MCS 2100 Chapter 7: Chapter 7.docx

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: D E

Document Summary

Every buying decision is a statement about your life: lifestyle, needs, desires and attitudes reflect choice. Personal preference are foundation financial factors modify final choice: spend no more then 25-30% of take home pay on housing. Evaluate income, living costs and other financial obligations to determine amount. You may have to give up something, common tradeoffs are. Lifestyle and financial factors: mobility with renting, permanence from buying, renting is less costly in short run, home ownership long-term financial advantages. Flexibility in selection of home features and appliances. May have to cover costs of unrented units. Many rent when first on their own or later in life: want to avoid maintenance activities. Pay for right to live in residence owned by someone else. The search: geographical and rental cost for your needs, compare costs and facilities in comparable units, talk to current and past residences.