1 / 10

Reality Store

Reality Store. Buying vs. Renting A Home. Factors to Consider. Rural vs. Urban Climate Geography Neighborhood Economy School district Family. Reasons to BUY or a Home. Investment/financial Customize/decorate Pride of ownership Sense of security & independence.

nicole
Download Presentation

Reality Store

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Reality Store Buying vs. Renting A Home

  2. Factors to Consider • Rural vs. Urban • Climate • Geography • Neighborhood • Economy • School district • Family

  3. Reasons to BUY or a Home • Investment/financial • Customize/decorate • Pride of ownership • Sense of security & independence

  4. Reasons to Rent a Home • No property tax • Typically less expensive • Minimal maintenance • Mobility

  5. Three Reasons to Buy a Home instead of Renting • Investment • Consistent payments • Equity • The difference between the amount one owes on a mortgage and the value of the home.

  6. Equity Example • Rent $500 a month x 5 years = $30,000 • Walk away with nothing when you are done • Own $500 a month x 5 years = $30,000 • Purchase home for: $100,000 • Owe: $70,000 • Sell for: $110,000 • Walk away with: $40,000 • Profit: $10,000 + you get back the $30,000 you paid!

  7. Why Some People Rent • Can’t afford mortgage payment • Worried about added expenses • Poor credit • Prefer not to be tied to one place • Some cities are too expensive • San Francisco • New York City

  8. Writing Assignment • If you could live anywhere, where would you live and what would your house be like? • Why would you choose that specific house/apartment? • How would it fulfill your needs? (Think of your family) • Be very descriptive! • One full page • Have fun with it!

  9. Examples • http://www.grar.com/property/mls/13036774 • http://www.grar.com/property/mls/13044548

  10. Homework • Find a house for the simulation! • Make sure it fits the needs of your family (no more than two kids per bedroom) • Make sure it will fit into your budget • If buying, use a mortgage calculator to figure out the monthly payment • Most mortgages are a 30-year mortgage

More Related