Presentation is loading. Please wait.
Published byRiya Grigg Modified over 8 years ago
‘Trade-Offs’ Interest › Lost with a down payment/security deposit Commuting › Driving to work daily › Time vs Cost Time & Money › Lower/older priced homes
Respond in your notes Textbook page 274 Figure 1 Question
Housing Source Information › Libraries › Newspapers › Real Estate Agents › Government Agencies
What decisions about housing will be determined by your personal lifestyle? As of right now, what is important for you to have in your first place? Record answers in your notes
Mobility Low maintenance Low financial comitment
No tax advantages Less pricy
Textbook pg 281 Respond in your notes: › Which parts of a lease are most likely to be negotiable?
Textbook pg 282 Respond in your notes: › How does the lease protect the tenant and the landlord?
Complete the following end of the section assessments: › Page 276 # 1-4, 6 › Page 283 # 1-4, 6
Pride of ownership Plenty of space Tax benefits
Financial commitment High living expense Limited mobility
How would you begin an apartment search? Which features would be most important to you? › Location › Size/Cost › Building Amenities › Layout
Size vs Cost Tenant › Pays for the right to live in your rental › Owned by someone else Landlord › Owns the property that is being rented Complex
What are some areas/places people want to live near?
What are some costs to consider when selecting a rental unit?
What are some factors about the building/complex that are important to consider?
How does the layout of the apartment/complex and the facilities it offers play a role in renting a unit? What do you believe people are looking for?
Read the listing for an apartment that is in your notes. Can you decipher what they are advertising for rent?
Greater mobility Few Responsibilities Lower Initial Cost
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
Italy Page 293 Record answers - discuss
Fixed-Rate Mortgages Adjustable-Rate Mortgages Government Financing Program › FHA Home Equity Loans Refinancing
© 2023 SlidePlayer.com Inc.
All rights reserved.