The Ultimate “Home Shopping” ExperienceNAME ______HR ____
4/27/06
Next to securing your financial independence and getting married, buying a home is the largest financial decision you will make. You already know how your monthly gross income and credits debts effect the size of home you can afford. You will now imagine yourself in a home buying experience. You are expected to put yourself in a reasonable situation with anticipated income, credit debts, family, and business situation. The more your situation is based on reality, the more this exercise will help you in the future and being able to complete this on time. You will be allowed three Internet Lab days to complete this project. You can choose any anticipated time or situation in your life in which to buy a home. Answer the following questions based on your situation before you start looking at homes on the Internet. The project will count as six assignments: two for the following information on this page, four for the four possible choices, and one for your final choice rationale. The report will be due on or before May 14th. Late penalties – 10% on May 15th and 20% off May 16th. Not accepted after that.
Anticipated age ______, job ______, and gross monthly income: ______
Anticipated average monthly credit debt to include car, credit cards, and other loans ______
You spouse’s (if any) gross monthly income ______and debts ______
Total of your and your spouse’s gross monthly income ______and debts ______
Using the “Pre-qualification Worksheet,” determine the most expensive home you can afford: ______
Family situation: Married: ______Number Children: ______This will influence the size of home.
State ______and city ______you would like to work and live.
Call up on the Internet. On the Find a Home tab, type in your city, state, price range, and number of beds & baths. Approximate PriceRange: from $______to $ ______. Beds: ______Baths: ______. Select “More Search Options.” Select only “Single Family Home” as your “Property Types.” Fill out the 4 “Property Features” blanks. Check the “Property Features,” “Lot Features,” and “Community Features” that you desire. Record them below in approximate priority order: The website can then prioritize your selection list.
1. ______2. ______
3 ______4. ______
5. ______6. ______
7. ______8. ______
Select “Show Properties” at the bottom of the link. Narrow your price range if you get too many selections. You will be looking for at least four top selections. Notice that the percent of your criteria that was matched is at the top of each selection with the highest percent first. Review as many of your selections as you feel necessary. Select “View Details” for additional information and how the selection matched your criteria. Under “Settle In,” select “Compare Neighborhoods” for area and school information. This adds extra points to your report. Record the MLS number for future reference. It can be used on the home page. Recommend you start a Word file and take notes on your positive and negative impressions for each selection. This will help you on your final selection. Do not use the “realtor speak” or print pictures.
On separate papers, to be stapled to this cover sheet, write at least a two-line description from the summary to the right of any pictures of one of your choices. Then write at least 50 words describing why you selected this home as one of the three finalists considering it met most of your search criteria. Do not re-use your detailed search criteria unless it is very unique. What impressed you the most and why? What did you not like and why? Repeat for your 3 other selections. More credit will be given for more perceptive comments that goes beyond “curb appeal.” Points will be taken off for excessive verbiage. Rank the selections from one through four. Then, write at least 50 words on why you picked the #1 home by comparing it to the others. Get to the point on the 50 words. Fluff and windy descriptions are not appreciated.
How helpful was using the Internet is in finding a home? Do you think it gave you enough information? What other information would you want to investigate? ______
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How do you think a broker would help you continue finding more information? ______
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Do you think you would prefer a new or re-sale home and why? ______
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