Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you have purchased real estate before, this decision must be made carefully.
There are several things to consider including: Do you currently rent and want to pay your own mortgage, not your landlord's? Have you outgrown your current home? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Do you want to simplify and downsize? Or, are you looking to diversify your investment portfolio? Are you looking for a rental property? Having a clear sense of your reasons for buying will help you choose the right type of property.
Consulting with a financial manager and/or your CPA may also help guide you in this decision making process.
Before you start shopping for your property, it is a good idea to make some preparations.