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Buying a Home
Objectives
- Develop an understanding of the home-buying process
- Develop an understanding of the expenses and responsibilities associated with owning a home
- Discuss the meaning of terms and concepts like "mortgage" and "equity"
Suggested Activities
- Imagine what your life will be like in 10-15 years. What type of home would you like? What type of home would best suit your lifestyle?
- Where would you like to live? What aspects of a community or the environment will be important to you and why?
- Discuss the following steps to buying a home and what activities and considerations might be included in each step:
- Conducting a search
- Making an offer
- Inspecting the property
- Negotiating the terms
- Securing a mortgage
- Signing the contract
- Closing the deal
- What is a mortgage? What is equity?
- What are some of the expenses associated with owning a home?
- Insurance
- Property taxes
- Commuting
- Maintenance charges
- Location
- What are some of the responsibilities associated with owning a home?
Tips for using The Home Zone to discuss buying a home
Go to Cool Stories:
- Watch "Home Ownership," which discusses the difference between owning and renting a home, some of the advantages of owning a home, different types of homes and steps to buying a home.
- Watch "Mortgages," which discusses what a mortgage is and what it takes to get one.
- Watch "Saving & Investing," which introduces owning a home as an investment.
Go to Brain Food:
- Visit "MindBuilder, The Value of Home Ownership" for a discussion of home ownership, equity, and the steps to buying a home.
- Visit "MindBuilder, What is a Mortgage?" for a discussion of mortgages and exercises in calculating loan payments.
- Visit "Cool Facts" for facts about homes and home owning.
Go to Game Center:
- Play "HomeBuilder," which reinforces a variety of concepts addressed in The Home Zone and allows students to build a home of their own.
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