Professional Documents
Culture Documents
Is Home Ownership For You
Is Home Ownership For You
Is Home Ownership For You
Additional Costs to home ownership Initial fees to be paid upon purchase are: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Legal fees Survey certificate Mortgage application Cost of appraisal Cost of appliances new or used Property tax and water & sewage adjustments Window coverings Moving expenses Hook-up fees for cable, telephone and power Miscellaneous (lawnmower, shovels, rakes, paint & painting supplies, ladders, tools, etc...)
And once the home is purchased, the monthly expenses attributed to owning the property start. You will start to pay things like: Civic Water & Sewer Property Taxes and Insurance. the property must be maintained! Lawn mowing fall cleanup snow removal
These are all chores that need to be done around the home and in many cases some expensive equipment may need to be purchased to do this maintenance. Then there's the maintenance that the house itself needs too! Either way, if the homeowner does these task themselves to save money but winds up with less free time; or pays someone else to do it for them, these are all costs that should be examined prior to buying. Types of Places You Can Live In today's world, there are many kinds of places to live.
Single-family homes. These come in all sizes, and styles; they may be built on very large or very small pieces of land (lots); and they may be located in many different types of neighborhoods. Multiple family homes. These include apartments, duplexes, and town homes Apartments, too, come in a variety of styles and sizes. Some are in high-rise buildings, others are in smaller buildings with only a few units; some may be in a huge complex (many apartment buildings clustered together), others may be in a single building; apartments may be located in an area that also features other residential properties, or near a commercial center. Townhouses/duplexes. These are housing units, in which at least two units are attached, sharing a common wall. Townhouses often come in clusters of 4-8 units in one structure; duplexes are just two units. Mobile/modular homes. Few "mobile homes" today are actually mobile. Most of these units are set on some type of foundation or footing (pad) in a mobile-home park and are never moved. Some of these homes are quite spacious, but construction is generally less sturdy than in a traditional home. However, they offer a relatively low-price option for someone who wants to own a home. What Do You Want? Let's take a look at your housing needs. Use this checklist to help determine what kind of housing you should consider. Space needs: How many bedrooms do you need? How many bathrooms? Special purpose rooms desired: Recreation/TV Office/study Sewing/crafts/hobby room How much storage space/closet space? Do you need A garage/carport? Parking space(s)? Room for pets? Space for gardening/flowers?
Factors for selecting a home: There are other factors to consider in deciding what type of housing you want. length of time you will live there Future housing needs--parents, children, etc. distance to work medical facilities places of worship construction of housing access to schools/daycare location - neighborhood, city, etc. fire & police protection shopping & recreational facilities city services new/older home
6. 7. 8. 9. 10.
11.
12. 13.
A homeowner has freedom to make improvements and changes to the house and surroundings as desired (although a development or association may have restrictions and prohibitions). Home ownership can contribute to the general well-being and sense of "roots" of the family, especially for children. Homeowners generally are concerned about community affairs and how they may affect their property.