Presentation on theme: "Buying a Home SH NPSD S11. Choosing THE ONE How to choose the proper house to start a family? What if I improperly choose? What would be the consequence?"— Presentation transcript:
Choosing THE ONE How to choose the proper house to start a family? What if I improperly choose? What would be the consequence? - Bad Investment - Having to move when the family grows - Neighborhood doesnt offer the amenities desired Where do I start?
David to the Rescue with the New Product & Development Funnel
Phase 1: Ideation Generate as many options as possible all available 2 family homes in Queens Use the following as tools: -Spend more mental time in the future -Mind map different cities in Queens -Take field trips of the different neighborhoods -Entertain radical thoughts about what you would like in a dream house.
Idea Bank Parameters for the Idea Bank Selection - Must be < $950,000 - 2 Family - In Queens - 2 or more Floors - Have a backyard 100 or more homes
Phase 2 :Elimination 1)Ideation Screen -Must be brick -Different modes of public transportation -Close proximity to food markets and malls -Must not be near any traffic Gatekeeper = Real Estate Agent
Phase 2 : Elimination 2) Expansion & Surface Evaluation - Narrow down the area desired - Talk to the neighbors - Walk around area - Drive from house to markets - Trial run the public transportation Only 7 Homes Remain New Ideas
Phase 2 : Elimination 3) Surface Evaluation Screen - Enough Space for Present & Future - Good Neighborhood - Less than 1.5 hours commute to work - No remodeling necessary - Must have at least 3 rooms per floor - Parking Space Gatekeeper = Real Estate Agent
Phase 2 : Elimination 4) Detailed Evaluation -Good School District -Low Home Turnover rate - Must be near family -Washer/Dryer - Sizeable kitchen -Must like floor plan ONLY 3 Homes Remain in Selection
Phase 2 : Elimination 5) Detailed Evaluation Screen - The Mom Test Mom & Dad will check if the chosen house meets all criteria and suits my needs Only 1 House will be selected
Transition Turn The stage in which the CHOSEN one has been identified Prior to this stage, everything was just talk, no investments have been made Going forward, everything requires $$$$
Cross – Functional Development -Each engaged team will execute their own sub-funnels - Preparation with the following teams: Home Inspection Mortgage Pre-Approval and available products. Research comparable offering prices in area.
Cross Functional Development Gate -Review the results from each team Home Inspection Appraiser Financial Lender - Ensure the house is in line with original parameters. Gate Keeper = Accountant
Testing -Final Walkthrough of house -Loan Approved -House Inspection Passed -Spoke with attorneys -Appraisal above purchase value
Testing Gate -Trial commute to work -Explore the neighborhood -Speak with neighbors -Drive to markets -Speak with school principals Gate Keeper = Family
Deployment -Entering into earnest money agreement with the seller.
Deployment Gate -Seller accepts the offer and agrees to contract -Seller fulfills all pre-closing conditions -Lawyers prepared closing documents -Mortgage secured
Launch House Closing -Sign mortgage -Sign closing documents -Provide seller with check