The Problem Solving And Decision Making Process

1690 Words7 Pages
There are many problem-solving and decision-making processes employed by many consultants all over the world in coming up with decisions of renting or buying house. We all make decisions of varying importance every day, so the idea that decision-making be a rather complicated task may at first seem strange. However, in reality, some people are much poorer at decision-making than they think (Thomas & Maurice, 2008). Making a decision implies that there is more than one choice to be considered. More importantly, he or she should select the option that has the highest probability of success or effectiveness as well as best fits with his goals, desires, lifestyle, or values. No business process, such as buying or renting, can be approached by structuring of all the tasks that need to be done in order for this process to work (Malthus, 1826). When making the decision either to rent or buy a place to live, financial factors must be considered. The first step in the decision making process is to determine whether or not the individual can afford to purchase a home. These costs substantially exceed the initial payment and security deposit that would be required if a person were renting instead of buying (Walsh, 2007). Before deciding to buy a home, the amount of monthly payments against the income should be considered. Homeowners insurance and property tax expenditures also should be taken in consideration. Expenses on home maintenance such as carpet or a new roof also should be
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