A New House Readiness
The main principle of economics that I feel would play a major role in my decision to purchase a home would be principle 2. Principle 2 states that the cost of something is what you are willing to give to get it. This is such a true statement because nothing is free. The decision making I would have to do when deciding to purchase a house would be something like weighing the option of whether it would be more beneficial to rent an apartment or pursue my dream of buying a home. People overlook the fact that when you buy a home, you are responsible for all of the maintenance which can become costly versus when renting and maintenance is included. You have to also go over your finances and see what your family has to sacrifice in order to purchase that home. Things like the latest cars and clothes re no longer relevant in this decision. With the economy being so up and down you never know where your next dollar will come from or even of you will have a job the next day. You should always check to see if the economy is strong enough to support the purchase of a home. Another thing to do is check to see how much the government can assist you with getting your home. The marginal benefits and marginal costs associated with the decision to purchase a house can be influenced by the strength of the economy. It can affect the market price at purchase, and it is definitely a factor in determining interest rate on the home. You have to be sure that you can afford the payment by weighing your benefits and compare it to what you have to pay out for your home.
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