Economics workshop
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This document outlines the process and requirements for a report on purchasing a home. It provides guidance on the necessary sections of the report, including background information on education, occupation, salary, price of homes, location, and decisions made. The report should be five pages and include details on occupation, salary, education, mortgage rates, loans, taxes, down payment, insurance, location, and the procedures followed to acquire a loan. Students are instructed to establish their education, occupations, salaries, price range of affordable homes, research resources, and factors involved in the home buying process.
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Economics workshop
- 1. THAMSANQA TWALA 201312718 ( ASSIGNMENT 2) PORTFOLIO Economics workshop Buying home The ability to buy a home is usually the result of proving to a lending institution that your salary is sufficient to make the monthly mortgage payments. Also, he lending institution will demand evidence that the amount you will pay for the house is a reasonable amount you will pay for the neighbourhood, the size and the condition of the house. Buying a home is usually a lengthy, complex process. Select a partner to work with. Imagine that you and your partner have completed your education and successful acquired jobs in your fields. You both have saved all those years and are now ready to purchase a home. You will combine your salaries to buy this home.
- 2. Setting up the Worksop Prepare a report on the process you would follow to purchase a home. The report will be five pages long. This will include a coversheet, three pages of text, and a bibliography on the fifth page. The outline of your report should be similar to the following. Title page, including title, date, students and class Background Education Occupation Price of house Payments Taxes Procedure followed and paperwork involved. Location of home Decisions Reason for home location Insurance choice Payment plan Bibliography, including names and titles o people who helped you, internet Websites, title companies, newspaper, banks, country tax collector, flyers, realtors and so forth.
- 3. The report will contain at least the following information: Occupation (both you and your partner) Salary (yours and partners) Education (yours and partners) Mortgage rates Loaning institute Taxes Loan amount Interest rate Down payment Type of loan Savings and loan companies, credit unions Number of years Procedure followed to acquire the loan Qualifications needed for loan Examples of paperwork involved in the application process Location home OPTIONAL Other interesting information Visual aids
- 4. Pamphlets/brochures Procedures Establish your education and professions. List any specialized training, and degrees or certificate achieved. Describe your job, city or location of employment, what company, if you are self employed and salary. Based on your salaries and where you work, decide where you want to live and what price range of house you can afford. Compile places you might go for information and help. This might include internet sites, title companies, friends, family, newspaper and all types of lending institutions and real estate advertising sources in your area. Research to find out what is involved with purchasing a house: what papers are needed; time spent in probation; fees, charges; interest rates for 15-30 year mortgages; payment rates; type of home owners insurance; notes; differences in buying a new home or an older home; repair expenditures; landscape costs; location of schools and shopping; and the type of neighbourhood you are interested in. Write and submit a report, following the criteria outlined above.