Final 1 - Sergio Royston 5/1/2010 NEW HOME Purchasing a new...

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Sergio Royston 5/1/2010 NEW HOME
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Purchasing a new home is a huge decision that requires a substantial financial layout where the wrong decision may have be very damaging to the buyers financial situation. When buying a house, it is important not to jump in too quickly. Many people disregard the financial impact that homeownership can have when looking into purchasing a home. People making a home buying decision should consider the obvious and not so obvious costs their actions could bring (Slembeck, 2006). It is important to focus on your budget and understand the consequences of not meeting your mortgage payment. After comparing the financial obligations with the home the marginal benefits and marginal costs that would influence the decision of purchasing the home would be: expensive upkeep, insurance, own landlord, more room, interest, principal, and spec homes. Although, there might potential problems that can occur when completing the purchase of the home, I would still go forward and take the step into making my family happy and comfortable. Demand, what is needed, how can it be obtained and what is the outcome once the decision has been made. Purchasing the home would require knowing that once papers have been drawn that there is no going back and if so that a great deal of money would be lost. “A weak economy, dismal job market, foreclosures, fears of further declines in home values and tight credit conditions are among the factors weighing the housing market down.” (NABH, 2009).With that being stated it would be hard to just jump into purchasing a home and not think of the conditions that may lay ahead. The strength of the economy as whole could affect the marginal benefits and the marginal costs associated when making a decision to purchase a home. We make personal and societal decisions of great importance every day in response to various kinds of economic issues and problems. When there are improvements made in the economy it involves improvement in
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This note was uploaded on 05/29/2010 for the course COMMUNICAT 205 taught by Professor Gggg during the Spring '10 term at University of Phoenix.

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Final 1 - Sergio Royston 5/1/2010 NEW HOME Purchasing a new...

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