XECO 212 A New House-Readiness

XECO 212 A New House-Readiness - The principle of some sort...

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I think that out of the 10 principles of economics, there are a few that stand out when considering buying a new home. I think that the first two principles go hand in hand. People facing trade off’s and the cost of something is what you give up to get it are similar in principle. When buying a home people look for particular aspects they have in mind. A lot of the time a home will have one thing but not another and so on. Sometimes people need to sacrifice or prioritize one item they want so that they can have what they want or what is more necessary. Obviously these kinds of decisions can cut into the margins or even increase them. This is where the principle that rational people think about the margins comes into play.
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Unformatted text preview: The principle of some sort of bonus or incentive should also be a factor considered when buying a house. Sometimes people will negotiate a deal to sell their home. This can include bonuses and/or incentives of sorts, such as paying for closing costs, paying for inspection, or taking care of certain repairs that may be needed. In my reading, most of these principles seem to be in the interest of consideration in one way or another, but the first four stood out to me more than the rest. Before one commits to buying a house, these principles should be thoroughly considered and investigated. This can save time and money by potentially enabling one to avoid future costs as well as minimizing cost due to needed repairs and fees....
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This note was uploaded on 02/11/2011 for the course XECO 212 taught by Professor Cohen during the Fall '10 term at University of Phoenix.

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