Vocabulary Lease Mortgage Downpayment Property tax Home Owners Insurance 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 ID: 781410
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Slide1
Housing
The bare basics you need to know.
Slide2Vocabulary
Lease
Mortgage
Down-payment
Property tax
Home Owners Insurance
Slide3Housing 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
.
Slide4Housing 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
).
Slide5Advantages to Renting
Level of freedom
Very little maintenance
Less up-front cash
Slide6Disadvantages 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.
Slide7Advantages 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
Slide8Disadvantages to Owning a Home
Your home is an investment:
V
alue 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%).
Slide9Property Tax
1% of the value of your home (2 payments or monthly).
Payments due every:
December 15
th
June 15th
Slide10Homeowners Insurance
Lender’s require that you have insurance in case anything happens to your home.
Why?
Slide11Guidelines
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
Slide12What are Utilities?
Gas:
Water:
Trash:
Electricity:
Cable, phone, and internet:
Slide13Let’s Begin our Search
Our Family
Slide14Directions
Housing Activity
www.trulia.com
Slide15References
http://www.pages.drexel.edu/~lds28/buyorrent_files/frame.htm