Presentation on theme: " ‘Trade-Offs’ Interest › Lost with a down payment/security deposit Commuting › Driving to work daily › Time vs Cost Time & Money › Lower/older."— Presentation transcript:
Financial and Lifestyle Restrictions Legal Issues
How does the lease protect the tenant and the landlord? Record thoughts in your notes
Factors that determine cost: › Location › Living Space › Utilities › Security Deposits › Renters Insurance
Renting vs Buying Worksheet Examining › Lease Agreement › Rental Agreement › What's the difference? Be prepared to discuss your thoughts
Price and Down Payment Size and Quality ‘Trading Up’ Location
Determine your ownership needs Find and evaluate a property Price the property Obtain financing Close › Insurance › Home inspection › Appraisal › Credit report › Land transfer tax › Interest paid in advance?
Mortgage amount is determined by: › Income, amount available for down payment, current market rates Calculating the costs of mortgages Page 289 Record answers – discuss
Great source of homes = location, availability, negotiators › Sellers › Buyers
Topics to consider when making an offer: › Length on the market › Competition › “Seller’s Market” vs “Buyer’s Market” › Current owners › Meeting your needs › Financing › Taxes and Insurance
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