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Decision Making Paper

In: Business and Management

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My partner and I decided to purchase our first home in 2008, back in our hometown. We had moved five hours away from home for career opportunities. When we found out that we were having a child, we had decided that we wanted to move back home to have our family to help us. Neither one of us knew what the entire process was for purchasing a home. I began by reviewing our finances to figure out what we could afford to spend, and live comfortably. We then decided to use a family friend who was realtor and could help us out in the process. We had set aside money for the down payment, and we had told her realistically how much we could afford. We had known that my credit was going to have a negative impact on getting a loan, so we used my partners’ credit to avoid the negative impact. On our days off we would schedule viewing homes, meeting with the realtor, and the lender. Once we had found the home we wanted to purchase, items we were unprepared for started to arise.
The decision making process followed some of the steps in chapter three of the text (Bateman, 2011). We had planned on how things would be once we purchased our home. We knew that we would be closer to family, our son would have a better upbringing, and that we would be happier. We took what we thought were the appropriate steps in purchasing our home. When you do not have enough knowledge in the decision you are about to make, complications usually arise. Because this was our first time purchasing a home we did not realize there were additional costs up front such as the additional closing cost on top of the down payment, which put us in a position of having to borrow money from my parents. What I also did not realize is the expense to maintain a home, the work load involved to maintain it, or the implications that could arise. We were also unaware that to re-sell our home for some profit, we would have...

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