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This blog helps the property buying community to more easily share strategies, stories and helpful tips. It is an open blog. Anyone can join, contribute and invite others to join.

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05 October 2009

Using a Property Checklist

As you know, we're always talking about using a property checklist when buying property. However, there's often confusion between HAVING a checklist and USING a checklist.

At Morpheus Property, we USE a checklist which is unique to each client. This guides us when locating the best property to meet their needs. Our performance can be easily measured by how well the properties are matched against the checklist.

The Checklist

Write down the critical aspects of the property you're looking for. Start with location, then the block of land, followed by the building itself. This sequence is not by accident. It's purpose is to help you focus on what's most important - location, location, location... then the other stuff!!

(e.g. close to water, transport, schools, shopping centres, growth suburbs, etc)
(e.g. minimum size, shape of block, building envelope, building restrictions, easements, water flow, utilities, etc)
(bedrooms, bathrooms, kitchen, garden, car accommodation, council approved structures, etc)

When you have defined the elements on your checklist, give them a rating out of 10. How important are each of these to you? It is important to do this before you start looking.

Using your checklist

Now you have your checklist, you can start hunting! When you're recording your results, either record them immediately after or while you're looking at the property.

Don't stop using your checklist until you've successfully purchased your property. Score each property individually and see which ones float to the top. This process doesn't take long and it really helps you remember the attributes of each property (easily forgotten after you've inspected twenty or more properties).

Don't be afraid to revisit your checklist and change the weightings (after seeing a few properties, you might decide that it's not so important that a property have two bathrooms, so long as it has an ensuite, etc).

By the way, you'll notice the above example is focused around an owner-occupied residential property. The same principles apply to any property - commercial, land, investment properties, development projects, etc.

Please feel free to comment on this. : )

Yours in property

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