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Dream Home Discovery: House Purchase Project Overview

In this House Purchase Project, you will explore and select your favorite home from a real estate magazine. Aim to find a listing with a clear price and detailed features that appeal to you. This exercise allows you to engage in the home-buying process and understand various elements like location, size, and price range. Your final selection should reflect personal preferences and practical considerations in purchasing a home. This project is due by Thursday, January 16th, so start browsing and find your dream home!

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Dream Home Discovery: House Purchase Project Overview

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  1. House Purchase Project

    Due Thursday January 16th
  2. Guidelines 1. Use the real estate magazine to shop for your favorite house. (Choose one with a price listed.) 2. You will use two different loan rates to help you decide whether a 30-year or a 15-year loan is the better choice for you. (The loan rates are already entered on your House Purchase project worksheet table.) Once you have selected the property: Record the purchase price in the correct column on your project worksheet. (Use the same purchase price for both loan rates.) Attach a picture of the house to the project worksheet. Write a creative description of your favorite house (bedrooms, bathrooms, land size, location, etc.). Use complete descriptive sentences based on information from real estate book and your creativity.
  3. Guidelines **for #4 – 7 show all calculations on a separate sheet labeled with what you are finding** 4. Calculate the “interest” for each loan by multiplying the purchase price (principal), the interest rate (rate), and the max term in years (time). Enter the information on your project worksheet. 5. Find the “cost of the house with interest” for each loan by adding the purchase price and the interest. Enter the information on your project worksheet. 6. Calculate the “annual cost of the house with interest” for each loan by dividing the “cost of the house with interest” by the number of years in your mortgage (max term). Enter the information on your project worksheet.
  4. Guidelines 7. Find the “monthly payment” for each loan by dividing the “annual cost of the house with interest” by 12. Enter the information on your project worksheet. 8. Write a short paragraph on your project worksheet answering whether you would choose a 30-year loan or a 15-year loan to purchase your favorite house. Use the calculations you made for the “cost of the house with interest” and the “monthly payment” to help you compare and contrast the two loans (include this as support for your choice). Neatness is important. Round all money to the nearest hundredth (make sure commas & decimals can be read).
  5. House Purchase Project Rubric
  6. Extra Credit This project will considered as a quiz grade. If you turn it in on Wednesday2 points will be added to your final grade If you turn it in on Tuesday 4 points will be added to your final grade If you turn it in on Monday6 points will be added to your final grade.
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