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Major Expenditures : Housing

Major Expenditures : Housing. Personal Finance Mrs. Bullock. Food, Transportation and Housing: Over 60% of Average Spending. Source: 2011 Consumer Expenditure Survey. Housing: Largest Expense for Most. Choose housing that fits your personal needs and ________________________.

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Major Expenditures : Housing

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  1. Major Expenditures: Housing Personal Finance Mrs. Bullock

  2. Food, Transportation and Housing:Over 60% of Average Spending Source: 2011 Consumer Expenditure Survey

  3. Housing: Largest Expense for Most Choose housing that fits your personal needs and ________________________

  4. Renting a Home – Important Terms

  5. What are common rental expenses? Where can you find a place to rent? Costs of housing: Rent Payment and…..

  6. When Comparing Properties What are examples of essential vs. preferred features?

  7. What types of questions would you ask when comparing rental properties? ___________ Costs ______________

  8. Rental Agreement What types of questions does a landlord ask on a rental application? Don’t pay any deposits or rent payments without a ________________________! Helps a landlord evaluate if they will rent to you

  9. What initial expenses may be required to rent a property? One or both expenses may be required:

  10. ______________________ a Home

  11. Home Loan Most use __________ to purchase a home Lender determines the maximum amount that can be borrowed and the credit ____________

  12. What expenses are involved? Two Significant Initial Expenses ________________________ Mortgage: A _____________ to pay off the loan used to purchase housing

  13. Purchasing a $250,000 Home Scenario 1: Down Payment3.5% Interest Rate  30 Year Loan $8,708.33 paid for mortgage insurance! Scenario 2: Credit Score $50,000 Down Payment 30 Year Loan $7,924.42 Additional interest paid Source: mortgagecalculator.org

  14. Home Ownership Expenses and Benefits to Net Worth • ___________ Housing expenses: __________ – the monetary value of a property minus the amount owed

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