Personal Finance Simulation | Houses and Home Loans

This article will cover:

• How to enable Rentals and Housing
• How students apply for Homes
• How to create Homes
• How to approve Home Loan Applications
• How to remove Students from Homes
• General FAQs

*Before students will be able to purchase Rentals and Homes, you will need to make sure you have this enabled for your course. To enable:

1. Select Courses on the left-hand side
2. Select the Pencil next to the course.
3. Here you can select the box to enable housing
4. Select Save 

*Keep in mind that if you are wanting as well Perks for these items, you'll need to make sure they are enabled. You can find these by going to Class Culture>Perks>Here you'll make sure they have a green X next to them. 

How students apply for Homes and Home Loans:

1. Select Major Purchases on the left-hand side
2. Select Real Estate Market
3. Select the Homes for Sale tab at the top
4. Here the students can decide and choose which Home they would like to Apply for. The loan they qualify for will be dependent on their credit score. More info on this can be found HERE.
5. Students will need to make sure they apply for/purchase a home within their budget that also meets their needs. Have them check their budget, and don’t forget that any rent they may have been paying will be replaced with their house payments.

To create new Homes:

1. Select Class Culture on the left-hand side
2. Select Real Estate Market
3. Select Home Listings at the top. 
4. Here you can select Add New Home.
5. You'll be able to enter with the name, price and perks.
6. You can edit any current listing by selecting the Pencil icon.  There's also a Copy and Delete option next to the listing.

How to approve Home Loan Applications:

1. Select Class Culture on the left-hand side
2. Select Real Estate Market
3. Select the Home Auction tab at the top
4. Here you can view the current applicants on the right
5. Select the gavel next to the listing. 
6. You can view the students and their current credit scores with the dropdown menu. 
7. You'll select which student you would like to approve
8. Select Submit

How to remove Students from Homes:

1. Select Class Culture on the left-hand side
2. Select Real Estate Market
3. Select the Home Listings tab at the top
4. Here you'll select the red X next to the Home you would like to remove the Owners from
5. You then have the option to delete the home and the owner -or- just remove the owner
6. Select Delete

FAQs

• What happens to the apartment when my students purchase a house? Once students purchase a house, it will remove their Rental. 
• Do students receive their down payment back if they are removed as an owners? Yes, the downpayment is give back to the student once they are removed. Keep in mind, the down payment money isn’t withdrawn unless the student is approved. If they are denied, no money is taken so no money needs to be refunded.
• Why aren't my Perks appearing for the Homes? You'll want to make sure the Homes include a Perk. You can select the pencil icon next to the Home to confirm the Perks. You'll also want to make sure Perks are enabled in the Class Culture>Perks> Here they will need a green check next to them.
• Can Students buy a house together? We wouldn't recommend it as buying a home will help them build their credit. However, theoretically, you could by having one student purchase the home and the other student pay them rent with a fund transfer within the simulation.