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Reality Store

Reality Store. Buying vs. Renting A Home. Factors to Consider. Rural vs. Urban Climate Geography Neighborhood Economy School district Family. Reasons to BUY or a Home. Investment/financial Customize/decorate Pride of ownership Sense of security & independence.

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Reality Store

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  1. Reality Store Buying vs. Renting A Home

  2. Factors to Consider • Rural vs. Urban • Climate • Geography • Neighborhood • Economy • School district • Family

  3. Reasons to BUY or a Home • Investment/financial • Customize/decorate • Pride of ownership • Sense of security & independence

  4. Reasons to Rent a Home • No property tax • Typically less expensive • Minimal maintenance • Mobility

  5. Three Reasons to Buy a Home instead of Renting • Investment • Consistent payments • Equity • The difference between the amount one owes on a mortgage and the value of the home.

  6. Equity Example • Rent $500 a month x 5 years = $30,000 • Walk away with nothing when you are done • Own $500 a month x 5 years = $30,000 • Purchase home for: $100,000 • Owe: $70,000 • Sell for: $110,000 • Walk away with: $40,000 • Profit: $10,000 + you get back the $30,000 you paid!

  7. Why Some People Rent • Can’t afford mortgage payment • Worried about added expenses • Poor credit • Prefer not to be tied to one place • Some cities are too expensive • San Francisco • New York City

  8. Writing Assignment • If you could live anywhere, where would you live and what would your house be like? • Why would you choose that specific house/apartment? • How would it fulfill your needs? (Think of your family) • Be very descriptive! • One full page • Have fun with it!

  9. Examples • http://www.grar.com/property/mls/13036774 • http://www.grar.com/property/mls/13044548

  10. Homework • Find a house for the simulation! • Make sure it fits the needs of your family (no more than two kids per bedroom) • Make sure it will fit into your budget • If buying, use a mortgage calculator to figure out the monthly payment • Most mortgages are a 30-year mortgage

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