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First Home

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Submitted By brut151
Words 1133
Pages 5
Risk Paper 1
Project Risk Management 595 11/17/13

Buying our First Home
In this paper, I will discuss about a project that many people are familiar to: buying a new house.
I moved to Columbus in 2001 to go to college, after renting for nearly a decade and living with roommates, I found a woman that I wanted to spend the rest of my life with. I had a good job and a good woman the only thing that was missing was somewhere to call home. We moved to a new area and we were trying to decide whether or not to purchase a new house, and if so, where should I buy it. I also considered if I should buy a preexisting new house or hire a builder for a new house. Every option had its own set of potential risks. If we continued to rent, we were really just throwing away money. If we purchased a house, could we afford it and were we buying the best house for me and my family?
I approached it like any other project, with interviewing people, note collecting, collating, and interpreting the data. After reviewing my expenses and income and examining the tax advantages, I decided to buy a house but knowing that several risks may accompany my decisions, these risks rank from high probability – high risk to low probability – negligible risk. There are many risks in buying a new house such as: The opportunity cost of investing in an alternative investment is very high because of all the cash and future income stream is tied up into one asset a home, which may or may not appreciate. The house is an undiversified investment, so if the market tanks as it has, game over. Knowing that we do not own our home, the bank does. So, I have to not think that I own my home until it is paid off 100%.
Well we ended up going with a bank owned home in the Pickerington area, it just made sense it was close to both of our places of employment and it has a great school system. The one risk we

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