Before you Buy
At what point in the home buying process should you go to the bank?
*before you start looking
*when you find a home you want
*when you are ready to place a bid
*before you start looking
You need to have a nice lawn for your new house. About how much does that cost per year if you do the work yourself?
$200
$400
$600
$1000
$600
true or false: Mobile homes depreciate (lose value) quickly much like a brand new car.
true
You may have to pay an HOA due each month if you own a home (this is a homeowner association...an organization which makes and enforces rules). What is the average cost per month?
$200-$300
this is a term for "renting" a car instead of buying it
lease
If you submit a bid to purchase a home at the asking/list price, can you be fairly certain that you will get it?
no
How much is the average to pay someone to clean out your sidewalk and driveway (snow) in SD each time?
$40
$60
$80
over $100
$40
If you wanted to move your double-wide mobile home less than 100 miles, how much would it cost you?
$10,000
$20,000
$30,000
you could not move it that far
$10,000
If you are renting, that hot tub is free to you that is available to all residents. But, that same hot tub will cost about how much per year if you have to pay for it at your own home?
$150-250/yr
$240-$500/yr
$500-$1000/yr
$1000-$1500/yr
over $2000/yr
a) you sell the car
b) you can buy the car if you want
c) you trade it in the car
d) you can choose any of the above
b) you can choose to purchase the car (if not, you just return it to the dealership)
Real estate agents can charge up to 6% of a home's sale for commission. What percent do buyers pay of this?
zero
For a 2000 square feet house (about 4 bedrooms and 2-3 bathrooms), how much would it cost to replace your roof?
$5000
$7000
$10,000
$20,000
$10,000
"mobile homes" or "trailers" are actually out-dated terms... what is the correct term? (two choices...hint: think of how they are built)
or
factory-built
about $1900 (anyone from 1800-2000 gets it)....this is the first time in ever it surpassed $800
this is the average length of a car lease
*one year
*2-4 years
*4 years
*5 years
you choose your length (any year up to 10)
2-4 years
Should you have an inspection done on a house before you bid on it?
yes
no
depends on ________________________ (fill in the blank if you choose this)
depends on:
-age of house
-the house market (if lots of buyers are lookings/placing bids, this helps your bid if you forego it)
How much is the cost of a new HVAC system? and BONUS: How long does a typical HVAC last? (HVAC is a furnance/ac...heats your house)
about $2000 about 5-10 years
about $5000 about 10-15 years
about $9000 about 15-20
over $10,000 over 20
about $9000
about 15-20
Can you buy a trailer and purchase a lot of land in Brookings (or any city) to avoid paying lot rent?
no....most cities only allow trailers at certain locations (this is why there are designated trailer courts)
What is the typical return (percent) on a house? (owning it for several years and then selling)
3-5%
10%
20%
25%
35%
10%
you typically have to put this much down when leasing
nothing
5%
10%
20%
nothing
If you win a bid on a house, you need to pay something called closing costs. How much are these?
*about $1000-$2000
*about 2%-5% of the purchase price
*about $3000, or 10% of the purchase price (whichever is higher)
about 2%-5%
This is how much a typical house inspection may cost:
$50-100
$100-$200
$350-450
depends on the size and age of the house
$350-$450
one dangerous drawback of living in a trailer in South Dakota is our weather...how many times are you MORE LIKELY to be killed in your home during a tornado if you own a mobile home?
15-20 more times likely to be killed
Experts advise to set aside for regular maintenance and repairs each month if you own your home.
Imagine you have a $200,000 home...how much should you set aside each month?
about 1% of the home price.....so for a $200,000 home, you should set aside about $200/month
leasing a car/truck typically means...
a) your payments are lower
b) your payments are about the same
c) your payments are higher
d) depends on the style and year of the car
a) lower payments (only brand new cars/trucks are leased)