Objective [1]
Evaluate available housing alternatives.
Your needs, life situation, and financial resources are the major
factors that influence your selection of housing. Assess renting
and buying alternatives in terms of their financial and opportunity
costs.Objective [2]
Analyze the costs and benefits associated with renting.
The main advantages of renting are mobility, fewer responsibilities,
and lower initial costs. The main disadvantages of renting
are few financial benefits, a restricted lifestyle, and legal concerns.Objective [3]
Implement the home-buying process.
Home buying involves five major stages: (1) determining home
ownership needs, (2) finding and evaluating a property to purchase,
(3) pricing the property, (4) financing the purchase, and
(5) closing the real estate transaction.Objective [4]
Calculate the costs associated with purchasing a home.
The costs associated with purchasing a home include the down
payment; mortgage origination costs; closing costs such as a
deed fee, prepaid interest, attorney's fees, payment for title insurance,
and a property survey; and an escrow account for
homeowner's insurance and property taxes.Objective [5]
Develop a strategy for selling a home.
When selling a home, you must decide whether to make certain
repairs and improvements, determine a selling price, and choose
between selling the home yourself and using the services of a
real estate agent.
