How to Compare Properties Before Making a Decision

Comparing properties is harder than it looks. On the surface, it seems like a simple checklist exercise. In practice, people get drawn into comparisons that don't help them decide and miss the comparisons that actually would.

Read: 5 Things to Look for When Searching for a Property 

Here's how to make the process useful.

Compare like with like. A three-bedroom apartment in the city centre and a three-bedroom house in the suburbs are not meaningfully comparable on price per square metre, condition expectations, or lifestyle implications. Before you compare any two properties, make sure you're comparing them against the same criteria. Size, location type, condition, price. If those things aren't comparable, the comparison tells you nothing.

Separate the property from the listing. A beautifully photographed property and a poorly photographed one are not necessarily different in quality. The photography is a choice the seller made. The property is what it is. When comparing, try to look past the presentation and assess what the physical space is actually offering.

Make a shortlist of your non-negotiables and check each property against them before anything else. Not everything on a listing matters equally to you. The things that genuinely can't be compromised should be checked first, before you get into the things you'd prefer but could live without. A property that fails on a non-negotiable isn't a candidate regardless of everything else it offers.

Factor in the total cost of ownership, not just the purchase price. A lower-priced property in worse condition may cost more over five years than a higher-priced one in good condition, when you factor in renovation, maintenance, and the carrying costs of a longer renovation period. The purchase price is one number. The real cost is another.

Finally, when you've narrowed to two or three genuine candidates, stop comparing and start asking questions. Send a message. Book a viewing. Talk to someone who knows the local market. At some point, comparison without new information just produces anxiety. New information is what moves a decision forward.

Read: 5 Questions to Ask Before You Commit to a Property 

The House48's Marketplace lets you save and review properties across multiple markets in one place. The Dream Account is built for this kind of ongoing comparison.

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