Fannie Mae Foundation: How to Buy a Home

Expected outcomes of
Lesson 1

1. To enable students to name the kind of house they like and features that are important to them.

2. To learn the advantages and disadvantages of various kinds of housing.

3. To read a floor plan.

4. To make calculations of area.

Vocabulary
fixer-upper, duplex, townhouse, condominium, cooperative, lot, square feet, area

1. In order to teach the related vocabulary, bring in pictures and photographs of different types of home exteriors and interiors.

2. Look more closely at the various kinds of homes in your area. Try to make a list of as many kinds as you can, such as ranch, bi-level, duplex, side-by-side, shotgun, Cape Cod, Victorian, conventional two-story, and others.

3. Make another list of features found in homes, such as porch, deck, balcony, carport, garage, Florida room, fireplace, carpeting, wood flooring, air conditioning, and others.

Deciding what you want
1. Complete the reading on this page.

2. Have students pair off to ask each other the questions in bold in the text.

3. Point out that they can describe any type of home they would like to buy.

4. Students may want to make a sketch of the floor plan of their imagined house.

Condominiums and cooperatives
Ask students if they know of any condominiums or cooperative housing in their area. Do they know of anyone who lives in a condo or cooperative? Ask them to discuss the advantages and disadvantages of this kind of housing. For whom might a condo be most appropriate?

Unit 2: Finding your dream home

Lesson 1: Deciding what you want

In Unit 1, you got an idea of how much you might be able to spend for a home. In this unit, you will learn more about the process of shopping for a home. Why is it important to think about such things as the location, style, and size of the house you need? How do you go about finding the kind of house you want? Once you’ve found the house you want, how can you get the best possible price?

Before you begin shopping for a home, it’s important to think about the kind of house you need. Here are a few questions to consider.

Do you want a new home or an older home?

Some people like the idea of moving into a new home. They often are better insulated, need fewer repairs, and are easier to maintain than older homes. On the other hand, you may get more space for the money if you buy an older home. If you are handy with tools, you may be able to buy a house that needs repairs for a lower price. These kinds of houses are sometimes called fixer-uppers because they may need a lot of repairs.

Where do you want to live?

Location (where you want to live) is an important consideration. Many people need to live close to their workplace or near public transportation. Families with children want to live in an area where there are good schools. You may already know the neighborhoods where you would like to live. Or you may need to get to know new neighborhoods.

What special features are important to you?

Are there any special “extras” you would like to have? For example, perhaps you would like a garage, air conditioning, a fireplace, or a large back yard. Or you may need to make sure that the home is wheelchair accessible.

What size house do you need?

The size of the house is an important consideration. How many bedrooms do you need? How many bathrooms? Do you need a family room, basement, or work room? Do you want a house that has only one level, or would you like a two-story house? Will the house be big enough for your family in five years?

What style of house do you like?

There are many kinds of housing. The names for various styles of houses can vary from region to region in the United States. Ranch, Victorian, Cape Cod, and Colonial are just a few examples of styles of single-family homes. Some homes, such as a duplex, are similar to a single-family home but are divided into two housing units. Many people like to buy a duplex because they can live in one half of the home and rent out the other half for additional income. Townhouses are another kind of single-family housing in which a row of single-family houses are attached together.

Condominiums (or condos) are another special kind of home. When you buy a condo, you own one unit, such as an apartment in a multiunit building or a townhouse in a housing development. All the buyers share the ownership of the hallways, elevators, laundry, recreation rooms, yard, and other common areas. Each buyer pays a monthly charge to maintain and operate the building and outside areas. A cooperative is like a condominium except that instead of buying one unit, the buyer owns a share of the entire property. The owners pay a part of the mortgage payment for the whole property, usually equal to the value of their apartment. They also pay a monthly maintenance charge.

row of houses

Previous Page | Next Page