Housing and Transportation 02 06 2014 Renting vs owning 67 of American s own their own home Rent o Living somewhere 3 years or less it is cheaper to rent than buy a home o Security deposit money towards security if anything breaks or is damaged get it back if no damages at end of year o Lease 30 of new cars are leased o Sublease usually 3 12 months o Tenant rights get security deposit back Housing 32 of peoples money goes to housing Transportation 18 gasoline Budget items o Housing o Transportation Cars depreciate in value more you drive lower the price What do you like What can you afford Formulas o 25 to 40 of your take home pay o Typical is 32 o depends on circumstances career other expenses Median house prices o Tallahassee 156 000 o Miami Ft Laud Miami Beach 206 000 Housing options o Higher costs Windows cost more than walls One story cost more than 2 story Angles cost more Vaulted higher ceiling o Average bathtub is 5 ft o Most expensive part of the house is the kitchen cabinets o Standard cabinets are 36 higher are 42 o You want a minimum of 10ft of counter space in the kitchen o Depth of the counter top is 36 o Design a kitchen put sink in first o Appliances and roofs should last 15 years o 1600 heated and cooled square space o 2nd most expensive room is bathroom o measure of quality depends on if water is in it dishwasher fridge washer Owning o appreciation how much it goes up in value o reasons for buying lifestyle change putting in roots age 30 35 kids and space Steps in Buying a House Step 1 Zillow com o Determining Financial Readiness o PITI Interest rate Principle price mortgage Taxes Insurance o Median price of a house o Once a year property tax Step 2 Step 3 o Renting is fine for 2 5 years o Security cash cd s saving bonds enough insurance o Real estate involves more risk but maybe a greater return over time o Building a down payment normally 10 of the price of the house changed to 20 so depends o The average person looks at 17 houses before they buy Most people like the first second or third house o Making an offer o Real estate agents Seller pays 6 of the sale to the realtor o Binder amount of money Giving them a check for an offer Earnest money never put money down unless you re sure you want that house o How to calculate house Multiple net income by 3 and you end up with an o Buying Property legal description of house social security number income recent pay stubs liquid assets debts First time buyers make up 40 of the home buying amount market Single women make up 11 of homebuyers Average household auto insurance 1200 o Foreclosure will stay on your record for 7 years effects credit Takes 100 160 points off of FICO score Step 4 o Getting financing o Mortgage loan o Down payment o Sources of loans Types of loans Fixed rate conventional 5 for 30 years Adjustable rate mortgages arms more for risk takers More intelligent people likely to take risks 4 8 adjusts with economy and person giving FHA and VA VA veterans FHA low income people loan better deal on loans Owner financing Assumable mortgages Taking the old owners mortgage payments normally lower rates o Closing end exchanging of the keys now house is yours o Points charges at the closing seller or buyer could pay Step 5 Owning a Home Property Taxes o Fair market value if you sold it tomorrow what would you get o Assessed value local city government does this tell you how much they think they house is worth and you pay that in property taxes o Billed and paid once a year sell a house you pay up to a certain time o Refinance interest rate goes down from time you financed home when it goes down by 2 or more drop you want to refinance o 2nd Mortgages Home Equity Loans borrowing money on own mortgage to add an addition normally for adding value when sell house you have to pay 2nd mortgage Selling a home o Setting the price based on square footage location and land Zillow and realtors help you with this Do you set high or realistic depending on market o Marketing can market yourself online What neighborhood is like Part of realtor pays for Screening people to make sure they have finances to Front appearance is most important has to be buy attractive o Realtor Promotes house Divides up money Person who lists house 3 Person who sells 3 Range in what charge o 10 of homes are sold by individuals each year Transportation and Vehicles Leasing typical lease is 3 years 12 000 miles a year o Normal person drives 15 000 a year o One of the best used car to buy is one that just came off of lease o Find off condition of contract o Monthly payments o Extra costs o Most common type once a month payment no damage o Open ended lease pay certain amount at beginning and end of lease Buying o Used new Used less government protection Warranties and guarantees if bought from dealership Pay mechanic to check it out not the seller but someone you hire Fixed variable cost gas Fixed monthly payment on a car Cost gasoline how much you use how far you drive your car Depreciation worth less than when you bought it Advertising o Always on an angle o Speed o Admiring car o Style red or dual color o How fast it can go Price bargaining Human Resources Classes of Employment 02 06 2014 Job sharing two people share one job work part time in her case she worked 5 days and was off 9 Employment and Recruitment hr fsu edu Salary employees eligible for benefits o faculty teaching positions a p administrative professional positions usps university support personal systems secretary laborers Ops other personal services student positions part time short term positions Classification and Compensation o Each employee should be doing what the job description describes o Area that creates new positions of campus Title duty description function Equal employment opportunity Americans with disabilities act Responsible for football parking And equal employment Diversity inclusion policies and procedures Time and Labor area All issues dealing with time worked o Clock in o Contract 40 hrs o USPS can get overtime Monitor vacation and annual leave approval 7 hrs a week Paid every two weeks Sickly time 4 hrs bi weekly FMLA family medical leave act o All employees get job security if you or someone in your family becomes ill 12 weeks Benefits and Retirement Insurance and retirement through Florida Affordable Care Act Supplemental Plans paid directly by you Health Insurance Plans group plans o blue cross blue shield o OPS employees can receive health insurance 30 hrs a
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