A New House Final - A New House 1 A New House Sheila Kent...

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A New House 1 A New House Sheila Kent University of Phoenix Principle of Economics Professor Lalama June 20, 2010
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A New House 2 A New House What factors have an effect on the decision to purchase a new house? It is not as easy as it would seem. A lot of thought goes into a major decision such as this. The area where the house is located might be one of the first things that a potential home buyer would consider. A person would want a good community to raise a family. They would also want to be near shopping centers so that it would be easy to get what is needed for the household. Finding out about local schools would be an important issue to look into. The price of the house is a major factor that has to be considered. A person has to be able to afford the house even after they have purchased it. Marginal costs and benefits have to be factored into the decision. Another thing to look at when considering whether to purchase a new house or not would be the strength of the economy. It plays a major role in a decision of this magnitude. All of these factors have to be considered when it is time to make that life changing decision that will ultimately affect all involved. Finding the house Deciding where to move would be one of the first decisions a person needs to make when deciding to purchase a new house. According to Weintraub (n.d.), “buying a home can be an overwhelming process and emotionally draining”. A major decision like this is not going to be simple. It would be wise to check out several different houses before deciding on one. It might be in the new buyers best interest to hire an agent to find a house unless they enjoy going to the houses themselves. The location should be where it would be most beneficial for the buyer. The potential buyer needs to consider if the community would be right for their needs. The location must be convenient to the buyer’s place of employment. The community should be close to the local shopping centers so that all household needs are met. If the home buyer is planning a family, the schools in the area need to be checked out. The location needs to be where the new buyer will be comfortable. After all their hard earned money will be going into the purchase of the new house. Even though it might take quite some time to find the right house, in the end it
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A New House 3 will be worth all of that time and effort. “The house itself is important to like, but try to focus on the size and construction of the house more so than the decoration” (Badgely, n.d.). If the house is small it would be possible to add on to it at a later date as long as there is room for such a renovation. The house will look different after the buyer has moved in. It may not be wise to look into purchasing a home that may be in an area known for natural disasters. Try not to “buy a home near a river known to flood every year, or a house with an unstable foundation in an earthquake prone area” (Badgely,
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A New House Final - A New House 1 A New House Sheila Kent...

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