HousingStep1:DoYourHousing
Homework
•Compareyourneedsversuswantsforhousing
•Compareyouroptionsforhousingandthe
costsofeach
•Weighyouralternativesofrentingversus
buying
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Housing: Comparing Needs, Wants, and Costs for Renting versus Buying, Slides of Management Fundamentals
A comprehensive guide for students and homebuyers on how to compare their housing needs versus wants, assess the costs of different housing options, and weigh the advantages of renting versus buying. Topics covered include determining affordability, comparing property features, understanding one-time and recurring costs, and considering personal and financial factors.
Typology: Slides
2012/2013
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Housing
Step
Do
Your
Housing
Homework
Compare
your
needs
versus
wants
for
housing
Compare
your
options
for
housing
and
the
costs
of
each
Weigh
your
alternatives
of
renting
versus
buying
Housing
Step
Homework
(cont’d)
Determine
what’s
most
affordable
Lending standards
Your financial history - Your ability to pay - The appraised value of the home - Maximum mortgage - The down payment - Prequalifying
Costs
of
Housing:
What’s
Involved
in
Ownership
One
time
or
initial
costs
Recurring
costs
Maintenance
and
operating
costs
One
Time
or
Initial
Costs
Down
payment
Closing
or
settlement
costs
Discount points
Loan origination fees - Loan application fee - Appraisal fee - Other fees and costs
Monthly
Mortgage
Payments
(PITI)
P
rincipal
what you borrowed
I
nterest
the cost of borrowing
T
axes
support of government
I
nsurance
protection of your dwelling and contents Note:
T
I
are held in an escrow account.
Maintenance
and
Operating
Costs
Repairs to the structure
Replacing an appliance - Landscaping
Advantages
of
Renting
Mobility
No downpayment - Can be less expensive - Protection from declining housing values - More extensive amenities - No home repair or maintenance - No groundskeeping responsibilities - No property taxes