Buying your first home Assignment Example | Topics and Well Written Essays - 2000 words

Buying your first home - Assignment Example Buying your very first home may be intense but worthwhile. Though you may consider it an investment, you may decide, however, if it would be a lifestyle investment or a financial investment. Whatever it is, homeownership is a worthwhile venture.First time home buyers need to consider many things before finally buying. These things are embodied in a handbook: Guide to First Time Home Purchases. A comprehensive guide consisting of step-by step instructions and recommendations, you cannot help but take note and appreciate its contents. For instance, you will find reminders such as setting your goals in order to have a focus on your single project - your home; controlling your debts so that there will be no problem during the payments of monthly amortization; working your money so you have to withdraw your savings from a low-interest bank and deposit in a high interest yielding bank for fast growth; checking your credit rating for a good credit history; doing your homework by comparing i nterest rates of lending companies, if you opt to make a home loan; and last but not the least, getting your entitlements which means that in some countries, there are bonuses for first time home buyer through a loan. These features make the 'Guide to First Time Home Purchases' worthwhile.The competence statement, "Can understand the broader context of first time home purchases" is a moving statement that inspires first time home buyers to carry out the project. ... Goal setting means aiming for something. When you aim for something, it includes affordability. Affordability does not only refer to budget related conditions, it could also be related to strength. If you are healthy and strong, you can afford to work continuously and earn income. For budget conditions, affordability can work for you "keep in mind that any existing or current debt will reduce the amount that you can loan for your home" (Money Magazine, 2006). To carry the project, ask yourself if you can afford to spend that much and if not, you should be willing to live in a house which is cheaper and within your personal budget. II. RESEARCH METHODOLOGIES For this research work, the researcher used the descriptive method to gather data about the present conditions and to interpret these data through contrast, comparison, and relationships. A questionnaire which is designed by the researcher was utilized as an instrument to collect some data relevant to the research. Informal interviews with home buyers during the distribution and retrieval of the questionnaires were conducted. Printed books and internet articles related to the study were also read. III. RESEARCH FINDINGS Related literature and studies for this particular study were reviewed. The review provided necessary information in formulating the method and procedure used in undertaking the research. A. Literature Review Sheller (2008) commented that in buying a house the buyer must know that housing rates may remain steady for a year, goes up next year, and higher next year; it never go down. It is different from stocks whose prices are not fixed - it could be high