Describe the process of purchasing a home.
DefinitionDescription should include identifying key steps in the purchase process:
- Selecting and inspecting the property
- Signing a contract
- Securing a down payment
- Financing the home (e.g., securing a mortgage)
- Identifying other costs associated with home purchase and ownership
- Homeowners insurance
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of planning for living and leisure expenses by
- comparing the costs and benefits of purchasing vs. leasing a vehicle;
- comparing the advantages and disadvantages of renting vs. purchasing a home;
- describing the process of renting housing;
- describing the process of purchasing a home;
- calculating the cost of utilities, services, maintenance, and other housing expenses; and
- evaluating discretionary spending decisions.
The student will demonstrate knowledge of the role of insurance in risk management by
- evaluating insurance as a risk management strategy;
- distinguishing among the types, costs, and benefits of insurance coverage, including automobile, life, property, health, and professional liability; and
- explaining the roles of insurance in financial planning.