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The Buying Issue

The Buying Issue. Principles Discussed. Protection Under Federal Law Renting a Home Advantages Disadvantages Buying a Home Advantages Disadvantages Which Choice is Right for You?. Protection Under Federal Law. The Fair Housing Act The Equal Credit Opportunity Act. Renting a Home.

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The Buying Issue

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  1. The Buying Issue

  2. Principles Discussed • Protection Under Federal Law • Renting a Home • Advantages • Disadvantages • Buying a Home • Advantages • Disadvantages • Which Choice is Right for You?

  3. Protection Under Federal Law • The Fair Housing Act • The Equal Credit Opportunity Act

  4. Renting a Home

  5. Advantages of Renting • Minimal maintenance costs • Flexibility to move without having to find another renter • Ability to establish your credit rating

  6. Disadvantages of Renting • Have to make monthly payments based on the price set by the owner of the property • Earn no equity • No tax advantages • Limitations in making improvements or changes to the property

  7. Buying a Home

  8. Advantages of Buying • You have an investment • You can build equity • You receive tax advantages • You may make property improvements and changes subject to building codes

  9. Disadvantages of Buying • Your equity and investment will fluctuate • You are responsible for property taxes, maintenance, insurance, etc. • You have little flexibility in moving until you find a buyer for your home

  10. Which Choice is Right for YOU?

  11. Determine Your Options Some things to determine: • Your dwelling needs, not wants • Your lifestyle, based on realityand practicality • What you can reasonably afford • All the costs associated with your choice

  12. Things to Consider Down Payment Income Mortgage Rate Homeowners’ Insurance Loan Period Utilities Property Tax

  13. Which Option is Best…for You? To rent or buy a home depends on: • Your lifestyle • Your preparation • Your finances • Your goals

  14. Questions First Command Educational Foundation 1 FirstComm Plaza Fort Worth, TX 76109-4999 Toll Free: 1-877-872-8289 www.fcef.com

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