Your Task
*You should have already reviewed the lesson on House Hunting.

1. Figure out how much you can spend on a home.

  • How much you have in savings that can be used for a down payment?
  • How much you can afford to pay each month? Calculate 32% of your monthly income.

2. Figure out where you want to live and what type of house you would like to have.

  • How far from work? What type of neighborhood? Keep in mind the location will affect the cost.
  • What type of home? Apartment, Town House, or Detached House?

3. Take a look at homes for sale.

  • Can you afford to buy a home?
  • Does home ownership fit with your lifestyle?
  • How much do you need for a down payment?
  • What would your monthly payments be?

4. Take a look at places for rent?

  • What is available now?
  • Can you afford something you like?
  • Does renting fit with your lifestyle?
  • Are utilities included

4. Decide if you will rent or buy. Be sure you can justify your choice. Pick a place to live.

  • Screen shot the listing or rental add
  • Summarize the features of your choice
  • Double check all your finances – know what all your payments will be and be sure they are within budget

5. Research the other “living expense” you will have to pay related to your housing. You may need to pay some or all of the below…

  • Cable/Internet
  • Hydro
  • Strata Fees
  • Insurance
  • Water
  • Damage deposits
  • Maintenance costs

6. Report out. You can share your work in any format that suits you. You may wish to present it is some way that can be posted on your blog. Please include the following:

  • The “math” show the numbers: what is your budget can you or can you not afford to buy?
  • The description of the home you picked
  • ALL the costs associated with your new home
  • An explanation of why you made the choices you did – Cheaper is not always better! Please explain how you have balanced your needs and your wants
  • Please include the information about your house payments in your over-all budget

For support reporting out please see the worksheets page.

For some sites to help you get started with your task please see the Helpful Tools page!