Math Project Pt 2
Instructions: Show all work for each section. Any paragraphs should be typed and written in complete sentences. Use Times New Roman, 12-point font and double space. Cite any resource that you use. (Click on the following attachment for a guide to cite resources in APA.) Include any additional paperwork with your project document. Please note: up to 10% of the total points could be deducted for shortcomings in sentence structure and mechanics for written responses.
Part II: Finding and Purchasing a Home
What makes a house a home? What is important to you and your family when selecting a home? In this section of the project you will be finding a home to fit your needs. Find a home using a suggested website below (or another one) or a listing in a newspaper.
1. Attach the home listing.
a. The location: _____________________________
b. The home price: ___________________________
c. The square footage: ________________________
d. Year built: _______________________________
2. In a one-page minimum typed summary include the following: (Attach the summary to the end of your project document.)
· Explain why you chose this location.
· Explain why you chose this house and its features.
· Is this house a good deal for the asking price? Explain why or why not.
· Do you see you and your family living in this house short term or long term? Explain.
· Are there any upgrades/additions you would make to this house? Why or why not.
3. Using the home price, calculate the cost per square footage of the house. Show your work.
4. Purchasing a home always includes additional costs. Refer to the listing of your selected home and answer the following questions:
a. Determine the annual property taxes for your selected home from the listing. If the taxes are not listed, go to
https://treas-secure.state.mi.us/ptestimator/ptestimator.asp .
Note: In Michigan, the State Equalized Value, SEV, is 50% of the purchase price.
b. Estimate the annual cost of homeowners insurance for your selected home. Assume homeowners insurance is 0.3% of the purchase price of your selected home. In reality, calculating homeowners insurance is a complex process; however, 0.3% is a fair estimate.
c. For the listing you chose, is there an annual homeowner’s association fee you would be required to pay to live in that neighborhood? If so, how much? What is the value of having a homeowners association? If you are required to pay the fee, is it worth it? If you are not required to pay the fee, does that change your decision about buying this home? Why or why not?
d. Considering the additional costs, do you think you can afford this selected home based on your future salary? (Refer to your answers in Home Project, Part 1) Why or why not?
3 Updated: 8/11/2016