19-4. Selecting a house  Real estate- Land and anything attached to it.  Mobile home Cheaper than buying a house Usually in a park with other mobile.

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Presentation transcript:

19-4

Selecting a house  Real estate- Land and anything attached to it.  Mobile home Cheaper than buying a house Usually in a park with other mobile homes  Buying a house Mortgage- is the loan to purchase the house Usually 15, 20, or 30 years. Will have to pay back principal and interest Will have to pay insurance and property taxes.

Types of mortgages  Fixed rate mortgage- Interest rate is set for the life of the loan.  Adjustable-rate Mortgage (ARM)- Interest rates change depending on the market rate.

Real Estate agents  Not simple to buy home on your own  Relator are trained and licensed.  Relators help you make a decision. If selling your house realtors help set the selling price and have open houses to show the house. Realtors receive a percentage of the sales price.

Other Real Estate Professionals  Lawyers Assure their or no clams against the property  Appraiser Gives an estimate of the property value ○ Location ○ Construction material

Condos  Individual owned housing unit in an apartment like complex  Malignance and yard work taken care of for you  Usually have to pay an association fee.

Benefits of home owner ship  Tax benefits You recive tax deductions on your loan interest and property taxex  Equity The difference between what you can sell your house for and how much you owe on it.  Pride You can decorate your house how you like.

Cost of Home Ownership  Property taxes  Usually 2-4% of the assessed value. Assessed values are normally lower than the market value, often about half the value.  Interest Rates are at an all time low now On a $100,000 house at 8% you will pay about $64,000 in interest.

Cost of Home Ownership  Property Insurance Need to cover at least the value of the house Usually cost about 1% of the homes market value.  Maintenance Usually cost about 2% of the homes market value to upkeep the house.