Introduction to Buying a Home
Introduce topic by saying:
Most everyone dreams of buying a home one day, but how many of you think you’re actually prepared for such a large purchase? Do you feel patient enough to wait and get yourself into a good financial situation? Buying a home might be far from your thoughts right now, but the purpose of this lesson is to inform you so you have options when you are ready. Very few people have options when they decide to buy a house, because they didn’t take the time to plan ahead. Some people are never in a financial position that allows them to own a home, so they rent their living space.
To begin, have students outline the “specs” or specifications they would like to have in their home. Include some discussion about current trends and what meets the students’ FYG Lifestyle. (Articles listed below are to be used for reference with students or for context for teacher.)
- Why the Younger Gen Z has an Edge Over Millennials in the Housing Market
- Gearing Up for Generation Z
Specifications to outline: location, price, square footage, number of bedrooms, number of bathrooms, lot size, year built, amenities, number of stories, parking spots, view (park, lake, etc.), basement.
Note: (1) some of these items may not matter to your students because of their lifestyle; let them choose what specifications to outline, (2) explain to students about setting ranges for their specifications; otherwise, when the students enter the specs, houses may or may not be available to review, (3) as a reminder, make sure students understand that this is an activity and not to submit emails to realtors.
Presentation of Material
Have students use one of the applications and websites to find local homes for sale and compare the value of each. Take some time for them to do this before moving on to the assignment “to get their feet wet”.
The single biggest purchase that most people make is buying a home. Students will access two websites – a mortgage calculator and a listing of local homes for sale. They will use these two websites to compare houses and mortgage payments then apply their knowledge to choose the most appropriate purchasing choice. Have students complete: Feeling at Home: How Much House Can I Afford?
Closure (REFLECTION ENTRY) After students finish the assignment, have them create a FlipGrid or write a reflection answering the following questions:
Is the home you finally chose a reflection of you?
Does the payment fit the lifestyle and career you want to have?
Will it hinder or provide opportunities for your lifestyle and career choice?
If the home you chose will not provide the lifestyle you envision, what choices and/or steps should you make/take to fit your “home” into your lifestyle? (i.e., renting, tiny house, smaller/larger home, waiting to buy, roommates, different location)