#22: Buying a Home

(Living room of house I would like to buy)

Buying

1. Detail a location were you would like to reside for a majority of your career. 

Sant Monica

2. Find one home that you feel you would actually be able to purchase and detail the following:
 a. How did you find this property? (URL)

zillow

 b. What is your purchase price?

$799,000

 c. Down payment (assume 10%)

$79,900

 d. Total estimated closing cost for your loan (assume 3%)

$23,970

 e. Total monthly mortgage payment.

$2,908/month

     i. Principle and Interest payment is $3,433 per month or 
     ii. Property Taxes are $799 per month or $9,588 per year
     iii. Homeowners Insurance is $67 per month 
 f. Estimate your total monthly utility expenses for:  

       -Electricity: 

$85.00

       -Water: 

$75.00

       -Garbage: 

$60.00

       -Natural Gas: 

$45.00

(one of the bedrooms in the house I would like to buy)

(living room of the house I would rent)

  Renting

3. find a similar home near the same locations that you would                  possibly like to rent and deal the following: 

 a. How did you find this property? (URL)

 zillow

 b. Monthly rent

$6,161/month

 c. Security deposit 

$9,900

 d.Total monthly utility expenses:

       -Electricity:

 paid utilities 

       -Water: 

paid utilities 

       -Garbage: 

paid utilities 

       -Natural Gas: 

paid utilities 

 e. Renters Insurance cost per year is $408.48 or $34.04 per month. Or is renters insurance even offered in your area?

 f. Restrictions of the property

-2 car garage parking 

-pet friendly 

-laundry in unit 

-central cooling 

-gated entry 

4. Discuss the advantages and disadvantages of renting vs. buying and how this might affect your renting or purchasing decisions.

I feel that the disadvantages and the advantages of owning vs. renting a house vary depending on the situation that you're currently living in. For example, if I'm a college student living in another state but I'm not doing dorming at the college, then I would prefer to rent because its not as a big a commitment as buying and its a lot easier to move out of a house that you're renting. It would also cost less and thats important because a college students isn't making very much money because of schooling. If I've recently married though, and me and my significant other are looking for somewhere to movie into and start a family then I would most likely buy a house. Its stable and I hopefully have a job so i could afford a house and I'm in control of the house that I'm purchasing. What I mean by in control is that, when you rent a house you might not have freedom to paint walls or remodel the kitchen or even have pets. When you purchase your own home though, you can do whatever you want, wether you want to build and attach another room or move out old furniture and bring in new furniture. I just think that, renting or buying depends on your life at certain points. Theres no "right" choice when it comes to renting vs. buying.

(restroom of the house I would rent)