In this video, Johnsy focuses on a topic that he has visited before in previous videos - the property checklist. With a question from Matt in Chester, Johnsy focuses on what a property checklist could include, and further, how to personalise it to suit each individual aspiring investor or home-owner.
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Please see below the full transcript of the video:
Hi and welcome to the latest Ask Johnsy from home. In the last Ask Johnsy, somebody asked, I mean I constantly go on about a personal property checklist, and somebody asked what might be in this checklist.
Well, the checklist is going to be different for whether you're a home-owner buying for residential purposes, or if you're an investor. So, firstly, in both instances, you're going to ask what you can afford, and certain basic questions around that, but if you're a home-owner, you might look at certain critical items like whether there's parking, how many bedrooms you need, whether the location's good, whether you need to be next to local schools, whether it's got a garden, whether it's near public transport if you need public transport and then other things which are less critical but also still very important are the number of bathrooms, state of the decor, how much work you're wanting to put into the property yourself, that's something that's very personal, whether there's a dining room, a garage or what's the local area like, is it a nice area to live in.
In terms of investment, you're going to look at what you can afford again, your property profile and your tenant profile's really important, how much work are you wanting to put in to this yourself in terms of one, improving the property or secondly, managing and letting the property. How much can you put into it if you're not local and you might be limited in what you can do? What is your reason for buying? What are your long-term goals? What finance year are you intending to use, are you looking to get a buy-to-let mortgage? And also, what's your renting strategy? How long are you going to be intending to own a property for? What are you looking to achieve out of it? At what points are you going to pull your money out and maybe re-invest or use it for something else?
So, they're your typical things that you'll have on a property checklist, but at this stage stop and go back along with your checklist and ask, 'are these things really needed'? Ask yourself the question again, 'if this criteria wasn't there, could I still live with the investment, or with the property and live in the property'? And that's how you really distinguish by asking yourself that question again.
Some people go to the lengths of doing weighted lists, so they may weigh a criteria between 1 and 10 how important it is, 10 being the highest, 1 being the lowest. Something that may be the highest is distance from a local school. If you've got kids and you need to walk them to school in the morning, is there a school locally that you can walk to; that may be a weighting of 10. If you had somewhere which is next door to a school, the school might be 10 and therefore your overall score would be 10 multiplied with 10 is 100, and you do this for all of your criteria rating them out of 10 and how important is it to 1 to 10 and that will then give you an overall score. That allows you to strip any emotion out of the equation which is sometimes what people need to do in order to make the right decision. Sometimes it's better to let your head rule your heart.
Ok, and that's everything from me, and that's the personal property checklist. Thank you.
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