Title: Explain the home-seeking process.
Course: Independent Living (22904-36) > Section: Creating and Maintaining a Living Environment

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 one find a home?
- Why do most Americans hire a real estate agent to help them buy or sell a home?
- How does one establish a fair price for a home?
- What is the purpose of a home inspection prior to purchase?
- Why do lenders require an appraisal of the property?

Leadership

- What neighborhood or location concerns might influence one’s desire to purchase or rent a home?
- What are the consequences of buying more house than one can afford?
- What criteria would one use to help determine a property’s condition?

Management

- What are the risks associated with a mortgage, and how can one reduce risk?
- How is the 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 does one determine whether to rent from an individual or a rental agency?