| Coming up with new dreams and passions can be fun, | | | | Wants list, and price and rank them in order of |
| easy and inspiring - at least until you sit down and | | | | preference |
| begin trying to sort out how to actually accomplish | | | | *Research recent appraisals, compare to prices |
| these wild goals. Suddenly, what seemed like such a | | | | *View properties in person |
| clear and well-marked path takes on the aspect of an | | | | *Give them priorities list and Wants/Needs list and set |
| overgrown and thickly brambled wilderness of | | | | up appointments to view properties |
| dangerous, unseen pitfalls and endlessly branching and | | | | *Contract real estate buyer's broker |
| unmarked trails. It's enough to make you want to crawl | | | | *Ascertain loan approval for estimated purchase price |
| back into your boring old life and forget the whole thing | | | | brackets |
| ever happened. But let's try something a little different, | | | | *Research loan options/providers and chose best (ask |
| first, and see if we can't tame that overgrown jungle. | | | | Mary) |
| One of the best and most thorough ways to figure out | | | | *Budget for down payment and fees |
| how to do something new is called back-planning, or | | | | *Estimate down payment, inspection, legal, brokerage |
| top-down planning. You begin by listing your finished | | | | and closing fees |
| goal at the top of the page, then working your way | | | | *Estimate property prices in chosen neighborhoods |
| backward through each logical step that must come | | | | *Research neighborhoods based on lists and pick |
| before the one above it. This is the best way to find | | | | favorites |
| out early where the gaps are in your information. In | | | | *Create priorities list for structures and settings |
| order to be truly effective, the list needs to be | | | | *Create a Needs/Wants list for new home |
| consistently precise and highly detailed, rather than | | | | As you can see, the second list is much more |
| broken up into large, ambiguous steps, any of which | | | | organized and detailed, and sets out the process in a |
| may contain many smaller, unknown pitfalls for the | | | | specific, sensible order. Of course, if you already know |
| unwary. Here are two examples, one bad and the | | | | what house you want to buy, or already have your |
| other good, based on the goal of buying a house. | | | | favorite neighborhood picked out, you would eliminate |
| Read them from the bottom up. | | | | those steps, just as you would have to change some |
| Bad Example | | | | steps and probably add quite a few more if you |
| Goal: Buy house in suburbs | | | | required the property for business purposes, etc. The |
| *Close on house (there may be many steps involved | | | | trick is to make sure you anticipate every step and |
| here) | | | | sub-step involved, and account for it, so that there will |
| *Get inspection (how do you go about setting that up?) | | | | be a clear progression from start to finish. |
| *Make choice (based on what?) | | | | One important feature of this planning method is that it |
| *View houses (are they prioritized, is there a list of | | | | assumes success from the get-go. Rather than |
| qualities?) | | | | standing at the starting line gazing out in stark terror |
| *Research neighborhoods (based on what qualities, | | | | over the vast and unfamiliar territory between you and |
| and in what manner?) | | | | your dream, back-planning makes success merely a |
| Good Example | | | | final step in the process and focuses your attention on |
| Goal: Buy house in suburbs | | | | the nuts-and-bolts of getting there. Once it becomes |
| *Close on house | | | | obvious that your previously hazy and distant dream is |
| Step 5 | | | | clearly achievable through a series of defined and |
| Step 4 | | | | reasonable steps, items once thought out of reach |
| Step 3 | | | | suddenly fall within your grasp. |
| Step 2 | | | | The observant reader will note one other notable |
| Step 1 | | | | difference between the two lists. The second list |
| *Approve and make offer or disapprove and repeat | | | | contains references to friends and acquaintances that |
| with next house | | | | might be able to help through their contacts, advice or |
| *Review inspection and legal reports | | | | services. Friends want to help friends, and having |
| *Hire real estate attorney to review property legal | | | | someone on your side who knows the terrain ahead |
| issues | | | | can not only level the playing field where unhelpful (or |
| *Get quotes on real estate attorney (see Charlie) | | | | even antagonistic) experts and complicated processes |
| *Hire independent inspector | | | | are involved, but realizing that you don't have to know |
| *Get quotes on inspections (see Bob and Jackie for | | | | or do everything yourself in order to make this |
| referrals) | | | | adventure successful gives you a calming sense of |
| *Choose top 3 picks based on priorities list, Needs | | | | having it all under control. |