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| Does The Home You're Buying Or Selling Pass The Home For Sale Test? By Noel Peebles |
Before you advertise your home for sale (or sign a contract to buy a home), do this simple (but important)
exercise to see if the property passes the home for sale test. It is what's commonly called a "SWOT analysis".
Here is an example of how to go about it:
How To Do Your Own Home For Sale Test
Grab a sheet of paper and using a pen divide it into four. Head the top left rectangle "S" for Strengths, the top
right rectangle "W" for weaknesses, the bottom left "O" for Opportunities and the bottom right rectangle "T" for
Threats. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. (see photo above)
Now think carefully about the home you have for sale (or the one you are thinking of purchasing). Write down the
strengths, weakness, opportunities and threats (real or potential) to the home for sale.
STRENGTHS - Here are some examples of home for sale strengths you could include:
Now write down what you could do to maintain or capitalize on the strengths of the home for sale?
WEAKNESSES - Here are some examples of home for sale weaknesses you could include:
Now write down what you could do to overcome the weaknesses of the home for sale?
OPPORTUNITIES - Here are some examples of home for sale opportunities you could include:
THREATS - Here are some examples of home for sale threats you could include:
Now write down what you could do to overcome or limit the effect of the threats of the home for sale?
If you still have room on the sheet of paper start writing a list of home sale action points. Examples could include:
finding out if the rumors of a change in road speed have any substance, find out the cost of painting the
damaged front wall, find out if the trees can be trimmed (are they on the same property, are they a protected
species) etc.
Doing this home for sale test doesn't take a lot of time, but it will take some thought to clearly identify the benefits
(or otherwise) of buying or selling the property based on the information available.
exercise to see if the property passes the home for sale test. It is what's commonly called a "SWOT analysis".
Here is an example of how to go about it:
How To Do Your Own Home For Sale Test
Grab a sheet of paper and using a pen divide it into four. Head the top left rectangle "S" for Strengths, the top
right rectangle "W" for weaknesses, the bottom left "O" for Opportunities and the bottom right rectangle "T" for
Threats. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. (see photo above)
Now think carefully about the home you have for sale (or the one you are thinking of purchasing). Write down the
strengths, weakness, opportunities and threats (real or potential) to the home for sale.
STRENGTHS - Here are some examples of home for sale strengths you could include:
- Close to city location (3 minutes drive).
- 2 car under-cover drive-on parking.
- Established trees and shrubs in landscaped garden.
- The home for sale is private.
- Good indoor/outdoor flow with large deck.
- Generous open-plan living area.
- 3 large bedrooms plus study and sleep-out.
- The home for sale has a newly renovated kitchen.
- Schools, shops, bus stops etc close by.
- Large fully-fenced section that could be sub-divided.
- etc.
Now write down what you could do to maintain or capitalize on the strengths of the home for sale?
WEAKNESSES - Here are some examples of home for sale weaknesses you could include:
- Exterior paint-work on house front wall looks tired.
- Busy road assessable to south flowing traffic only.
- Driveway has holes.
- No garage – undercover car-port only.
- The home for sale has over-grown trees that block sun.
- Sleep-out below standard of rest of house interior.
- The home for sale has a blocked view.
- Neighbours have large rusty wrecked camper-van on front lawn (unsightly).
- Guttering and spouting leaks.
- etc.
Now write down what you could do to overcome the weaknesses of the home for sale?
OPPORTUNITIES - Here are some examples of home for sale opportunities you could include:
- Paint front wall of house.
- Fix pot holes in driveway.
- Fix spouting and guttering on house.
- Paint and tidy-up interior of sleep-out.
- Trim trees to let in the sun and improve view.
- Talk nicely to neighbours – maybe offer to move unsightly camper-van.
- Talk with developer about potential to subdivide.
- etc.
THREATS - Here are some examples of home for sale threats you could include:
- 5 similar houses in street just put on market.
- Rumors of road speed limit being increased – would make access to driveway more difficult.
- Termites discovered in east wall of the home for sale.
- etc.
Now write down what you could do to overcome or limit the effect of the threats of the home for sale?
If you still have room on the sheet of paper start writing a list of home sale action points. Examples could include:
finding out if the rumors of a change in road speed have any substance, find out the cost of painting the
damaged front wall, find out if the trees can be trimmed (are they on the same property, are they a protected
species) etc.
Doing this home for sale test doesn't take a lot of time, but it will take some thought to clearly identify the benefits
(or otherwise) of buying or selling the property based on the information available.
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