A New House - Readiness

Checkpoint Format

Format for XECO 212 Checkpoint (Week 1)

“A New House - Readiness”
1. CheckPoint: A New House – Readiness

Deciding to buy a house is a lifelong goal for many people. Imagine that you are renting a studio apartment and have just discovered you are having a baby. Your present apartment is small and far from schools and local services. You have decided to move. There are many factors that come into play when making such a large and weighty purchase. Examine the decision-making process from the perspective of an economist. In your Final Project, you use these principles and other factors to make a final decision whether to buy a house.

Deciding to buy a house, in my opinion, would be a lifelong goal that I consider an extremely serious investment.   My studio apartment would not be large enough for the newest member arriving to my family; it would only suit the time being.   I have decided to move to larger accommodations. I am examining the factors that come into play with making such a large and weighty purchase from the perspective of an economist.   The principles that I think would play a major role in my decision are: Principles 1 - 10.   Principle 1: I would face tradeoffs in purchasing a home, a thorough look at my income and expenses will be a priority (i. e. what if scenarios).   Principle 2: What can I give up to get my house (i. e. What is necessary and what is not necessary?)   Principle 3: What are the benefits and opportunities of a house over an apartment?   Principle 4: What are the incentives for me owning a house?   Principle 5: Is this a beneficial trade that can make it better for everyone?   Principle 6: Would it be more beneficial organization owning a house (i. e. being closer to work, schools, etc.)?   Principle 7: Would property rights enable more promotion for efficiency and to promote equity?   Principle 8: Would this enable a higher standard of living or lower (with the trade offs in my budget)?   Principle 9: Would...