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Decide the location and the specific real estate property

Decide the location and the specific real estate property you would like to buy (e.g., a single-family house or a condo). Please provide justification why the property is chosen,

Decide the location and the specific real estate property

Requirements:
1. The submission must be Word file. The file name must be in the format like group-number-term-project.docx.

2. Each group only submit one final report of the project online;
3. Have a cover page to list the course name, term and your group members.

4. Maximum length: 10 pages; double spaced;
5. Please provide references you used in the term paper;

6. Use tables or figures to show your results;

7. Consult with a real estate agent about the purchase (optional); if this is applicable, discuss your experience in the report;

8. Each member completes the peer evaluation form and submits online.
Today’s low interest rates offer an opportunity to get low-cost mortgage.

This explains why U.S. housing prices have not declined but increased during the global pandemic – see the price move inside the circle of the S&P/Case-Shiller U.S. National Home Price Index in 2020.

Your group is deciding to purchase an investment property in an ideal location you prefer.

The price range is between $200k and 400k. You would address the following issues before buying the property:

1) Decide the location and the specific real estate property you would like to buy (e.g., a single-family house or a condo).

Please provide justification why the property is chosen,e.g., affordability, potential of price appreciation.

Use some data to justify your selection, e.g., the housing price
growth rate in the region. You could use the resource like zillow.com, etc.

2) Find out the mortgage rates for different properties and make a choice between 30/15-year mortgages and between FRM and ARM.

You could use bankrate.com, etc. Please justify your decision.

3) Calculate monthly mortgage payment given the down payment you will make. Please consider prepayment in the analysis, and provide information on closing expenses1 and subsequent maintenance costs as well.

This will be a fixed 80% payment mortgage loan with 20% down payment. It means you will pay 20% down payment and finance 80% with mortgage.

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