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BenefitsStabilityFreedom / Flexibility
DecoratePets
Tax deductionEquity (Profit)Ownership
(outright)
DrawbacksDown payment
(saving)Value may not go upLimited mobilityHigh expenses
RepairsMaintenance
• Single-Family Dwellings• Multiunit Dwellings– Duplex– Townhouse– Condominiums– Cooperative Housing (Coops)
• Shares in a Corporation that Owns the Property– Prefabricated Homes– Mobile Homes
Price and Down PaymentExamine your income, savings, current
expensesDetermine how much you can afford to spendHow much will you qualify for
Size and QualityTrading Up
SizeLocation
NeighborhoodCitySuburbsSmall town / country
Employment OpportunitiesCost of livingClimateLifestyle Schools
Hiring a Real Estate AgentThey arrange the sale/purchase of
buildings/landProvide info:
LocationMarketContacts: attorney, insurance, inspector
Internet / WebsitesNewspapers
Overall SizeLocationSchoolsProperty TaxesLiving Space
BedroomsBathroomsKitchen
Determine your price for the homeLook at the listing priceHow long has the home been on the
market/listedSimilar homes sold in the neighborhoodBuyers/Sellers marketCurrent owners (in a hurry, old, estate,
relocating)Condition of homeHome fits your needs/wants
Offer may be accepted, rejected, or counteredConditions
Closing cost (bank, attorney, inspector, title insur)
On the sale of the home currently living inSign Purchase Agreement / Contract
• Down Payment– Suggested 20% or more– Private Mortgage Insurance (PMI)
• Financial Qualification– Income, debt, savings
• Interest Rate Factors– Market rate & Credit Score
• Repayment Period• Size of Mortgage• Monthly Payments
• Fixed-Rate (aka conventional)– Fixed interest rate and schedule
• Adjustable-Rate (ARM)– Interest increase or decreases during life of
loan• Graduated Payment– Payment increases
• Subprime – Higher Interest Rate for Those with Poor
Credit• Government Programs - (FHA) & (VA)
Home Equity LoansBased on difference between current market
value and the amount owed on mortgageRefinancing
Another mortgage to replace the current one
• Closing Cost– Title Insurance
• Insurance from problems found on title after purchase
– Property Taxes– Home Owner Insurance– Bank Fees– Attorney Fees (may not be required)– Points – may buy points to lower interest rate– Mortgage Lock-in
Preparing Your HomeRepairs / PaintClean / Bright / AiryMaintenance (lawn / pool)
AppraisalReal Estate Agent ComparisonsEvaluate an improvements
Already completedOnes to increase value
KitchenBathroom
Actively workingCommission (5%-7%)MSL (listing it for
the public)Advertising
Save you moneyTime and EnergyHandle your own
Advertising
Sale by Owner