Business Chapter 16

1. What three decisions about housing will be determined by your lifestyle?

Location

Size

Features

Five advantages of owning property?

Equity Building

Stability

Appreciation

Personal Freedom

Tax Benefits

Five sources of housing information

Real Estate Agents

Brokers

Government

Financial Institutions

Community Networks

Three main advantages of renting a home

Flexibility and Mobility

Lower Upfront Costs

Fewer Responsibilities

Three disadvantages of renting

No equity or Investment Return

Limited Control

Rent Increases and Instability

Five factors that are involved in the cost of renting

Monthly Rent

Security

Utilities

Applications

Insurance

4 Benefits of owning your residence

Equity

Stability

Personal freedom

Potential passive income

Five steps to evaluate property

Determine your home ownership needs

Find and evaluate a property to purchase

Price the property

Obtain financing

Close the transaction

Three basic steps involved in financing a new home

Pre-Approval for a Mortgage

Mortgage Application and Loan Processing

Loan Approval and Closing

What activities can you do to prepare your home for selling?

Clean

Make Minor repairs

Depersonalize

Make more appealing

Have good photos

Have documents ready