the big room. Aidan thinks he should have it because he needs more
room for his gear. Alex thinks she should have it because she's a girl and needs her own
bathroom. Aidan won the coin toss, so he gets the master.
 ● Aidan and Alex also disagreed about how much we should budget for groceries. Alex thought
$200 - 66.66$ each - is enough but Aidan thought that was being too conservative and we
needed to budget more. After contacting parents for references we decided to leave it as $900

Article B:
Which section did you and your roommate have the least disagreement about and why?
● Will’s rooming for I don’t care where I sleep as long as I’m protected from the elements.
Furthermore anything is great as long as everyone in the house showers.

2) What cost amount shocked the both of you the most when completing this activity? Write your
answer below:
Alex: How much a truck costs. I've always wanted one but I can't afford one so I decided on a car.
Aidan: The grocery cost. It’s a lot higher than you would expect it to be. Even the Costco hot dog
example surprised me.
Will: the cost that surprised me the most was probably the price for renting a house, because I thought
that renting one would cost at least ten thousand dollars.

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
RULES:
1. No parties on work nights for the people with early jobs.
2. No playing instruments after midnight, at the latest.
3. If others are working from home be quiet around their room while they work.
4. Clean up after yourself.
5. You buy it, you eat it.
6. Do not blast your music.
7. respect each others space.
8. Support each other when one roommate is sad or depressed.
9. Disagreements must be solved in a civil manner.
10. in the instance of any violation please refer to the clause below.
 clause : in the case of a violation of the rules stated above the other two non violating party
members are allowed to create the violator’s punishment to the extent that is necessary and the
punishment is not allowed include physical or mental injury to the violating member.

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

Aidan’s Statement: The idea of moving out has always been a weird one for me, especially if you are
moving in with people you don’t know. But since this project is done with people I have been friends
with for years, it allowed us to solve problems more comfortably. I feel like if you are to move into your
own place with roommates its best to do with people who you’re comfortable being around and living
with, but you don't always have that option

Alex’s Statement: The idea of moving out has always been a thing ive wanted to do for a long time. I
want to be able to do my own things and so moving out has always been that option. I wouldn't want to
live alone though, i wouldn't be able to financially afford it and I would get bored of myself so having a
roommate would be nice.

Will’s Statement: The idea of moving out has given me new questions about living with others such as
how will my roommates act like at home, what should I do if I decide to leave, and how long shall
rooming with others; however, it seems that it is going to be exciting and fun to move out.

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

https://vancouver.craigslist.org/rch/apa/d/burnaby-fully-furnished-3-bedrooms-
suite/7001291349.html