13 Home - Prentice-Hall, Inc. Housing Weighing the...

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Prentice-Hall, Inc. 1 Housing Weighing the alternatives of renting vs. buying ¤ Personal and lifestyle considerations ¤ Financial considerations – http://www.kiplinger.com/tools/ Houses • Typically single-family, free-standing dwellings • ___________________ more space greater privacy builds equity • ____________________ maintenance time and costs repair costs resale hassles ______________ • Corporate-owned multi-unit dwellings in which the residents, as shareholders, own stock representative of the value of their unit Monthly homeowner’sfee unit. Monthly homeowner s fee. _______________ • Multi-unit dwellings; residents have sole ownership of the living space but joint ownership of the land and common areas. Monthly maintenance fee Monthly maintenance fee. Planned Unit Developments (PUDs) • Own home and land it sits on as well as shared ownership of the development. • Monthly homeowner’s fee for maintenance and common expenses. Popular on West Coast.
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Prentice-Hall, Inc. 2 From Sea to Shining Sea Where do you want to live? (compare school systems, proximity to shopping, safety) ¤ http://www moving com/Find a Place/Compare2Ci ¤ http://www.moving.com/Find_a_Place/Compare2Ci ties/ Costs of Housing: What’s Involved in Ownership ¤One-time or initial costs ¤Recurring costs ¤Maintenance and operating cost One-Time or Initial Costs ¤ ________________ : amount of money not covered by mortgage funds that a home buyer puts down on a home at the time of sale ¤ Closing or settlement costs : expenses associated with finalizing transfer of associated with finalizing transfer of
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This note was uploaded on 06/06/2011 for the course HACE 3200 taught by Professor B during the Spring '09 term at University of Georgia Athens.

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13 Home - Prentice-Hall, Inc. Housing Weighing the...

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