Professional Documents
Culture Documents
$3000 CD $2,000 in checking $6,500 of life insurance cash value Two cars worth $2,000 $22,000 Savings
Monthly expenses average $2,800 They qualify for a 4.68% interest rate on a 30 year loan with a credit
score of 688
Two Bedroom One Bath (866) 517-2555 26 Parkway East #B1 Caldwell, NJ 070066025 Name: Two Bedroom One Bath Beds: 2 Baths: 1 Price Range: $1530-$1605 Min/Max Ft: 900ft Availability: Contact Us --Features: Heat, Hot Water, & Cooking Gas Included In Rent! Renovated Kitchens w/ Dishwasher, Microwave & Gas Hardwood Floors Air Conditioners Supplied
Housing option #1
Pros
Cons
repairs Off street parking Utilities included with rent Air conditioning
minutes from work Poor school district Pay a deposit No private yard for the kids
Zestimate: $240,920
Est. Mortgage: $1,053/mo See current rates on Zillow
Lot:4,791 sqft
Year Built:1952 Last Sold:Nov 2009 for $85,000
Hosing Option #2
Pros
Cons
from work More than 20 minutes to shopping center All responsibilities as a home owner
33-37 New York AveAPT 2A, Newark, NJ 07105 For Sale: $249,990 Zestimate: $234,214 Est. Mortgage: $979/mo See current rates on Zillow
Bedrooms:3 beds
Bathrooms:2 baths Condo:1,317 sq ft Lot:1,316 sqft Year Built:2004 Last Sold:Mar 2005 for $275,000 Heating Type:Forced air
Housing Option #3
Pros
Low end of budget Good location, with in 20
Cons
minutes from work and close to a shopping center Nice neighborhood Good/ close schools for the kids Shared condo pool
desired No air conditioning Increased possibility of noise neighbors at such a close proximity HOA fees
No. Units: 3
Building Size: 2,800 SF Price/Unit: $108,333.33 Property Type: Multifamily Property Sub-type: Duplex/ Triplex/ Fourplex
Housing Option #4
Pros
Cons
More responsibilities as
from renting out the basement ($700-$800 per month) With in twenty minutes of work Yard for the kids Build Equity
land lords Property tax Older neighborhood Sharing a house and yard with strangers Need more savings to pay mortgage if renters move out High end of budget if renters are not found
30-year mortgage
utilities In desired area Cost between $1530$1605 per Month No backyard for kids
paying $1345.33 per month (4.68% interest) Possibility to rent you 2nd part of duplex Back yard for kids Right size for family
payment Attainable in 12 months if they save $2,500 a month $224,322.46 paid in interest over 30 years Total of $484,318.80 paid over the course of the 30 year loan It will take 30 years to pay off the home unless they double payments to pay it off sooner. If they double their payments by, perhaps, using rent from the other portions of the duplex their total investment would be $326965.28 in the course of 1011 years
If they purchase the duplex they can rent out all available space to use the duplex as their Cash Cow to save up to eventually move into their own home.