You have decided to buy a property. Your obvious next step is to do a property search. People who have bought a few properties before probably know the 5E rule. Others may have used the 5Es without knowing. It is your guide in the jungle of properties.
Property Search – The 5E Rule
The 5E Rule is called so because there is a rule for every “E”. There are 5 of them. This nifty trick helps you to remember the rule.
- Explore: This is more than search.
- Email: Communication
- Evaluate: Due diligence
- Everything: Consider everything
- Enter: Personal Inspection
This system will bring you to the doorstep of your new home. The 5E rule does not specify any order of the “E”. They are just 5 things that you will do.
Property Search – Explore
If you are going to buy a property, go to the area to evaluate it. Most of us cannot feel a place until we are in it. The easiest way to start will be with a compass. Decide the direction of your property.
All human beings believe. The Indians have “Vastu Shastra” and the Chinese believe in “Feng Shui”. Each of these philosophies has intriguing perspectives on properties. They both agree that your surroundings will affect you.
Take the compass and a map for your property search. Look at the large area map where you want to buy a property. See if any area calls out to you. If you have been living in the city for a longer time, you may have an idea about the different neighborhoods. Factor that in your selection. If nothing works, just start with the north. Up is always a good way to go on your property search.
Drive around the place. You have to feel the place.
- Observe: The variety of construction – Multifamily homes, multilevel homes, landed properties. See the quality of the shops and merchandise. Buy an ice cream. See and feel the people. Feel the air. Smell it. Hear the sounds. You may be surprised what all you start observing.
- Parks: Check out the parks. Greenery and how it is treated is quite a reliable reflection of the area upkeep. You will find fascinating people in the parks and hear entertaining stories. Go with your family for a picnic. It is easy to strike up conversations when you are with your family. People do not treat your suspiciously.
- Security: How many policemen did you encounter in your drive? Did you feel safe driving around? Check out the security of the area. It is crucial for your safety and the safety of your loved ones.
- Love: If you drove thru an area and loved it, do it again. Repeat the visit after one week. If you are still willing to come back, you probably have found your area.
The cities are concrete jungles. We still have to look for our paradise.
Property Search – The 5E Rule Click To TweetProperty Search – Email
Communication is everything in today’s day and age. We will rely on email, to do our bidding.
- Never Miss a Mail: With email, you can never miss a communication. Whether you are there or not. Even if your computer breaks down you will have the information.
- Organize: Did you know that when you started your pursuit for a new home, you became a mini office? You will surely search online. Visit property agents. Search in the classifieds. Whatever you do, communicate thru email. You will get the replies and updates on email. With any decent email client, you can organize your mail in folders and sub folders. High end email clients allow quick search of documents and even allow you to tag your emails with keywords. You have to become an organizational genius to stay on top of things. Praise the lord for emails and the Internet.
An important part of email is that you should subscribe to updates. You will be intimated when prices of a property go up or down. In a short time, you should be able to see a pattern.
Property Search Evaluate
Once you have narrowed down your list to a few properties that you like you need to start the evaluation process. Do not confuse this evaluation with the “property evaluation”.
- The Property: Evaluate the property visually. Does it appear in reasonable shape? If it has any free land, like yard, check it out. If the upkeep is shabby, you can expect that the owners were not pretty punctual with repairs. If it looks decent, you can be happily surprised. Think about the time you bought your car. The looks can kill.
- The Surrounding: If the property is prepared for sale, you may find it freshly painted. In this case, you will not be able to draw much conclusion. Evaluate the surrounding buildings. In what shape are they? Does it look like a decent neighborhood that you would dwell in, or is it a place to mug people? You get the idea.
You can visit the property for evaluation anytime, day or night and without appointment. The idea is to narrow down the list of properties in question.
Property Search – Everything
This is your answer to what properties you should consider. Our explore exercise will filter the areas that you do not want to live in. But when it comes to the area of your choice, do not limit yourself. Consider everything in your budget.
It is not uncommon that people make a decision to buy an apartment or a house before they start the property search. Sometimes they will find out that the budget allocated is too low. Often enough, they find properties, that they thought were out of their reach. It is exactly these properties that are a sweet catch. A deal you have been looking for.
Property Search – Enter
Enter refers to the point when you enter the house and evaluate everything you see in it. Do not look at the curtains or the furniture. What you need to inspect is the foundations, major repairs, electrical and plumbing. Make a note of permanent fixtures.
It is easy to arrive at your selection using the 5E rules. It has a slightly different approach to the conventional search. It helps you get where you want to, very quickly. Go ahead, give it a try. We wish you the best of luck, with your property search.
–PROPERTY INVESTMENT
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