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“Automobile and housing decisions

Q1. What major factors could affect the Brocks’ spending on transportation? 
Q2. What strategies and research should they use to save on transportation costs
while fulfilling family transportation needs?
Q3. Although the Brocks may have good reasons for continuing to rent, what factors
might make it desirable for an individual or a family to buy a home? 
Q4. What actions might the Brocks take to enhance their home-buying and financing

Response to question 1
The main factors that could affect the Brock’s spending on transportation include the
distance from their new home to Josh’s place of employment, declined household income,
and increased family size. For the Brocks to buy a home, they would need to relocate farther
from where Josh currently works. This means that the family would spend a lot more on
transportation. Josh would either have to use public transportation or get a car – the second
one for the family – that he will use to get to work. Either way, costs of transportation would
rise. The Brocks family now has reduced monthly income as Pam is not working and she
provides full-time care for two preschool-age kids. With reduced income, their spending on
transportation may reduce. Since the Brocks family size has increased and now there are two
kids in the family, Pam needs to use a car for various education and business activities.
Driving her husband Josh to the train station creates many inconveniences for her and the
kids. The increased family size has increased spending on transportation.
Response to question 2
One strategy that the Brocks can use to save transportation costs while fulfilling
transportation needs of the family is using public transportation. This is a viable option for
this family as Josh can use train to get to his place of work. It is worth mentioning that public
transportation saves money on parking, fuel, and car maintenance. Secondly, Josh can use
two-wheeler to get to the place of employment. Biking saves money and is good for one’s
Response to question 3
Buying a home is a very big decision that anybody could make in his or her life.
There are several factors which may make it desirable for an individual or a family to buy a
home. First, the buyer of the house has control of the home and understands that the property
acquisition is a capital gain. Moreover, the home ownership costs could be less than the cost

of renting a home. The purchaser will also be able to experience tax advantages. In essence,
property taxes and interests could be itemized for the purposes of tax deductions (Esswein,
2010). Furthermore, the buyer of the home can experience personal freedom and be able to
remodel, redecorate, or make improvements in the house as they see fit. The purchaser will
also experience less restrictions. This is largely because the number of rules which the buyer
of the house has to comply with would be few. Some of the rules that the homebuyer will no
longer have to abide by include restrictions as far as noise, children and pets goes.
Furthermore, when the homebuyer makes mortgage payments on time, he/she could get a
better credit rating (Bernard, 2015).
Response to question 4
There are several actions that the Brocks may take in order to enhance their home-
buying and financing activities. They need to consult mortgage specialists who would assist
them in choosing the best home financing option so that the Brocks can afford their dream
house without having to struggle to pay their mortgage monthly. The Brocks should choose
between various competitively priced loan programs. Some of these competitively priced
home loans include the following: Federal Housing Administration mortgage loans: low-
interest loan insured by Federal Housing Administration and every qualified homebuyer can
apply for it (Bernard, 2015). Adjustable rate mortgage: this has an interest rate that is
adjusted periodically basing upon an index that is pre-selected. The homebuyer’s initial
payments and interest rate are lower during the initial few years and therefore the buyer can
afford a home that more costly. Fixed rate mortgage: the interest rate of the mortgage would
remain the same on these home loans during the term of the mortgage (Esswein, 2010).



Bernard, T. S. (2015). Home Loan Programs Let Buyers Put Less Down. New York Times. p.


Esswein, P. M. (2010). Should you buy or rent?. Kiplinger’s Personal Finance, 64(4), 73-74.

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