Explanation should include
- using professional property location resources (e.g., real estate agent, Internet sources)
- establishing a timeline with realistic expectations
- identifying strategies to save money during the process
- identifying alternative locations
- making informed decisions
- reviewing documents.
Process/Skill Questions:
Thinking
- What are the advantages and disadvantages of home ownership vs. renting?
- What factors might prevent one from obtaining a home loan?
- What factors might prevent one from renting a home?
Communication
- What free resources are available to help you find a home?
- Why do most Americans hire a real estate agent to help them buy or sell a home?
- How do you establish a fair price for a home?
- What is the purpose of a home inspection prior to purchase?
- Why do lenders require an appraisal when purchasing a home?
Leadership
- What neighborhood or location issues might influence your desire to purchase or rent a home?
- What are the consequences of buying more house than one can afford?
- What criteria would you use to help you determine a property’s condition?
Management
- What are the risks associated with a mortgage and how can you reduce your risk?
- How is your minimum down payment for a mortgage loan determined?
- What are fair expectations when hiring a real estate agent?
- How does buying a new home differ from buying an existing home?
- When choosing to rent, how do you determine if you should rent from an individual or a rental agency?