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The Finances of Housing

The Finances of Housing. Business and Personal Finance Chapter 7. Renting an Apartment. Advantages. Disadvantages. Few Financial Benefits No tax advantage Limitation on activities Less Privacy Legal Concerns Lease Sublet????. Easy to move Low maintenance responsibility

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The Finances of Housing

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  1. The Finances of Housing Business and Personal Finance Chapter 7

  2. Renting an Apartment Advantages Disadvantages Few Financial Benefits No tax advantage Limitation on activities Less Privacy Legal Concerns Lease Sublet???? • Easy to move • Low maintenance responsibility • Low financial commitment

  3. Renting a House Advantages Disadvantages No tax advantage Some limitation on activities Higher utility expenses • Easy to move • Low maintenance responsibility • Low financial commitment • More Space

  4. Advantages • Pride of Ownership • Plenty of Space • Tax benefits Owning a House Disadvantages • Financial commitment • High living expenses • Limited mobility

  5. Owning a Condominium • Advantages • Disadvantages • Pride of Ownership • Fewer maintenance costs or responsibilities than a house • Tax benefits • Access to recreation and businesses • Financial commitment • Less privacy than in a house • Need to get along with others • Typically small and limited space • May be hard to sell

  6. Advantages • Less expensive than other ownership options. Owning a Mobile Home • Disadvantages • May be hard to sell • Possible poor construction quality

  7. Types of Housing • Single Family Dwellings • Multiunit Dwellings • Duplexes • Townhouses • Condominiums • Cooperative Housing • Manufactured Homes • Prefabricated • Mobile Home

  8. Housing How much can you afford? • Price and Down Payment • Financing • Points • Interest Rate • Mortgage • PMI (Private Mortgage Insurance) • Closing Costs • Size and Quality

  9. Your lifestyle will affect the type of housing that you choose!

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