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Xeco212 Final

In: Business and Management

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Final Project: A New House – Decision
XECO 212 Week 9
7/21/11
Seffan Bune

Home ownership is considered by many as the pinnacle of the American dream, a two car garage, white picket fence, and nice backyard for those projects that are somehow always nearly completed. This is what we have been told is the major leap into adulthood and makes you one of the high caliber Americans who can claim that their home is their castle, but is this still true in this country? With the financial downturn and the home foreclosures at a all time high, nearly every block I see has a home for sale at reduced price so how does this milestone still hold up to scrutiny and how can this generation still reach for that goalpost of what is considered the standard of the happy nuclear family? The decision to purchase a home is the major point in an American life and it is a decision that should not be taken lightly because if not done correctly and with a plan on how to sustain the purchase that is not solid the consequences could be dire. After taking this course I have found out that there are methods and concepts that if implemented correctly the idea of owning a home is still within grasp of many of us but there are many things that need to be weighed before pulling the trigger on such a large and momentous decision. First are the ten principles of economics which I will go into more detail later on that are crucial to making a large purchase be it a home, car, or any other large ticket item that can have ramifications on other aspects of your lives. Next one needs to weigh the marginal costs and marginal benefits of their decision to see all aspects of the decision no matter how minute they may seem. There needs to be an understanding of the state of the current economy as well as the trends that point to where the economy may be going in the foreseeable future so that the timing…...

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