Discussion broad

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Directions: Read principles 60-69 in Siegel. Then, using Zillow.com, Weichert.com or another detailed free real estate website, pick out a condominium, townhome or single family home that you would consider buying (not renting) after working full time for five to ten years. Select a location where you plan to be living at that time. The maximum price should be $800,000, but you should work within a budget that you feel would be reasonable based on your projected household income at the time. Be aware that the listing may disappear quickly!

Part 1: Submit as an assignment.

1) Using your crystal ball and known information, describe in narrative form how envision your life and household after working five to ten years. What kind of career do you hope to have and what is the ideal location for your job and, separately, your home? How long do you envision your commute (miles/time)? How many individuals you envision will be living in the residence, including yourself. Also factor in any pets you think you might have. What is your projected total annual household income?

2) Based on the information above, write 1 goal and two associated measurable objectives that pertain to your personal finance hopes and dreams.

3) Search for a select a property. What is the address and county of the selected property?

4) What type of home is it (condominium, townhome or single family home)?

5) When was it built?

6) How many bedrooms? How many bathrooms?

7) How many square feet?

8) What is the elementary school? What is the high school?

9) Using Principle 65 for guidance, what features (e.g., 2-car garage, updated kitchen, etc.) and/or community amenities (e.g., swimming pool, fitness center, close to retail shopping, etc.) were most important to you when you were searching?Clearly explain what “sold” you on the property you selected.

10) Using the financial information provided for 30-year fixed, indicate and input the followingand answer the associated questions:

a) What is the listing price?

b) How much is the 20% down payment amount?

c) What is the interest rate? (You can use the one provided or confirm with your favorite bank to see what the current 30-year fixed rates are and update the financial calculator. DO NOT ever consider an ARM).

d) Using https://www.amortization-calc.com/ create an amortization schedule. Be sure the down payment amount is accurate and adjust the interest rate. Review the summary table. What is the total cost of the loan after 30 years (Principal & Interest)? How much total interest will be paid after 30 years?What is the final total, that includes property taxes, home insurance, and HOA fees?(Note: You do not need to provide the full amortization schedule in the submitted assignment).

e) What are the estimated monthly fees for the following: property taxes, home insurance, HOA fees? What is the total estimated monthly mortgage payment?

11) What did you find interesting, surprising or enlightening in completing this assignment?

12) What two pieces of advice from Siegel do you think are most valuable for house hunters and why?

Part 2: Submit within the associated blog after completing Part 1.

1) Cut and paste the website link to your selected property.

2) Include your answer from Part 1, Question #9 regarding what sold you on the property.

3) Indicate the listing price (from Part 1, 10a), the interest rate (from Part 1, 10c), the total cost of the loan after 30 years (from Part 1, 10d), the total interest paid after 30 years (from Part 1, 10d), and the total estimated monthly payment (from Part 1, 10e).

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