Housing Options
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Transcript of Housing Options
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Housing OptionsYour Lifestyle
and Your Choice of Housing
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Different Life Situations
YoungSINGLE
Young COUPLEno children
Single PARENT
COUPLEwith children
RETIREDperson
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Various Housing Options
Mobile Homes
Private Homes
Apartments/Condominiums
Townhomes
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Advantages:Pride of ownershipPrivacy/freedomTax benefits
Mortgage interest property taxes
Disadvantages:Financial
commitmentLimited mobilityMaintenance /
repairs
Advantages:MobilityFewer
responsibilitiesLow initial cost
Disadvantages:Loss of incomeLifestyle restrictionsLess privacyNO tax benefits
Renting Owning
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RentingLandlord / TenantLease agreementSecurity DepositBinding contract – 1
yr?Cost: size, amenitiesSublet Legal actionRenter’s insurance
OwnerDeedDown paymentDeed of ownershipCost: size, location,
zoning Foreclosure: damage
creditEscrow account
At closingTaxes, insurance
OwningGeneral Terms
Good CREDIT !!!
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Buying: Obtaining FinancingQualify forThe Loan
Banking RecordsCredit Score of 620 +Steady income
Down Payment
Up to 20% required
FinanceRemainder
Types of Mortgages differ
Closing Costs Know the legal details
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TYPES of Mortgage LoansFHA or VA Gov’t assistance
Lower down payment, interest rate
Conventional Fixed rate ORAdjustable rate: “cap” limits how much interest rate can rise
Home Equity Borrowing on what you have already paid toward your loan (the amount you own toward your home)
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Buying & Selling
Do the advantages of “For Sale by Owner” outweigh using a Realtor?
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Real Estate Agents (realtors)Representing Seller Representing BuyerHelp determine the fair
market priceEarn a commission
often pd by seller 5 – 7% of selling price
Attract buyers Establish trustHandle financial aspects
closing
Help negotiate a fair priceListing price vs. Selling
PriceCommission
Sometimes split between buyer and seller
Can show homes that they don’t actually contract
Establish relationshipHandle financial aspects
Closing, loans
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Preparing to SEllZoning Laws
Regulations that limit how a property can be used
Home Inspections
RepairsMaintenance