Choosing the property can be overwhelming especially for the first time buyers, but relax. In this article, We’ll break down six steps you should follow to find the right property and feel confident in your decision.
Finding the right property can be a hectic process, but we’re here to help.Propryte.com
6 key steps to find the right property
- Pinpoint your problem
- Define your property requirements
- Identify options and make your shortlist
- Select your top choice
- Get the support
- Purchase your new property
Step 1: Pinpoint Your Problem
The first step to find the right property and it’s buying process involves figuring out your needs and making sure they’re aligned with your lifestyle.
Ask yourself: What problem do I have in current residence or community?
Identifying the problem helps you narrow down the type of property you need. Start with a specific, daily commute, facility issue, such as:
- How much time and money being spent on daily commute to office and schools.
- Facilities that you lack in current residence such as Power backup, Gym, Parks etc..
If you’re not sure where to start, here are some ways to identify your problems and how they’re tied to your lifestyle:
- Talk to your family to pinpoint current problems. Dig deep in conversation to find the underlying issue, not just the symptoms.
- Ask others in your street, project and/or community if they’re experiencing similar issues.
Step 2: Define your property requirements
There are likely dozens of property designed to address the issues you’re having. But that’s not enough. You need find the right property that will match your budget, financial ability and specific needs.
Ask yourself: How do we want to use this property?
Knowing what you want to get out of the property you buy will help you get closer to the right choice. Here are some requirements to consider:
- Features or Amenities (all the things you need it to do)
- Number of Persons to Stay (if you need separate room for elders and siblings in your family)
- Buying for occupation or investment purpose (depends on how you use)
- Locality (how the surroundings and environment is for you and your family)
- Growth potential (how well the property will meet future needs like resale value)
- Pricing (how much you’re willing to spend on the property that includes loan processing and home interiors)
Don’t stop at answering this question, though. Bring in additional information to refine your requirements by visiting Propryte’s categories to browse in-depth user reviews from other people like you. You’ll be able to find something other users consider as must have.
To be sure about your requirements, You should check with family members to see what they actually need. You can also look at one or two leading builders and see what extra features they offer. Compare those to other property you’re considering to see which features you can’t do without and which are nice bonuses.
Step 3: Identify options and make your shortlist
The next step in your property search involves creating an exhaustive list of all the solutions that meet your needs. Searching Propryte.com for your property category is a great place to start.
After creating a comprehensive property list, it’s time to narrow it down to a manageable shortlist of realistic options. Ideally, that list should have three to five projects on it – any more than that and the selection process becomes too long and complicated.
Ask yourself: Does this property need to be on my shortlist?
To answer this question, start comparing the property on your list against the requirements you laid out in step two, taking care to evaluate the following:
- Does the property solve your key problem?
- Does the property meet your lifestyle?
- How user-friendly is the solution?
- Is the property is better than property you stay now?
- Does the property have good user reviews?
- Is the product within your budget?
- Is the project legally safe?
Once you answer these questions, you should find that most of the property in your initial list can be removed.
The filter tool in propryte allows you to to whittle down your results by popular features, pricing options, and more. User reviews (found on specific property pages) will give you overall ratings, as well as ratings for ease of use, customer service, overall value, and features.
Step 4: Select your top choice
You’ve might have done a lot of research by this point, and ready to make a final selection from your shortlisted properties. To feel fully confident in your decision, here are some some last checks to find the right property.
Ask yourself: Do I trust this builder and property?
Your relationship with the builder will be a buyer and seller. Here are some ways to build that trust:
- Read user reviews on Propryte.com from current customers that have needs similar to yours. Create a list of questions for builders based on any concerns you have after reading the reviews.
- Reach out to builder’s representative during site visit and ask questions. Seeing the property in real allows you to make more meaningful comparisons.
- Visit the property on your list to determine final pricing and offers, loan facilities and other legal arrangements. Different builders provide varying levels of service after your purchase, so if you want something hands-on, talk to the builder ahead of time.
After completing these checks, you should feel even more confident in your selection. The next step is ensuring your family shares this confidence.
Step 5: Get the Support
After you find the right property and before purchase , you need to listen suggestions from others in your family. Not everyone will have spent as much time on property research as you, so share your thoughts and let them know how you arrived at your final choice.
Ask yourself: Who will this decision affect the most?
Include anyone who will be affected by the property change in discussions. That could include:
- Family members who will use the new property
- Co-applicant you are about to add in Loan
- Member who will sign off on the purchase documents
Share your research and selection reasons, and leave plenty of time for feedback. Once those affected by the change are okay, you’ll be ready to purchase.
Step 6: Purchase your new property
This final step is the most straight forward, but there are a few things to be aware of before you sign on the dotted line and send in that first official payment:
- Make sure you’ve communicated with the builder ahead of time about the terms of your purchase/contract.
- Ask about any discounts you might qualify for (e.g., if you work for a particular industry or non-profit).
- Discuss payment plans, and ask about discounts for paying upfront instead of schedule.
- Discuss what the builder will be responsible for post-purchase (this could include maintenance and delivery, customer service availability, and access to future services).
Once you’ve officially bought the property, pat yourself on the back for your hard work you’ve put to find the right property, and feel confident that you’ve made the right choice for your family because you took the time to get the buying process right. It’s time to party in your new home.