When to use a Weighted Decision Matrix

When to use a Weighted Decision Matrix?

A weighted decision matrix should be used to reach an answer when you have a choice between a number of different options that provide a solution to your question or problem. Furthermore, you need to consider each option against a number of factors involved in the decision making process. For example, when choosing a holiday, you have many potential destinations to choose between and must consider each against factors such as cost and the weather.

Some decisions are easy, some are much more difficult because of the number of options to choose between and the factors involved in the decision.  Do I eat an apple or an orange is a simple question to answer and we’re guessing not many people would need a weighted decision matrix for that one, but what if you’re deciding something much more complex?  For example, you need to pick a school for your child to attend or you need to decide which software solution meets your employers complex needs?  Suddenly there are many more factors to consider and the weighted decision matrix comes into play. Take the choice of school: things to consider would include the standard of teaching; the distance from home; are little Jimmy’s friends also going there; the sporting facilities; after school care etc.  The weighted decision matrix allows you to weight each of those factors by importance so that you can make a decision based on what are actually the most important factors.  Giving each factor a value strips out some of the emotion involved when taking a decision because you are being honest with yourself about what really matters.  Jimmy will be able to make new friends so that factor from a practical point of view is less important than the distance from home the school is.  In this way your decision becomes an objective rather than a subjective one.  Now you can go and download one of our weighted decision matrix templates and start to think about the decisions you need to make.

Example of a Weighted Decision Matrix

What to look for when buying a house

buying a house

The weighted decision matrix is the perfect tool to use to compare one house against another.

Buying a house will be the single most expensive decision you ever make. Considering you will be living there for a good few years and paying for it for even longer it’s probably best you give it some thought!

Talking to an estate agent recently, I was amazed when they told me that some people will have a 10 minute walk around the house then make an offer. Stop! Don’t do that, make a list of everything you need to factor into the decision and then use one of our weighted decision matrix templates.

We’ve thought of a few things you need to consider but let us know if you’ve got anything we’ve missed via the comments.

I’ll skip over the cost, hopefully by now you will have researched what you can afford and at least have a target price in mind. If not then there are loads of mortgage calculators our their to help you. Everyone always says that the most important factor is location, location, location and you know what they’re right! But check it out properly, the house might be in the right place but if it takes 10 minutes to turn out of the drive in the morning because of traffic you might want to think again. Has that ever happened to you?

So here are some things to consider but if you want a really exhaustive list of everything to consider and more besides check out the link to money saving expert at the bottom.

First of all, on viewing the property do you smile, do you whisper, “I love it” to your partner? Has it got the wow factor? This is a gut feel, emotional response but who wants to get all objective about buying your home? Well, actually we do because emotion is all well and good but it doesn’t pay for the damp in the loft you forgot to check out or the plumbing that doesn’t work properly does it? So, always do a proper fault check and let your head rule your heart on this one. Any faults needn’t be a deal breaker just negotiate the cost of repair off of the price.

Consider the distance to work and or school. Are they in opposite directions for example! Obvious but not everyone thinks this through apparently and you don’t want to be racing to work everyday, stressed and late do you now.

Is the neighbourhood as good as you think or is it actually better than expected? Talk to people, talk to the local policeman and post office owner. They will all have valuable insights and experience you may not have.

Lastly, it’s nice to have a big garden isn’t it? Actually it isn’t if you hate cutting the grass, weeding or picking up leaves in the autumn so be realistic and don’t become a slave to it.

which house should I buy

So much to think about isn’t there? What tips do you have when buying a house? Please let us know in the comments and use the decision matrix here.

Buying a house? Decisions, Decisions!!

Are you buying a new house, or are you a first time buyer? Are you unsure whether to go for a new build or an older property? With so many houses to choose from it can often be difficult to decide which will be a better investment. After all finding the right house can be stressful and you want as little hassle as possible. Here’s how we approached it using a weighted decision matrix.

A lot of people nowadays are resentful towards buying new-builds, whilst at the same time there are people who will only buy new houses. Why is that? What affects their choice? In order to take a closer look at this trend and also help you make the decision we have provided you with pros and cons for purchasing a new-build. This might help you make your decision.

With a large number of new houses being built each year, there is an enormous amount of choice when it comes to buying new-builds. At the same time many people dream of living in an older property, such as Georgian townhouse or a giant country cottage. Some of the current owners of such houses might want to warn you of the issues with maintenance and the great expenses that it could bring. Below we have looked at some advantages and disadvantages of buying a new-build, which will helpfully help you when making your decisions.

Advantages of buying new builds:

New-builds tend to be more energy efficient, they tend to be better insulated and in most cases will include double glazing, making them cheaper to run than the older houses. This could make a massive impact on your gas and electricity bills, which could potentially save you a fortune. Make sure you watch out for rooms that do not get enough sun light, meaning that you would need to have the lights on throughout the day. At the same time you would be surprised to find out that new-builds often are not that cost-effective as they might seem at first. Many are in category C (rates are between A and G) so buying a new-build doesn’t necessarily mean that you would be able to purchase a house that is in category A.

When buying a new-build you will have the great opportunity of choosing everything from the colour of your walls and carpets to the type of worktops you want in the kitchen. This might be attractive for some people as it would allow them putting their own stamp on their new house. One thing to remember though is the fact that the property needs to be left to settle and dry out, which might potentially take up to two years, so you could actually end up being stuck with magnolia walls for the first beginning. .

Purchasing a new-build tend to be associated with less stress and hassle when moving in as you won’t need to wait for anyone moving out and/or changing their mind the last minute. Even more the new builds usually tend to come with great deals and offers, which might be a better option for the first time buyers. All is good until hidden costs arise, associated with moving into a new-build. There are costs such as snagging inspections and the fixtures and fittings that previous owners of the older properties would have already installed. Be careful as some new-builds might seem overpriced to start with, however the extra cost is very often associated with owners having it all new, with no need to replace fixtures and fittings and redecorate your house.

Most new homes also come with a 10-year guarantee and the protection scheme from the builder, which might work in favour for you, ensuring that you get the most out of your new home and things would not go wrong in the soon future. New-builds also tend to be perceived with a lack of hassle when it comes to maintenance. They look esthetical better and are not as worn out as the older houses, where very often you would end up replacing a large amount of facilities and fixtures. Not only they need less work doing on but they also tend to be more secure and safe than the older homes – fire safety has always been though of when planning the new-builds and they usually come with security locks, burglar alarms and security lighting.

Disadvantages of new-builds:

Although there are a great deal of advantages when purchasing a new-build, there is also a great deal of disadvantages that put a lot of people off. One of the first and the most important one for many is the size of the property. We have to admit that new-builds tend to be much smaller in size than the older properties and unfortunately they also tend to come with smaller gardens and limited space available when it comes to garage, loft and storage space. Parking facilities also tend to be limited these days, with only shared driveways available, what could easily lead to arguments with your neighbours and cause tension.

New-builds are also very often associated with depreciation – new homes are only new for a very brief period of time but will require you paying a premium rate for it. Very often buyers rely on the show homes being the actual replications of their future homes and imagining what the house would look like. By doing so most people nowadays would end up buying their “dream houses” before they have been completed. In order to make the houses look better and larger, furniture tends to be kept to minimum in show homes to give the potential customers an illusion that the house is larger than it actually is.

Many buyers might find new-builds appearing less problematic and easier to get a mortgage for, however very often buyers find that their dream often turns into a nightmare with the poor workmanship, delays and unexpected costs involved in the process. Plasterboard walls nowadays don’t support much weight and are also not as soundproof as they used to be back in the day. Although they could potentially be associated with delays and the unknown, in a longer run new-builds would require less repairs than the older houses.

There will always be pros and cons for everything so the best thing to do is go through the pros and cons that you will personally face, writing lists could also help you make decisions. Make sure that this is the right decision for you and your family as there is something for everyone and you will find that people will have different opinions when it comes to houses and housing market. Why don’t you try and use the weighted decision matrix – it might come in handy for you and could help make your decision quicker.

Author’s bio:
Evita Williams writes for John Day Decorators Ltd, she is very passionate about home improvement, refurbishment and DIY, and she is always searching for new inspirations.

Follow the link to download your own weighted decision matrix template.

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