Needs, Wants and Likes?. Writing a priorities list will save time

 By Jimmy Thomson and Monica van Riet – Mortgage Choice South Melbourne

 

Do you often feel as though finding the perfect property is never going to happen?  “View 100 properties, narrow it down to 10 and put offers on 3”, is a property tip I was given once. This will become very stressful, not to mention time consuming.

 

With all the talk in the news about property prices going up, and it being a buyers’ market, sometimes these added external pressures could force you to make a decision without having considered everything that is essential for you in a property.

 

Here is a fantastic article I read in the Money section of The Age on the 9th of Feb. It’s all about working out and actually writing down your specific needs and wants. Once you’ve done this, it’s a much easier and clearer process of elimination. You can discard of most properties without even viewing them, hence saving you a whole lot of time. I hope you enjoy the article, I found it very beneficial.

 

“Want to know how to find the perfect property to rent or buy? Tired of trudging around viewings of places that are hopelessly wrong for you? You need a “Need, Want, Like list” list.


Get a sheet of paper and draw three columns with:


* Need

* Want

* Like at the top.


In the left hand column, put all the essentials of your new home, such as the number of rooms, type of dwelling and of course, how much you are prepared to pay at the maximum. If it’s an apartment, pet owners would need the building to be pet friendly.


In the middle column, put the things that you really want but could live without if you had to, such as a large kitchen, a view or timber floors. Some of these might be in your Need column. Only you can tell what is essential and what is desirable. Finally there is the Like column – things you’d prefer to have but could easily live without.


Now, when looking at listings, discard any properties that don’t tick all the boxes in the Need column. This along will save you many wasted hours.


Then sort out the remaining properties by those which have the most items listed in the second column. Then, to choose between properties or work out how hard to bid for one, see how many ticks each has in your Like column.


Any of these elements could be interchangeable between adjoining columns. But if you find you’re changing stuff between Need and Like, the chances are you don’t really know what you want and should think harder about this.


Drawing up lists is a great way of focussing your mind, but if you can’t be bothered, Domain.com.au has it’s Radar Search. It allows you to set similar parameters to filter the existing ads and even alert you by email to any similar properties that come online. There’s a sample NWL list and blank form for you to download at flatchat-vic.com."


If you have any thoughts or comments, pllease feel free to call 03 9681 8182 or email me at monica.vanriet@mortgagechoice.com.au.

Posted in: Tips

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