Discussion Post
You are ready to purchase your first home. You have been looking at 3 properties; i) a single family house; ii) a condominium and iii) a coop. They are all in the price range of $250,000. You are to do the following:
• Explain the differences between these three types of properties. Give a full description of how ownership is structured including how the future maintenance and upgrades on these properties are covered.
• List the other expenses you will need to consider for each property type. Explain how property taxes are covered.
• Assuming you need a 20% down payment, how much will you need for the down payment. Find what the current interest rates are for a 30 year mortgage. You can find those rates on the Bankrate website.
• What are the other important considerations you should consider when you have decided to buy a residential property.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.