Selecting Your Next Residential Property Purchase Using the LAPD Methodology

First and foremost, LAPD is not referring to the renowned Los Angeles Police Department. It’s actually a simple acronym for Location, Amenities, Price, & Design. To me, these 4 factors, which are by no means exhaustive, are the most important factors for a buyer to consider when selecting a residential property, regardless of whether it’s for the buyer’s own stay or investment.

Location
When buying a property, note that location is very important, not only for your own convenience if you bought it for your own-stay, but also if you are planning to rent it out, or sell it in future. As a Property Agent, I’ve come across properties which couldn’t be sold ( at a decent price ) or rented out simply because their locations are terrible. Criteria for a good location are its proximity to transportation, educational institutions, supermarkets and/or wet markets, food outlets, entertainment outlets, etc.

Amenities
Some of the external amenities are already covered above, but other “internal” amenities would include things like a swimming pool, other recreational facilities, landscaped garden, and internal fixtures in the unit in the case of a condominium, and likewise for the surrounding area of a landed property.

Price
This is tied to Affordability. Never overstretch your finances. Remember to always leave some money for unforeseen circumstances, vacations, or simply to buy things which you really need from time to time. If you find a development which you really liked but cannot afford it, it’s important to walk away. Who knows, there may well be other equally good but cheaper properties out there in the market.

Design
Of course the design of the property you buy must be reasonably appealing, but it need not be overly ostentatious. Nothing is this world is free, so the more luxurious the design and fixtures are, the more expensive the unit is going to cost. Likewise, any additional renovations or furnishing of the unit which you would like to carry out should be considered in line with your budget. You must never take an additional loan for these as it would put unnecessary financial strain on you. The rule of thumb is to buy what is necessary first, and buy the others when you have the money to do so.