Home_Buying_Seminar

Home_Buying_Seminar - Home Buying Seminar Advantages of...

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Unformatted text preview: Home Buying Seminar Advantages of Renting ■ High mobility ■ No repairs and maintenance ■ Minimal financial commitment ■ Lower initial costs ■ Easier to budget Disadvantages of Renting ■ Lack of permanence & pride of ownership ■ Rents may increase unexpectedly ■ Possible restrictions ■ No tax benefits ■ No potential for property appreciation Advantages of Buying ■ Flip side of disadvantages of renting – Fixed monthly mortgage payment – Leverage – Can borrow against equity Disadvantages of Buying ■ Low mobility—very Low liquidity ■ Significant upfront costs ■ Higher living expenses (early years) ■ Large financial commitment – Possible decrease in value – Possible mortgage default A Six Step Process to Buying a Home Step 1--Analyze your finances and know your bounds ■ Pre-qualified vs. Pre-approved ■ Down payment ■ Closing costs Step 2--Don’t rush to purchase: BIG POINT #1 ■ Large financial commitment ■ Consider renting a nice apartment for a few months ■ READ THIS SLIDE TWICE!! Step 3--Establish a sound plan ■ Don’t start by “driving around” ■ Determine what is important to you – Locational characteristics – Home characteristics – Future plans – You will probably move within five years Step 4--Search diligently ■ Use internet ■ Drive around the selected areas ■ Follow your plan and have patience ■ Realtors are working for sellers ■ Be liquid and ready to react quickly Step 5--Do your homework ■ Use a team approach – Buyers broker? – Appraiser?...
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This note was uploaded on 03/06/2012 for the course BUS M 201 taught by Professor Mcgregor during the Fall '11 term at BYU.

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Home_Buying_Seminar - Home Buying Seminar Advantages of...

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