BU223 Lecture Notes - Lecture 5: Annuity, Amortization Schedule, Title Insurance
Document Summary
This chapter provides a complete discussion of selecting housing based on life situation, needs, and personal values along with the related financial aspects of this major expenditure. First presented is material regarding factors related to renting a residence. This is followed by discussion of buying alternatives and the home buying process including determining housing needs, evaluating potential homes, and pricing the property. The financing section covers types of mortgages and closing costs of a real estate purchase. Finally, suggestions for selling a home are offered. Consider what you are giving up when you live in a certain area or in a certain type of residence. Choosing between renting and buying your residence is an essential decision related to housing. Economic conditions can influence this decision as well as a personal desire for ease of mobility or pride of ownership. At some point in your life, you are likely to rent your place of residence.
