Buying : Needs Analysis

NEEDS ANALYSIS

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> Personal
> Location
> Lifestyle
> Emotional Needs
> Financial Needs
> Future Needs

The first stage is to conduct a personal needs analysis.

• "Is what you need necessarily what you want?"

Some of the following items need to be taken into consideration when analysing what will suit your current and future requirements.

The elimination process.

• Physical Needs
• What do you want?
• What don't you want?
• Where do you want to live?
• Where don't you want to live?
• Established home or new home?
• Apartment or townhouse?

Make a list of your priorities.

• Do you need to be near public transport?
• Are there schools in the area that meet your needs?
• How will you get to work and what cost will be involved?
• If there is limited public transport will you require an extra car?
• If you are a one car household, are the shops and other amenities in close proximity?

What type of lifestyle are you looking for?

• Do you want a garden?
• Is the garden relatively maintenance free?
• Is there enough room for pets?
• Is there enough room to accommodate children and play equipment?
• If you don’t enjoy a garden you may wish to consider an apartment or a town house.
• Potential for future development ie. dual occupancy/development.
• Potential ie. to extend up or out.

Keep your emotions under control.

Consider the following issues:

• Safety of the home.
• Safety of the environment and neighbourhood.
• Security of money invested.
• Security of tenure.
• Satisfying creative outlets.
• Style.
• Street appeal.
• Relevance to current and future needs.

Firstly you need to know how much you can afford to spend.

• Visit financial advisers to gain qualified information on how much you are capable of borrowing and repaying.

The cost of changing homes at a later stage is quite expensive, consider your future needs.

• Family.
• Education ie. Primary, Secondary, University or TAFE.
• Employment.
• Investment.
• Size and potential for improvement/extension.