.,^w|pv.;W -,n to - MANCHESTER HERALD. Tuesday. May 7, 1985 BOLTON FOCUS SPORTS WEATHER BUSINESS Selectmen reject Kids can make mom EC. MHS nines Clear, cold tonight; milder on Thursday Make It meet personal needs finance board budget a queen on her day come up losers ... page 13 ... page 9 ... page 2 Several factors play In selecting first home possible in the hoate. and aim for fixed-interest "Many houses arenotevenkeeplngup with inflatlOT,- By William H. Inman loaas,” said JoAnn Witcher, assistant vice president 4 or I percent. You’re taking a risk if you’ re buying that: Unltod P r n t Inttrnatlonal of a Texas mortgage company and a property first home with the idea of making a profit in a year or; management Instructor. Too many first-time buym two.** The flnt-time houae-buyer ihould lift through a in the high-interest years of the IfTSs opted for Inneroity investment is becoming more po|mlar to: wealth of information before making hit decition, first-time house-buyers. Property in many cities IS;*' including potential tax advantages of hit purchase, “creative financing" in which monthly notes rose relatlvelycheap.hesays.andlikelytolncrease Invalue.- the property's resale value, and its location relative to annually or could be changed periodically by the lender. Wednesday, May 8,1965 — Single copy: 254 future gro\i^. "A lot of people got in over their heads.” “THU IS BECOMING MORE and more of a; Manchester, Conn. — A City of Village Charm But first and foremost, he should consider how the non-tradltional family society. A lot of . house "feels" to him personally — does it constitute a R o u g ^ 25 percent to 21 percent of a buyer's dis|>osable moiMlily income should go into the with children, the supposed yuppie (amily. Wltiytho ,, pleasant place to live. mortgage payments, she recommended. Some Income distribution being what It is, with the llfpstylo; "You must satisfy that criterion first," said Frank being what it U. the inner city offers some real valuM., Korman, a community real estate lecturer, accoun­ analysts recommend as much as 40 percent of that months Income, but no higher. ‘however before you buy.” he cautions, >>>■"- tant and rental property owner. "People sometimes sure you canvass the area carefully, know what O fficer view the purchase of a home like any property “A first-time buyer la going to be looking for a lot of purchases for that home — furniture, draperies, represents, check out the shops and the schools and- Reagan uses acquisition, from a pure investment standpoint. appliances, all that. If you are at your spending limit, other amenities. Make sure it makes you feel., "But a home is different. A home Is a home. It’s a comfortable." . place to live. Thus different factors are at play. You menu from their taxes, a savings of thousands of you’ll never have the funds to properly update your may get dollars since first purchases are traditionally home.” If you’re not ready to plunk down your cash,- must examine your personality and your personal perhapa you should consider renting, he suggesU. .. goals. Will living in this home drive you craiy, even if low-equity, high-loan buys. The buyer does not begin ^ On the other hand, some young couples buy homes to make a dent on building equity for several years. with the express purpose of building a little equity, "First of all you don’t tie up your money. You have ■ It represents a 'wonderful investment opportunity?"’ money to put into stocks or bonds, other financial -; A multi-bedroom home, no matter its capital The buyer also is eligible for favorable tax rates on his selling the homes in a few years, and maklngheir V-E Day to job back capital gains, the profiU realised when he sells the second or third home the ‘‘dTMm place." InatrumenU. Renting gives you flexibility. aj potential, is a foolish buy for a bachelor with few "On the other hand, renters have few rights, le t s : . belongings. An inner-city townhouse or high-rise home. Unfortunately, the soft real estate market of recent Assistant Town Attorney Barry Another bit of advice: Don’t sink yourlastdimelnto years has made rapid property turnovers a less face it. many people don’t want to mess with all the ■; condo makes little sense for a couple with a lot of upkeep. 'They exchange those rights for the hassle of. ■ Botticello has recommended the children who yearn to play outdoors. that first big buy. Build a cushion. attractive prospect. town rehire and award $33,000 in “An oil geologist in Houston, caught in the energy "In the late ivns, real estate was popular because it maintenance. That's one of the things you have to look ■; On the other hand, if there is a choice between two at. If you rent, you don’t have to pay a plumber 940 to ;: urge talks back pay to former police officer was tangible, a way to beat Inflation." said Korman. likable homes, other factors may lend crucial weight. glut, may find himself up the proverbial creek if be James McCooe, who brought suit loses his Job but still has to pay oh his 1120,000 home “You could throw nnoney anywhere and you'd make replace a SO-cent washer." , “Tax lau|s may make a marginal property look Renting is also a favorite of people whose work; against the town after he was 8 attractive,” he said. "But you should look at the mortgage note.” more money back. Bv Jim Andtrton that take ad vantoge of that right to forced to retire from a desk job at Estimates vary on how much money should be set "Since INI, because of a combination of high inteest involves frequent tranfers. JJ. Unitad Prau Intornotlanal demonstrate, that in that govern­ property to see if it meets your personal needs. Taxes “Who wants to invest a lot of time and money In a.,' M. are only frosting on the cake.” aside. ExperU agree at least two to six months of your . rates low inflation, changes in housing patems, the ment they would advocate, no one market has cooled off significantly. There has been a home," said Witcher, "when they’re going to be:; would have that freedom to speak In a memorandum to the direc­ income should be kept in reserve. STRASBOURG, France — Prea­ tors this week. Botticello said the HOMEOWNERS CAN DEDUCT INTEREST pay- "The rule of thumb is to put down as little money as radical depreciation on home values in many areas. leaving town in a few months?" idant Reagan praiaed Europe on up." V-E Day for riaing from the ruin of Reagan arrived in Strasbourg settlement was reached in a World War II but warned of a new early today from Madrid, where be conference with a federal magis­ Many options available Soviet nuclear threat . that ia bad a two4ay state visit. trate. The directors will consider "undermining itabillty" and After his speech, Reagan was to the settlement when they I meet threatening 40 yean of peace. fly to Portugal for a two-day state next Tuesday night. In tbe major addraaa of hie viitit before returning to Washing­ McCooe, a member of the police 10-day European journey, Reagan ton Friday. patrol division, was forced to retire It makes sense to shop for homeowners’ insurance aloo told the European Parilment About 9M peace activists, includ­ in 1962 from his job as community the poetwar alllea muot work to ing 15 leftist member* of parlia­ relations officer. addition to the perils listed above, to your policy.” consumers in the market for make major improvements to the; ment, protested against Reagan’s The federal Equal Employment Bv Stephen J. Morean But another — and very important stabiUn relationa with the Soviet Opportunity Commission ruled in United Press International — kind of policy provides "replace­ falling objects; weight of ice, snow Homeowners’ polices do not homeowners’ insurance: home. Union and to turn away from visit, carrying banners saying ment cost coverage," or what it and sleet; collapse of the bouse or cover damage from flooding, earth­ a Keep an up-to-date inventory of a Determine whether your cov-, peulmiim and paralyaia. "Yankee go home” and “No to April 1904 that the town violated a The biggest investment most would coat to replace the house or any part of it; sudden bursting of quakes, warsornuclearaccldents. all your furniture and other major erage Is keeping pace withlnflation.’' While tbe i p e ^ celebrated V-E intervention in Latin America." M eral age discrimination law people ever make is the purchase item at today’s prices. \ your hot water heater; leaks from Premiums forhomeowners’insu- belongings in a safety deposit box or a Find out whethere your insu-*' Day and recounted the rejoicing in There were no arrests and Reagan when it forced McCooe to retire. of a home and it’s important to Both these policies provl^ only and freeiing of plumbing and air rance vary by community, type of other place away from home. ranee company offers discounts fort Europe and the United State* on did not see the protest. The EEOC gave the town one year choose the right kind of ho­ limited coverge for valuableb,|uch conditioning systems; sudden and contruction and tbe amount of e Base your coverage on your fire and burglar alarm systems',;; May 1,1945, Reagan alao cautioned In bis speech today, Reagan to reach a settlement with McCooe, meowners' insurance to protect as jewelry and furs, most often at a accidental injury from electrical coverage chosen.