You Decide Assignment week essay

In addition to the normal size, number of beds ND baths, I am looking at potential addition to a home, such as pool (if not included), and increased garage space. It is because of these criteria that I have chosen the two properties have listed.

In looking at a property, I am focused on the actual house being a single family dwelling, the living space, and the lot size of the property. I am not interested in an attached, semi-detached, townhouse, co-operative, or condominium. The reason the single family dwelling is important to me is based on my family structure.I really want to have space so that when my children visit they are comfortable. I have four (4) children who are growing too fast for me to mention. My oldest daughter is already married with two (2) children of her own. So the point here is that my family is expanding and if the Lord be willing, We will continue to grow.

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This being said, I Want to have a place for everyone to visit comfortably and enable them to stay a few days, even if two or three of my children visit at the same time with their families. Another aspect of a potential property that is important to me is a pool (or future pool).I love the water and enjoy swimming.

All other specifications can e altered if needed to fit my desire such as size of garage, etc. Comparison After speaking with my real estate agent, Michael Joseph, he was able to show me a few houses which then narrowed down to the properties on Negotiating Eave, and Coroners Valley Ct. The first home on Negotiating Avenue, which was built in 2008, has 5 bedrooms, 3 full and Alfalfa baths, fully equipped kitchen, dining room, recreation room, laundry room and a 4 car garage.

The total square footage is almost 3,500 square Ft (at $140 per square Ft) sitting on a 1 acre lot.The list price for this home is $489,750. The second mom, located on Coroners Valley Ct, was built in 2014, has 4 bedrooms, 4 full and 1 half baths, fully equipped kitchen, dining room, laundry room, and a 3 car garage. The home’s total square footage is almost 4,000 square Ft (at $1 23 per square Ft) sitting on just under half an acre. The list price of this home is $489,000. Both of these homes are very similar in most areas we would consider when looking at homes to purchase. A few notable differences are the # of bedrooms, the # of bath rooms, the garage and the sewage utility.

The difference in pricing between the two homes is only $750. 0. However, the Coroners Valley Ct home carries a home owners association fee of $435 per quarter which is something that would need to take into account when making the final decision.

Am leaning heavily towards the home on Negotiating Avenue. Although this home is 6 years older, the fact that it has a full acre makes me lean towards it more because I can expand easier if wanted to in the future (options are always good), especially because I love water and would probably want to add a pool.Both homes are under 10 years old so the issue of repairs is minimal (hopefully). The surrounding spinsterhood and curb appeal of the Negotiating is phenomenal to me; this factor is great when thinking about my children and grandchildren. Demographic The population for Elgin IL is 98,621. The racial background for Spring Hill consists vitiates 79%, Hispanics 13%, Blacks or (African American) 5%, Asian 1% and others 2%. The Median age is approximately 32. 3 years old, the educational breakdown shows that 88% have a high school diploma, 12.

6% have a college degree and 3. 4% have a graduate degree.Calculations Betray Smith (mortgage lender) was able to sit with me and go thru the enhancing aspect of home purchasing. The total amount of mortgage I am able to afford based on my current financial situation is approximately $610,000. The down payment I would have to put down for my house of choice would be approximately $100,000 = $489,750 x (20/100). The annual interest rate is divided by 100. .005= 5%/ 100.

The monthly Payment would have to pay would be $2,092. 26 not including residential tax or homeowner’s insurance. Residential taxes in Florida are given $25,000 exemption; the value is then taxed at a 2.

% mileage rate. I also estimate that my home would be approximately 85% of my purchase price. That said, the property taxes would pay monthly would be ($41 6,288 – $25,000) x . 021 .

This would add an extra $685 to my monthly costs for a total annual cost of $8,217. 00. Adding insurance costs can be tricky given the variables involved with coverage; however have learned that a good rule of thumb is 1% of the home’s purchase price plus $450 dollars (flood insurance). With this as a base line my annual insurance would be ($489,750 x .

01) + $450 equaling $5,347. 5. This would also add an extra $445. 3 each month to my bottom line. My total monthly payout for the mortgage, taxes, and insurance would be 2,092.

26 + $685 + $445. 63. However, I would choose to pay my taxes and insurance on a yearly scale which would give me a discount in pricing and not be included in the monthly payments.

Home Purchasing Consideration You will need a real estate agent to assist when purchasing a home. The amount of paperwork and the step-by-step process in not easy, or something you can just wake up and walk into. Calculating your ability to afford a home is much easier today than it was many years ago as technology lends a very helpful hand.Once you know where you stand in terms of affordability, you can begin to look at certain neighborhoods, and build your criteria for the home. This should be well thought out and researched. What are the schools like? What is the crime rate? Are there any identified child abusers? The list can be as long as you see fit..

. Check out anything and everything that comes to mind, the more information you have the better you will be. I once heard, ‘you never want to be house rich and money poor. You need to keep the money aspect of this purchase in the forefront so that you do not get over your head. Adding to this is of course taxes and insurance.One must also take a look at their income, not in terms of the amount at this stage but more so the stability.

You should be sure that your income will continue for the long term since the loan of a home can go up to 30 years to repay. You cannot put a price on having a real estate agent find you properties in your price range and the neighborhoods that you are interested in. The agent will also assist with negotiating the price based on his/her experience of the market. An agent will also guide you thru the process as some of the industry jargon can e frustrating to understand, as well as the paperwork.Although an agent is wonderful to have help you through this, ensuring you have a home inspection by a reputable inspector helps identify if there ‘might’ any hidden issues with the home before you taking ownership. Having any issues identified can also help if you want to continue with the purchase because you can negotiate the price down based on the findings. Home Ownership Summary There are many advantages to home ownership.

Building wealth through equity, tax savings, safer place for your family to live and grow, and its the American dream being fulfilled.

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