Buying a Home

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Our Agenda1. Agenda2. Objectives3. Introductions 4. Activity 1: Discussion 5. Activity 2: Vocabulary review6. Activity 3: Dialogue7. Activity 4: Tips about buying a home 8. Activity 5: Case studies9. Activity 6: Dictation10. Reflection

Workshop Objectives

1. To learn 8 new words related to home buying

2. To learn several tips about buying a home

Introductions…

What is your name?

What is your country of origin?

Discussion

Activity 1

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Reflection

Have you ever bought a home?

Have you bought a home in Manitoba? Are you thinking about it?

What are your home buying tips?

Let’s review vocabulary related to buying a home …

Activity 2

Activity one: Vocabulary Review

Member of a nationut

Legal fees

Pre-approval

Bidding war

Hidden costs

Pricey

Debt-to-income ratio

Mortgage

amount of your debt compared to your incomeexpensive

to get approved by your bank before you start looking for your home

unexpected costs the amount you owe for your home

lawyer costs

care of a home

Maintenance

many people trying to get the same house, increasing the cost of the house

Activity two: Fill-in-the-blank

1. It’s a good idea to get _______________________ before you start searching for a home.

2.____________________ may include caring for the roof and buying a new furnace.

3. That’s a very ________________ neighborhood. The average cost is $400,000!

4. There are many _____________ when buying a home. These include lawyer and legal fees.

5. Consulting your lawyer will surely result in ________________ .

6. It is usually best to avoid __________________ . You’ll want to keep your costs down!

7. Knowing your _____________________ is as important as knowing your credit score.

8. Take your time to find the _____________________ that is right for you.

maintenancebidding war mortgage pre-approved

hidden costs pricey legal fees debt-to-income ratio

Listen!What are some issues that Wendy and Jon discuss about buying a home?

Activity 3

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Listen to a dialogue:

Jon

Jon

Wendy

Jon

Wendy

Jon

Wendy

Wendy

Hi Wendy. Long time no see! What’s up?

So much! We have been looking for a house.

That’s wonderful! How’s it going?

Ok, but the market is a little pricey. I hope we can get a nice small mortgage

I hear there have been a lot of bidding wars going on.

Such as?

Well, there are taxes, legal fees and moving costs, among others.

Jon

Wendy Yes, and those can be very expensive!

That’s before the sale, then after the sale you have your maintenance costs.

Not only that, I am finding that there are many hidden fees.

Listen to a dialogue:

Jon

Jon

Wendy

Jon

Wendy

Jon

Wendy

Wendy

Are you concerned about all the costs?

Sure, but we have been taking a proactive approach.

What do you mean?

Well, we figured out our debt-to-income ratio and reviewed our budget.

Sounds like you have been doing your homework.

That sounds like a great idea

It will really save time and the potential for being disappointed in the future.

Jon

Wendy Sure! Come on over!

Can I come over? I would like to talk more about your plans?

On top of that, we have an appointment with our bank to get pre-approved.

Let’s learn some home buying tips

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1. Consider your financial situation

Can you afford it long term?Do you have a

stable job?

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What is your debt-to-income

ratio?

Your debt-to-income ratio is your debt compared to your income

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Ask yourself: am I ready for the responsibility?

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Ask yourself: what kind of home do I need?

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Think of the location

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Do you need to be near shopping, schools or a bus route?

2. Uncover the hidden costs.

They are not really hidden, but may be unexpected.

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Hidden fees may include:

- Moving costs- Lawyer fees

- Taxes- Realtor fees

3. Get pre-approved!

This will give you peace of mind and may prevent disappointment later.

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This will indicate the price range

you can comfortably

afford

4. Get a team on your side

Buying a home is a BIG decision. Consider the help you may need!

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Your team may include a

financial adviser, a real estate

professional and an accountant.

5. Get a home inspection

This will cost you at time of purchase, but could save you a lot of money later!

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6. Don’t get into a bidding war

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Think long and hard about how much you can afford.

7. Make an offer

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Make sure you can afford the home in

the long term!

8. Move in and enjoy your home!

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Let’s now consider some scenarios. What issues do these home buyers face? What can they do about it?

Activity 5

Scenario OneSonia and her husband want to buy a home, but are not sure how much they can afford.

Scenario TwoWhile on a tour of a house Ronaldo notices mold on the ceiling.

Scenario ThreeRobert and his wife want a certain house, but another couple just offered $15,000.00 more than they could offered.

Scenario FourDiana is looking for a home, so she made an appointment with a realtor. Next week she will go to the bank to see how much she get approved for.

Scenario FiveRick is buying a home in the country. It is 90 minutes from work. He knows making the commute will be difficult, but he believes he will get used to the ride.

Dictation

Write what you hear!

Activity 6

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Dictation 1

Consider your financial situation before buying any house.

Dictation 2

It is always a great idea to get a home inspection done before you make an offer on a home.

Dictation 3 Buying a home takes a lot of time and money, be sure not to rush your decision.

Dictation 4 When you buy a home there may be hidden costs involved; these are unexpected costs that could include lawyer fees, realtor fees and moving costs.

Dictation 5

Make sure you are ready for the financial responsibility of caring for a house.

Reflection

What did you learn today? 8 new words related to buying

a home Important points related to

buying a home

See you next time!

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