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Decision Making Process

Essay by   •  March 22, 2013  •  Research Paper  •  661 Words (3 Pages)  •  1,214 Views

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Decision-Making Process

There comes a time in everyone's life when it is time to move out and live on their own. The decision to rent or purchase a home was a tough one to make. There are different factors that come into play when deciding to purchase a home. There is a lot of responsibility that comes with being a homeowner because they are required to handle all the maintenance of their property, whereas a renter isn't responsible for maintenance. The benefits of purchasing a home include having a write off on my taxes; I could live closer to work and have a place of my own. When going through the pro's and con's of purchasing or renting a home it made more sense to purchase a home. Putting my money towards someone else's mortgage and wasting money on rent just did not seem like a good idea. Purchasing a home of my own would benefit me in the long run, especially since I have nothing to write off on my taxes. "The main benefit, experts say, is that the IRS seems to favor the long-term investment that comes with home ownership. Interest paid on your mortgage loan is tax-deductable, which is especially good in the early years when interest payments are highest. That could mean huge savings come tax time. You may also save money on rent in the long-term and can build equity and a good credit history" (Davis, 2001).

In the decision making process I had to decide where I wanted to live. I have been working for almost 6 years at the same company and my commute is 60 miles a day. Purchasing a home in a surrounding city of my job would be beneficial in many ways. The home I ended up purchasing is seven miles away from my job, it takes me ten minutes to get to and from work. I now have almost four hours more during my week because my commute time is much shorter, my gas bill has been cut tremendously and my 300 miles I would drive each week has now been cut to 70 miles.

Another benefit to moving out is having my own place and be free to do whatever I want and not have to answer to anyone. "This country was founded on principles of individual destiny, personal control over one's life and surroundings, and freedom of individual expression. A home of one's own helps fulfill all those promises, making the owner free from rent hikes and landlord's whims, and free to live life as he or she wishes. A home can provide a sense of security and pride. A home gives a feeling of stability and commitment, not to mention autonomy and privacy" (To Buy or Not to Buy, 2003). Living with my parents for so many years and having to listen to them and obey their rules made me want to have my own place. Having a place of my own will give me freedom and privacy from my family.

The decision process I used when purchasing my home was very much like the process in our reading material. My problem was I wanted to move out and have the freedom

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