Purpose

In this assignment you will go through the process of purchasing a home. Although this

assignment engages you in an imagined or simulated scenario, it is designed to help walk you

through the real-world process of obtaining home ownership so that you both are aware of the

steps, as well as understand the process from a personal and financial perspective.

Step 1

I want you to imagine you are purchasing your first home or your ideal home. You can imagine a

scenario whereby you are a single graduate from Centennial College or a couple with a family. It

is up to you to imagine the scenario that fits best for you. Use your imagination and do not be

impeded by your present financial situation. You can imagine yourself in any situation you want.

For example, you could pretend you are a successful financial advisor with a spouse and two

children who has been very successful and has a very high income. Once again it is up to you.

For this step youll need to identify your home-life situation (for example, are you in a

relationship, do you have children, other dependents, etc.), as well as your income. You should

also identify the type of home and cost range for your desired home.

Step 2

The most important aspect of the assignment is for you to demonstrate a thorough

understanding of the home buying process. The steps in the process are as follows:

1.Determining Your Ownership Needs

2.Finding and Evaluating a Property to Purchase

3.Pricing the Property

4.Obtaining Financing

5. Closing the Purchase Transaction

You must identify the key factors of each step and provide information as to how, in your

imagined scenario, you would approach each step.

Chapter 7: The Finances of Housing provides you with all of the information you need to

compete this assignment. You may also want to go to the Realtor.ca website just to give you an

idea on what home you would buy and what the costs of various homes are.

Step 3

Prepare a report on how you would achieve homeownership. You can use Word or PDF. In

either case, be sure to cover the following elements:

Introduction: Explain your context (Step 1)

Process: Explain how you will address the 5 steps in the process (Step 2)

Conclusion: Explain why you believe you will be able to achieve your goal of homeownership