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 ach 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: ____Josh______________________________________

Occupation: ___Physician___________________________________

Monthly Income: ___$57,200___________________________________

Roommate 2: _____Niva_____________________________________

Occupation: ___Physician__________________________________

Monthly Income: _____$57,200___________________________________

Roommate 3: _____Brianna___________________________________

Occupation: ____Physiotherapist_________________________________

Monthly Income: ____$40,000______________________________________

Total Income for 3 Roommates: $ __154,400____________________

Minus 30% for Taxes (Total Income X 0.30): $ __46,320____________________

Net Income (Total – Taxes): $ __108,080____________________

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: $ __1950_________________

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

3 bedroom Living room Street Parking

2 bathroom Washer/Drier
Kitchen Laundry Room

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:

 __Gas________________________________
 __Hydro_____________________________
 __ Wifi_________________________________

Utilities: $195

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: $ ______________________

Cellphone Cost: Roommate 1 $ 75______________________

Roommate 2 $ 75______________________
Roommate 3 $ 75________________________________

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

Free from home: couches, microwave

Buy:
 TV: $248
 Table: $149
 Cutlery/ cups: $110
  Chairs: $40

Total: $547 we will split the money equally

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: $ __531 for all 3 of us______________

Car Costs: (if applicable) $ ______________________________

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:

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?

We had trouble agreeing on a location of the house because we needed to find a place close to an area
we would all like to work.

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

We all agreed on how the expenses should be distributed when buying furniture because it is the most
fair and even way.
2) What cost amount shocked the both of you the most when completing this activity? Write your
answer below:

We were all surprised about the monthly cost of a compass card.

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. Wash your own dishes

2. No loud noises after 10:30
3. No pets
4. Eat your own food if it is bought only for that person
5. Inform each other before having any guests over
6. If guests break anything, it is the responsibility of the person who invited them
7. If you break roommates belongings, it is your responsibility to pay for it
8. Do your own laundry
9. Don’t borrow without asking
10. Clean up after yourself

I agree to follow the rules above, and if you break the rules 3 times, then you will be
terminated from the rental agreement.

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

Brianna: The idea of moving out has changed for me because I never thought of all the little things
that need to be payed for (phone bills, transportation).
I also realized that it can be hard to live with other people because you might not agree on certain
things, but you need to find a way to make it work.

Niva: After doing this project and thinking more about moving out I realized it’s quite expensive. I was
surprised at how much the bus costs.
I realized also it may be difficult to live with other people and to agree on the same things.

Josh: Doing this assignment taught me that the price of living is much more expensive than I thought
in the lower mainland.
Doing this assignment taught me that it is important to set rules and bugects with roommates to
avoid conflict.
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

ho.pdf