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:
  1. Conducting a search
  2. Making an offer
  3. Inspecting the property
  4. Negotiating the terms
  5. Securing a mortgage
  6. Signing the contract
  7. 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 Glossary:
• Terms used in The Home Zone are defined here.

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.