Preview

My First Home Research Paper

Good Essays
Open Document
Open Document
523 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
My First Home Research Paper
Looking at buying a home for the first time will help me to find the reasons to do so, decide when it makes the most sense to me, be able on my own to look at loan options and to help me to decide at what would be my perfect loan.
The reasons for buying my first home could include pride; it will be mine to keep. I know that when I have my home I can decorate as I wish and be more free to actually the I would if I were to get a aptarment.This will be my home and no one else’s . I will be able to build equity for me to have for my future.Instead of making rent payment s I will actually be able to start living and having things for myself. I will also be able to build long lasting memories with my friends and family. That picture in front of the Christmas tree will be in home that I own and the memories that I start to make will be more worth it to continue on and have this home I bought be for me. And once I have paid for my home it will be mine to keep. I will also be able to write off yearly interest and have other deductions for my taxes. For instance I can use credits I haven’t been able to use before like the
…show more content…
I want to know when I look at buying a home that I could actually do this and have a mortgage that I am doing this for me and no one else. I will also be able to check out public assistance loans that may be able to help me with my mortgage. I will be able to look at my numbers and decide for myself when I thought the time was right. I can also look at several home s and know that I am doing it for me and no one else. The more homes that I look at will help to decide what kind of home I would like and will help me to decide when the time may be right. I can know that I have the option of taking only what I want form others and not what others think I should be doing. This is a big descion and I know I need to do this for me and no one

You May Also Find These Documents Helpful

  • Satisfactory Essays

    GDP11 Unit10 Rep046 13 S

    • 303 Words
    • 2 Pages

    Buying a home is a process that many of us will go through in our lifetime. If we are like many other prospective buyers, we will experience this major decision three or four times in our working years. A home is often the largest purchase we will make, and it therefore deserves our careful attention.…

    • 303 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Narrative Essay

    • 1287 Words
    • 6 Pages

    One would think that purchasing your first home would be a very fascinating experience; after all it is one of the most major purchases of your entire life. In America, home ownership ties in with the American Dream and the spirit of working hard to one day earn through hard work a home with a white picket fence. My husband and I felt that it was time for us to reward ourselves for all the hard work we have been putting in over the years by purchasing our first home, which was well overdue. I quickly learned the process of purchasing your first home can be very frustrating and stressful. However, if you survive the home buying process the reward is priceless once you move into your “American Dream.”…

    • 1287 Words
    • 6 Pages
    Powerful Essays
  • Better Essays

    People purchase manufactured homes because they are cheaper. They also love the idea of being able to choose their own floor plan, they have a more open layout, and they have more square footage for the amount of money that was spent. Some may believe these are huge advantages. Although purchasing manufactured homes have their advantages, they also have their disadvantages. People should not buy manufactured homes because; the consumer will experience big financial burdens. They are not energy efficient, and trying to finance or resell them is difficult. In this, one will see…

    • 1835 Words
    • 8 Pages
    Better Essays
  • Better Essays

    First Time Homebuyers

    • 978 Words
    • 4 Pages

    No one really realizes the time and patience it takes to get a first time home buyers loan. The first and most critical step in homeownership is getting the right mindset. This principally involves making all the key financial decisions. The current financial situation of the person will determine the amount to be spent on a home loan. Financial factors like income, credit worthiness, person’s debt and the amount available for a down payment if requested, will be studied carefully to determine how much loan will be offered to the individual. Some banks will even consider debt consolidation to help eliminate the person’s debt, which could potentially help their credit score. Some will even recall the question of renting over buying and here is why, a home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are. (Common Questions from First Time…

    • 978 Words
    • 4 Pages
    Better Essays
  • Better Essays

    Many of the decisions we make as consumers are directly related to the current state of the economy. Moreover, as consumers are faced with life changing purchases, they will weigh the marginal costs and benefits associated with their purchase. This is most apparent when there is a decision to purchase a new home. Throughout this paper I will explore the economic principles that directly relate to this type of purchase. As well, identify the contributing factors that help shape the strength of our economy.…

    • 1549 Words
    • 7 Pages
    Better Essays
  • Good Essays

    The decision to buy a home is one that cannot be entered into lightly. Experts say that a home purchase is one of the most important and significant decisions a person will make in their lifetime. Added with a new baby on the way, the decision becomes much more important. There are many factors that will affect one’s decision to buy a home. Many individuals make the decision to buy a home without considering some factors. This can create a negative situation beyond the individual buyer his or herself as we learned recently. Careful consideration should be made by examining the entire situation.…

    • 1785 Words
    • 8 Pages
    Good Essays
  • Satisfactory Essays

    III. Another major advantage of buying a house is each time you pay your mortgage you earn more equity on your house.…

    • 535 Words
    • 3 Pages
    Satisfactory Essays
  • Better Essays

    The decision to buy a home is a very big and important step and should be entered into very carefully. Home buying is the most important decision that a couple or person will ever make in their lives. With a new baby coming, the studio apartment is going to be too small for a family of 3 to live in and also the apartment being too far from local services and schools, all of these factors that have come into play have played an important part for the decision in buying a home. With the bad situation of the housing market, at this time will also play an important role in deciding to buy a house. Many people will decide on looking to buy a house without looking at the pros and cons. Not doing the work to really see if it will be beneficial to buying a home could sometimes result in making the wrong decision financially. There are a lot of important things to take into consideration when deciding to buy a house or not. Some of the questions that would need to be answered are what are the tradeoffs, what would you have to give up and what will you gain in buying a house, what government programs are there to assist in homeownership, the marginal costs and benefits of purchasing a home, and is the economy strong enough to support buying a home. This type of decision cannot be made in haste because everyone's situation is not alike and each line of questioning applies to everyone. Being careful and taking the time to look at the pros and cons and the ten principles of economics will help with making the correct decision in purchasing a home for my growing family.…

    • 2042 Words
    • 9 Pages
    Better Essays
  • Powerful Essays

    The population of elderly adults is growing quickly. The oldest members of the popular baby boom generation are now over the age of 65, which means there are more seniors now than ever before in the United States. Of this age group, 43.8% are either single or widowed, and living alone (U.S. Census, 2010). Aging adults desire to remain in their own homes, and this leaves the question as to who is responsible for making sure their physical and emotional needs are being met? Many cities provide a senior community center, but are these centers able to provide support to homebound seniors who are not able to participate in on-site center activities? Cities should also focus on programs that meet the needs of homebound seniors. A senior community companionship program that makes free home visits to homebound seniors could make an overwhelmingly positive impact on their lives. A companionship program for homebound seniors should be supported as an essential community volunteer function because it enriches the lives of immobile seniors by improving their emotional and physical health, and increases their quality of…

    • 2287 Words
    • 10 Pages
    Powerful Essays
  • Powerful Essays

    The House I Live In by Eugene Jarecki is a documentary film about the war on drugs in the United States. It raises many contemporary intercultural concerns about the issue, but first it would be important to explain what cultural groups it highlights. We would first think about diving the war on drugs between drug users and law enforcement, but after watching this movie we can tell that there is a real intercultural issue amongst drug users and prisoners incarcerated for drugs. Indeed, we learn in the movie and its website that “even though White and Black people use drugs at approximately equal rates, Black people are 10.1 times more likely to be sent to prison for drug offenses. Today, Black Americans represent 56% of those incarcerated for drug crimes, even though they comprise only 13% of the U.S. Population”.…

    • 2256 Words
    • 10 Pages
    Powerful Essays
  • Powerful Essays

    Thesis: Buying your first home can be an enjoyable, exciting and profitable experience given specific knowledge of the process and a basic understanding of the market place.…

    • 2419 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    It is very important for adults who are responsible for children in there formative years to know this. Children are influenced by everything they see. Adults should also be aware of the years in which they have the skills able to identify and do what they see. Children do not all develop at the same rate; therefore, making it harder to identify this stage of life. Children are more influenced by people that they respect a lot, like parents, than they are by people they just know, babysitter.…

    • 852 Words
    • 4 Pages
    Good Essays
  • Better Essays

    In 1960 the average age of a first-time homeowner was 24-25, according to David Berson in the journal Business Economics (Edwards, 2011). Now, the ages at which people purchase homes are higher. The average age for homeowners was 34, according to the most recent American Housing Survey data collected in 2009 (Edwards, 2011). There has been a trend toward renting among the younger generation. A study by the John Burns Real Estate Consulting firm predicts the homeownership rate for people between 25 to 34-years-olds will continue decreasing though 2015 (Walsh, 2012). According to this study the number of first-time home buyers has dropped 20 percent since 2009.…

    • 1053 Words
    • 5 Pages
    Better Essays
  • Good Essays

    Renting vs Buying

    • 555 Words
    • 3 Pages

    B. So as you can see buying a house does have its advantages but the advantages does come with a price.…

    • 555 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Owning a home goes hand in hand with the stability viewed as required to start a family or to simply be prepared when the time arrives. Stability, in regards to home ownership, ensures that…

    • 810 Words
    • 4 Pages
    Good Essays