Home Purchasing. Jim Burton, Ph.D. Marketing & Real Estate College of Business. Overview. Rent or Buy? Home affordability Choosing the right home Purchasing Process. Rent or Buy? . Estimate rent costs Estimate home costs: Mortgage risks Taxes Insurance Repairs & Maintenance
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Home Purchasing Jim Burton, Ph.D. Marketing & Real Estate College of Business
Overview • Rent or Buy? • Home affordability • Choosing the right home • Purchasing Process
Rent or Buy? • Estimate rent costs • Estimate home costs: • Mortgage risks • Taxes • Insurance • Repairs & Maintenance • Compare • Ownership term?
Home affordability • Income • Debt • Interest rate, term • Employment stability • Marital status
Choosing the right home • The area – taxes, public services, recreation, schools, crime, & community quality. • The specific home • Site & construction • Utilities • View
Purchasing Process • Negotiating the contract - indifference • The real estate agent • Getting a mortgage • The attorney • The appraiser