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: Zandrex Cambronero

Occupation: Computer Engineering

Monthly Income: $4403.75

Roommate 2: Simran Johal

Occupation: Civil Engineering

Monthly Income: $3600

Total Income for 2 Roommates (Roommate 1 + Roommate 2): $ 8003.75

Minus 30% for Taxes (Total Income X 0.30): $ 2401.125

Net Income (Total – Taxes): $ 5602.625

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: $ 1600

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

- 2 bedroom
- 1 bathroom
- Shaw high speed internet Wi-Fi
- Utilities included
- Lots of street parking available
- 800 sqft

https://vancouver.craigslist.org/rds/apa/d/surrey-brand-new-2bedroom-1bath/7004288599.html
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:

Utilities are included

(Did not say what things are included)

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:

Cellphone Cost: Roommate 1 $ 50

Roommate 2 $ 50

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

Kitchen and Common Room List

Simran
- couch
- Plates
- Cutleries
- 3 Chairs
- Coffee table

Zandrex
- Dining table
- Cups
- Chair
- Microwave
- Toaster
- Silverware

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: N/A

Car Costs:
Zandrex $1100
Simran $800
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 - $500

 Eating/Dining Out Costs Simran – $50 Zandrex - $100
 Clothes Simran - $100 Zandrex - $80
 Entertainment Simran - $50 Zandrex - $100
 Personal Supplies Simran - $100 Zandrex - $70
 Other costs Simran - $75 Zandrex - $90

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 the most disagreements about how we will eat and pay for the food. I did not want to share the
food, but Simran wanted to share. I realized that since I eat a lot I’ll benefit from the deal. So, I agreed to
his suggestion and made a contract in the fairness clause.

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

We had the least disagreement about the no drugs rule, because both of us do not use drugs and we will
never use drugs.
2) What cost amount shocked the both of you the most when completing this activity? Write your
answer below:

The cost of the car shocked us the most because together we will be paying $1900 that is more than our
rent.

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

(10 rules)
1. Share the food and we each pay half of the grocery bill
2. For one week one of us will do all the chores and then we will switch
3. Guests can stay overnight for one night
4. The person with the bigger bedroom pays $100 more for the rent
5. You can make all the noise you want but only between 11:00am and 9:00pm
6. No pets
7. No drugs or smoking
8. If you break something or damage the house you have to pay for it
9. If you make a mess, you have to clean it
10. 5 is the maximum amount of visitors allowed during the day.

(Clause)
If you break one of the rules you have to do all of the chores for one month. If you break the rules more
than 5 times you have to move out.

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

Zandrex Cambronero Statement: Although it’s a tough life being independent I would still consider
living out of my parent’s house. I realized that this could help me get better in life. Living alone and
paying my own bills will give me strategies like time management and saving money which will help
me in the future. I’ll eventually move out of my parents’ house anyway, so might as well move out
early and face the reality while I’m young and motivated.