It’s the new year, and with that comes new possibilities — especially in the world of real estate. 

You could buy another home, purchase that vacation house you’ve been eyeing, or invest in rental properties, commercial real estate or even international assets. 

Not sure which route is best for your long-term goals and wealth? Here’s how to choose your next property — and do it right:

Do a financial assessment. The first step is to evaluate how much you’d like to spend. Remember to keep in mind both the upfront and long-term costs, as well as the upkeep and maintenance of the property — especially if you’re not on-site often. 

Keep your travel and work plans in mind. Are you planning to go abroad this year? Will work keep you busier than ever, or are you planning to slow things down and take more time for yourself? These details can help point you toward the right buying location and property type. 

Make a detailed list of your preferences. Have a clear-cut picture of what you want. In today’s competitive market, you may find yourself compromising just to find a property, and having a solid list of your must-haves and nice-to-haves can make the process easier to navigate.

Be patient. Competition might be strong, but it shouldn’t push you into the wrong decision or force you to compromise on what’s important. It’s not always easy, but try to be patient until we find a property that’s truly right for you.

Are you on the market for a new property this year? Get in touch to discuss what you’re looking for.