Chapter9OverheadsSpring2011

Chapter9OverheadsSpring2011 - Chapter 9: The Housing...

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Chapter 9: The Housing Expenditure
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Objectives Discuss the options available for rented and owned housing and whether renters or owners pay more for housing. Determine how much buyers can afford for housing. Discuss the various mechanisms for financing a home.
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Objectives Identify the numerous costs of buying a home, including principle, interest, and closing costs. List and describe the steps in the home- buying process. Identify some important concerns in the process of selling a home.
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Housing Decision Young Single Rental housing has limited maintenance and offers mobility. Purchase a home or a condominium for financial and tax benefits. Single Parent Rental housing can provide suitable environment for children and some degree of housing security. Purchase low-maintenance housing to meet financial and social needs of family. Young Couple, No Children Rental housing offers convenience and flexibility of lifestyle. Purchase housing for financial benefits and to build long-term financial security. Couple, Children No Longer At Home Rental housing for convenience, flexibility for changing needs and financial situation. Purchase housing that requires minimal maintenance and meets lifestyle needs. Couple, Young Children Rental housing can provide facilities for children in a family-oriented area. Purchase a home to meet financial and other family needs. Retired Person Rental housing meet financial, social, and physical needs. Purchase housing that requires minimal maintenance, offers convenience, and provides needed services.
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Renting Your Residence Advantages Mobility Fewer responsibilities Lower costs initially More amenities Disadvantages Few financial benefits Restricted lifestyle Cost of renting - deposits Legal concerns of a lease
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Advantages of Owning Pride of ownership American dream/norm Reduced income taxes deduct property taxes deduct mortgage interest
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This note was uploaded on 03/05/2011 for the course FIN 4401 taught by Professor Ramos during the Fall '08 term at FIU.

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Chapter9OverheadsSpring2011 - Chapter 9: The Housing...

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