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Housing Options

Housing Options

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Housing Options

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  1. Housing Options

    Your Lifestyle and Your Choice of Housing
  2. Different Life Situations Young SINGLE Single PARENT Young COUPLE no children COUPLE with children RETIRED person
  3. Various Housing Options Apartments/ Condominiums Private Homes Mobile Homes Townhomes
  4. Owning Renting Advantages: Mobility Fewer responsibilities Low initial cost Disadvantages: Loss of income Lifestyle restrictions Less privacy NO tax benefits Advantages: Pride of ownership Privacy/freedom Tax benefits Mortgage interest property taxes Disadvantages: Financial commitment Limited mobility Maintenance / repairs
  5. General Terms Owning Renting Landlord / Tenant Lease agreement Security Deposit Binding contract – 1 yr? Cost: size, amenities Sublet Legal action Renter’s insurance Owner Deed Down payment Deed of ownership Cost: size, location, zoning Foreclosure: damage credit Escrow account At closing Taxes, insurance Good CREDIT !!!
  6. Buying: Obtaining Financing
  7. TYPES of Mortgage Loans
  8. Buying & Selling Do the advantages of “For Sale by Owner” outweigh using a Realtor?
  9. Real Estate Agents (realtors) Representing Seller Representing Buyer Help determine the fair market price Earn a commission often pd by seller 5 – 7% of selling price Attract buyers Establish trust Handle financial aspects closing Help negotiate a fair price Listing price vs. Selling Price Commission Sometimes split between buyer and seller Can show homes that they don’t actually contract Establish relationship Handle financial aspects Closing, loans
  10. Preparing to SEll