I collated all the brochures, took a blank sheet, and started putting the PROS and CONS for all the properties. I thought this might help me to filter some properties but it was all subjective leading to no outcome.
Next, I called my friends and family to take feedback and opinion but I was still not sure what should be finalized.
Finally, I thought of taking a more data-centric approach. I thought of applying the Decision Matrix that I use in prioritizing features/stories in my Product Management role. To my surprise, it was a charm and really helped me in finalizing the property.
A decision matrix is a decision-making tool that evaluates various options and prioritizes them based on certain parameters/factors. The objective is to score each option based on the parameters that will eventually help in making the decision.
Here’s how to create a decision matrix step by step:
- List the options you have
- Identify parameters/factors that you want to consider
- Give weightage to the factors
- Give a score to each option
- Calculate the final score
- The highest score turns out to be the most important
Let’s start applying the Decision matrix to Buying a house
1. This is the list of properties, among which I intend to finalize
Let’s consider the factors that are involved in buying a house. For me, these were the factors involved
- The locality of the House – Which part of the city is the house located in, is it in an area like Whitefield, Indiranagar, or Electronic City. Does it have a nearby hospital, schools?
- Transportation Option – Metro availability, Public Transport?
- Floor Rise – Is the apartment high rise? How many floors does the apartment have?
- Area of the House – 2/3/4 BHK or Total sq ft area of the House.
- Budget – The cost of the house
- Builder Reputation – Is it an A-class builder like Sobha, Prestige or a B-class builder like Candeur
- Distance from Office – How far is it from the office space?
- Early Possession – Is it ready to move-in or still in construction?
- The layout of House/Vastu – Is the property Vastu compliant, does it has a utility space, or how many balconies?
3. Give Weightage to the factors
I have given the weightage on a scale of 1-5, where 5 means, the factor is highly important like “Budget” or 1 means least important.
(Please note – This weightage completely varies from person to person. A factor can be very important for one person but can be least important for other)
These are the weights that I have given to my factors.
4. Give a score to each Property
Here comes the most important part. Based on your experience, input the scores across each property based on the factor.
For example – Let me pick the option for “Durga Petal”. This is a property that is based in OuterRing Road, Mahadevpura, Bangalore. Here are my scores were given to the property.
Here is what the final table looks like with scores for all the properties
5. Calculate the Final score
Once all the scores are in place, let excel do its work. We simply have to Sum the Product of Factors and Weightage.
6. Finalize on the property
Based on the Decision Matrix, these are final scores arranged from highest to lowest.