Doing research ahead of purchasing expensive items is a must, and most people would try to do their due diligence in different ways and approaches. But how this research is done and how the process is handled make the whole difference.

For example, if your view of research is to post on Facebook that you’re planning to buy a cool car, and get friends’ feedback, this doesn’t count as research. Reading a couple of online reviews that affirm that you’re making the right decision isn’t research, either, although somehow in the right direction. Talking to family and coworkers can be useful or not.

So is it that constitutes reliable research?

Here is a starter: you need to understand not only the initial costs, functionality, features, etc. But you also should understand the after-sale costs, maintenance and eventually resale value. This is all applicable when you’re buying a long-term purchase such as a car or a house.

In short, if you’re going to invest in something, make sure that you get all facts in addition to all the personal impressions and experiences. Here are a few points to keep in mind.

What makes a good value?

People always seek to get the best value for their money, but the definition of “best value” can vary from one person to another. Some may be focused on appearance, status, or simple taste points. Regardless to what you’re looking for, you must make sure that you’re buying the best option within this category.

To do so, you must conduct your research objectively. Don’t be intimidated by boring specifications, technical points or financing issues. If you’re buying a house for example, don’t just stop at the shiny kitchen counters and new paint. Check out inspection reports, required repairs and get actual estimate for the costs. By doing so, you’ll make sure that you’re getting your money’s worth.

Think about not-so-hidden costs

If you’re too focused on a particular aspect of your purchase, you may be blinded by this point and missing out on others. It is important to consider the entire package. If you compromise on some shortcomings, when it comes time to deal with them whether to make yourself more comfortable or for resale, that will turn into a significant cost or a big discount to a buyer who is thinking more straight.

Similarly, think about the costs that are related to pending issues. For example, legal problems related to property, higher insurance requirements related to the specifics of your item, or potential loss on resale for some items that are much highly valued as new. All of these costs that are not hidden, but typically overlooked, should be taken into consideration to ensure that you’re making the right decision.

Verify your findings

Take your research a step further by discussing your points of concern with sellers, online forums and search engines. Look for specific, satisfactory answers that are, again, factual and detailed. If your lenders, home seller, car dealership, jeweller or whoever you’re dealing with doesn’t take your concerns seriously or give you generic answers, don’t proceed. You can always go back and buy the item when you’re sure that you’re making the right decision.

If all the feedback you get lines up one way or another, you will be able to feel confident that you’re in the right direction. For example, if you’re buying a home and you’re concerned about traffic within a particular neighbourhood, you may take to the internet to see what other buyers are saying, check with existing owners, look up if the city has plans to reduce or divert traffic, etc. All of these information-gathering efforts will lead you to a reliable answer.

The writer, a former Gulf News Business Features Editor, is a Seattle-based editor.

Getting research done

Look for facts and reliable information

Look under the hood — literally sometimes

Go a full cycle by taking your concerns back to sellers

Don’t rush into a purchase that you might regret

— R.O.