New Home readiness - costs. As a new home buyer we will...

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The first principle of economics concerns itself with tradeoffs and with buying a new home this is important to look at. What sacrifices am I willing to deal with? My family and I are going to have to give up certain things to make sure that we are going to have the necessary funding to purchase a home. Therefore; we will require have to take a strong look at our finances and make the decision as to how much we are able and willing to pay for a house. What areas are we going to cut back on in order to prepare for this purchase? This leads directly into principle number two, which says that the cost of something is what you give up to get it. How will they make it work; what costs have to be given up to accommodate for this new
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Unformatted text preview: costs. As a new home buyer we will have to evaluate giving up certain entertainment and even may be selling things that we no longer use or have need of. As home owners will also have to give up free time and activities to acquire and maintain this new home. Because a new home will need up-keep, cleaning, decorating, and furnishing which all require a lot of time. Markets are usually a good way to organize economic activity. By doing research on the housing market in the area, in which we want to buy, is very smart. Knowing how the neighborhood is increasing, researching if the housing market in still rising or on the downfall, and watching the areas general economic base of the city, are all issues to watch before buying....
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This note was uploaded on 04/07/2012 for the course XECO 212 taught by Professor Johnjohnsonton during the Spring '12 term at American Jewish University.

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