The first step in purchasing a property is to ask yourself why you want to buy a home in the first place: to stop paying rent? To begin accumulating equity? To have your own apartment? Is it to start a family? For the purpose of entertaining business associates? To upgrade to a larger home? Next, make a list of what kind of home you want and where you want to live. Be as precise as possible. Make a distinction between the "must haves" and the "want to haves."
Consider it as though you're focusing on a specific target, moving from the broad to the specific. Consider the following: area (city, suburban neighborhood, country); community (north, south, east, or west side); and neighborhood (north, south, east, or west side) (older and settled or sparkling new; a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores, entertainment). Consider how many minutes you're willing to spend commuting to work.
Consider the various types of houses. How much room do you require? Is a one-story home required for your scenario, or are stairs acceptable? Consider the property's size and type. Do you prefer a newer home or an older one that you can renovate? You or your heirs will wish to sell at some point. Think about how long you plan to stay in this house.
