1)What steps should you take prior to making a purchase?

2) What steps should you take while making a purchase?

3)What steps should you make after you make a purchase?

4)What is buyer's remorse?

5.   What are the advantages and disadvantages of renting versus owning a home.

6.    What is the role of the title search in making a home purchase?

7.    What questions should you answer when assessing your needs or goal in owning a home?

8.    What are the benefits and drawbacks of leasing a car rather than owning one?

1. Determine what you need.

money you can afford to make the purchase.

available options in making a purchase

        2. decide whether to make another purchase 

determine whether purchase made was needed

leaver her views about the purchase 

Step-by-step explanation

1. What steps should you take prior to making a purchase?

• First you should determine what you need to purchase prior to the purchase, so as to avoid making unnecessary purchase.
• Secondly you should calculate the amount of money you can afford to make the purchase.
• One should also determine the available options in making a purchase. Comparing several products in order to determine the best product
• Review other customer's preference about the product to purchase before purchasing it.

Resources used 

Satisfy, D. The Steps to Take When a Purchase DoesnH Satisfy.

Grover, Dr Priya, and Rama Krishna Mandan. "Analysing role of social media in consumer decision making for purchase of auto brands In India." International Journal of Management 8.1 (2017).

2. What steps should you take while making a purchase?

• While making a purchase an individual should be able to negotiate on the price he/she has been offered, and arrive at a reasonable price.
• The buyer should be able to determine the most preferred seller from the different sellers available.
• The buyer should be able to choose the best quality of the product or service to purchase and at the most preferred price.

Resources used 

Zhang, Richong, and Thomas T. Tran. "Helping e-commerce consumers make good purchase decisions: a user reviews-based approach." International Conference on E-Technologies. Springer, Berlin, Heidelberg, 2009.

3. What steps should you make after you make a purchase?

• The buyer should determine whether the purchase he/she did was the purchase needed or not.
• The buyer should decide whether to make another purchase of the product or not to (buy it again or not)
• The buyer should then be able to share his/her review about the purchase.

Resources used 

Mittal, Banwari. "Measuring purchase?decision involvement." Psychology & Marketing 6.2 (1989): 147-162.

4. What is buyer's remorse?

It's the sense/feeling of regret that a buyer experiences after making a purchase, it normally occurs when the buyer makes purchase of significant amount of money such as a vehicle or home.

Resources used 

Rosenzweig, Emily, and Thomas Gilovich. "Buyer's remorse or missed opportunity? Differential regrets for material and experiential purchases." Journal of personality and social psychology 102.2 (2012): 215. 

5. What are the advantages and disadvantages of renting versus owning a home?

Advantages of renting versus owning a home

• When renting a home one doesn't need a mortgage, as he pays on either monthly or quarterly, or yearly basis.
• When renting a home there is no down payment or deposit required as to owning a home.
• When renting any expenses associated with repairs and maintenance of the home, are covered by the owner.
• When renting an individual has the freedom of moving to another place that pleases him/her as compared to owning a home.
• It's cheaper renting than owning a home 

Disadvantages of renting versus owning a home

• When renting a home, the owner of the house can give notice to the tenant to move out any time.
• When renting the owner of the home can increase the amount of rent at any time 
• There are no tax benefits that come with owning a home 
• When renting the tenant cannot make any changes to the home without the approval of the landlord as compared to owning a home where you can make the changes when you feel like without consulting anyone.
• One is bound to the rules on the lease agreement in renting, while in owning a home you're the decision maker.
• There is no equity you will own in the home even if you stay and pay rent for a long time, while in owning a home the mortgage payment done is building equity.

Resources used 

Shelton, John P. "The cost of renting versus owning a home." Land Economics 44.1 (1968): 59-72. 

6. What is the role of the title search in making a home purchase?

The role of title search in purchasing a home is to be able to inspect the documents and records available either publicly or privately to determine whether the title of the property is legit and free of illegalities and clean, the purpose of this scrutiny is to ensure that there is no dispute/conflict related to the property ownership, and to also ensure that the documents that relate to the transfer of ownership of the property are legal, clean and free of any dispute.

Resources used 

Gillon, Charles. "Under construction: How home-making and underlying purchase motivations surface in a housing building site." Housing, Theory and Society 35.4 (2018): 455-473.

 7. What questions should you answer when assessing your needs or goal in owning a home?

• If you are able to finance the purchase of a home/ the budget set aside
• The amount of money you need to save to cater for the down payment
• How you will be able to furnish and decorate the home.
• The price of other similar homes in the market
• What are the neighbors like and the schools available?.

Resources used 

Shelton, John P. "The cost of renting versus owning a home." Land Economics 44.1 (1968): 59-72. 

8. What are the benefits and drawbacks of leasing a car rather than owning one?

Benefits of leasing a car rather than owning one

• The monthly cost of leasing is lower than the cost of owning a car through an automotive loan.
• The lease of a car is covered by a warranty than in owning where it's covered by insurance.
• An individual enjoys the pleasure of owning a new car after a short period like after a few years.
• Leasing a car requires little down payment as compared to owning one.
• In leasing a car there are no pre-sales tax fees.

Drawbacks of leasing a car rather than owning one

• In leasing there is excess mileage penalties (one is limited to drive a certain number of miles)
• There are fees of excess wear and tear during the lease
• When the lease is terminated on an early date than the one agreed there is an early lease fee on termination.
• Insurance companies charge higher premiums on leased vehicles.

Resources used 

Miller, Merton H., and Charles W. Upton. "Leasing, buying, and the cost of capital services." The Journal of Finance 31.3 (1976): 761-786. 

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