MCS 2100 Lecture Notes - Lecture 5: Mortgage Loan, Home Insurance, Property Insurance
20 Jun 2017
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Your lifestyle and your choice of housing: your lifestyle, needs, desires, and attitudes are reflected in your choice of place to live. June 25, 2017: the time and money you spend repairing a lower priced home, time and effort involved to build a custom home. Renting offers mobility when a location change is necessary or desired: fewer responsibilities. Renters usually do not have to be concerned with maintenance and repairs. Homeowners have more financial responsibilities like taxes and property insurance: lower initial costs. While new tenants only have to pay first month"s rent, a new home buyer is likely to have a down payment and closing costs of several thousand dollars. Disadvantages of renting: few financial benefits. Renters are subject to rent increase and money spent on rent could be used to build equity through home ownership: restricted lifestyle. Renters are generally limited in the types of activities they can pursue in their place of residence: legal details.
