Write Out a Plan

Here's what I said on October 20, 2007, in my other real estate blog: Real Estate 2.0."

After you've done some initial thinking on the subject, brainstormed with your family members, etc., you should write out a plan. Write it down. Have your plan cover the 5 W's.

1) WHAT kind of house you're looking for. Single family, condo, etc., along with its desired features, i.e. number of bedrooms, bathrooms, amenities, etc.

2) WHERE: Where you want to live. If you're moving to a city, what part of the city you want to live in. You may not be sure about this yet, and that's okay, particularly if it's a city you don't know well.

3) WHY: Why you're wanting a house. This may not be so simple as you think. Use a 5 Why tactic to clarify you're reasons.

4) WHEN you're going to look and when you need to move in.

5) HOW you are going to pay for it. [This is actually a H] Are you going to use cash or some sort of financing. Writing it down is the absolutely necessary. And if you don't have all the answers right then, writing it down will help you know what you don't know. After all, knowing what you don't know is just as important as what you do know.

I haven't changed my mind about the process, but I'd add two more questions:

6) WHO: Who's going to live in the house and who's going to do the looking.

7) HOW MUCH: How much can you or do you want to afford to pay.

I'm trying to create a more knowledgeable buyer. How am I doing?

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