A New House-Decision

Final Project: A New House-Decision

Kiescha Benton

April 28, 2013

XECO/212

Keisler

Deciding to buy a home is a very important step in life. It is one of the most expensive things that one will buy in their lifetime. I believe that principle number 2, The Cost of Something Is What You Give Up To Get It. I believe this would be important on my home buying decision process because I will be giving up some things. I will be giving up an apartment that has the maintenance service provided, which is only a phone call away. I will also be giving up the chance to pay cheaper rent. When making a decision to buy a home you will indeed add on extra expenses and you will have to take care of all those maintenance issues that arise all by yourself. Taking into consideration, the cost of a home is a must. You have to be able to look into the future to decide rather or not you will be able to afford the home you want. A home costs more than what you see displayed as the asking price. Home inspection and closing costs can really eat up your budget in some situations. In the home buying process you have to be very active and productive. Areas of purchase need to be up to par and you have to make sure you are getting a fair deal. Any little minor detail can cause marginal benefits and/or marginal costs. You have to deal with the realtor and seller constantly until all sides can come to an agreement. Depending on the economy, the price of your home can either go up on down. You have to be mindful of that.

A few of the government bodies that influence national fiscal policies that potentially affect the housing market are: Federal Reserve System (FED), Housing and Urban Development (HUD), and the Federal Emergency Management Agency (FEMA).   “The Federal Reserve System of the U.S. is the central banking system of the U.S., comprised of the Federal Reserve Board, the 12 Federal Reserve Banks, the Federal Open Market Committee, and the national and state member...