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Housing

Housing. The bare basics you need to know. Vocabulary. Lease Mortgage Down-payment Property tax Home Owners Insurance. Housing Costs: Renting. Someone else owns the property, and you pay a fee to live there (rent). Deposit Utilities

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Housing

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Presentation Transcript

  1. Housing The bare basics you need to know.

  2. Vocabulary • Lease • Mortgage • Down-payment • Property tax • Home Owners Insurance

  3. Housing Costs: Renting • Someone else owns the property, and you pay a fee to live there (rent). • Deposit • Utilities • Prior to moving in you sign a contract called a lease.

  4. Housing Costs: Owning • You own the property by purchasing it. • Homes cost more than what most people have. • Therefore, they are required to: • Pay a down payment (20%) • Borrow the remaining total from a lending institution (mortgage).

  5. Advantages to Renting • Level of freedom • Very little maintenance • Less up-front cash

  6. Disadvantages of Renting • Throwing money away -You are not investing it in a home’s value. • Ability to decorate and personalize your living space is limited. • No tax advantage: Landlord will benefit from • any kind of tax break. • Rent can increase - often yearly.

  7. Advantages of Owning a Home • You are making an investment • Tax benefits - you can deduct your mortgage interest and property taxes • You can customize your dwelling • Psychological benefits - a place to truly call home • American Dream

  8. Disadvantages to Owning a Home • Your home is an investment: • Value may go up or stay the same but it may also decline • Harder to move. • Maintenance. • A sizeable down payment - is usually required when buying home (20%).

  9. Property Tax • 1% of the value of your home (2 payments or monthly). • Payments due every: • December 15th • June 15th

  10. Homeowners Insurance • Lender’s require that you have insurance in case anything happens to your home. • Why?

  11. Guidelines • Required to buy a home Under $1,000,000.00 • No foreclosures or short-sale • Has to be in the United States http://www.theziagroup.com/carpinteria-real-estate.php

  12. What are Utilities? • Gas: • Water: • Trash: • Electricity: • Cable, phone, and internet:

  13. Let’s Begin our Search • Our Family

  14. Directions • Housing Activity • www.trulia.com

  15. References • http://www.pages.drexel.edu/~lds28/buyorrent_files/frame.htm

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