You may ask why buy real estate in this economic climate with so much uncertainty.Some of you may be preapproved, others may be thinking about buying property and do not know the steps to take to home ownership and I am sure there are a number of other reasons as to why you may not want to purchase at this time.Now is the time to buy!Mortgage interest rates are as low as 6.50 percent, property values have reduced significantly in some cases as low as 20 percent when compared to what the value was four years ago, and for those of you who have funds sitting in a bank account earning minimum interest and are in a position to buy a property for cash may just discover the greatest return on your investment in this circumstance is the rental income.There are properties on the market that can meet several needs. Finding the right property for your need requires several steps:n Have a meeting with your spouse, family and yes yourself to ensure that you are committed to take the steps to home ownershipn Obtain a preapproved mortgage. Many of the decisions you make concerning which property to purchase is personal but your financial position needs to be established prior to the search for your ideal property.n Establish a relationship with an agentn Be prepared to listen and take advicen Contact a real estate attorneyYou have met with your agent who has put together a package for you of several properties that may meet your needs one of which truly stands out.Your agent has scheduled your first viewing of the house you have dreamed about this is a big step and could be the beginning of your very first big property investment. You need to be prepared to ask questions I suggest that you prepare a Property Check List:n What is the house constructed of Bermuda Stone or Concrete Blockn When was the property constructedn What size is the water tankn Does the property have a welln Is the electrical wiring and plumbing in good ordern Where are the boundaries?After you have visited the property you should consider the following:n Does the interior floor plan suit your needs? Consider the number of bedrooms and bathroomsn Where is the property located? Consider ease of access to schools, hospital, shops, public transportation, parks and other amenitiesn Can the property meet future needs? Such as extending the living space for a growing family.n Are there any easements running through the property which might restrict you from putting in a pool?You may want to visit the property a few times before making the final decision having an updated pre-approval will give you the comfort of knowing that you can act quickly on the acquisition.The next steps:n Contact you Mortgage Officer, who will ensure you have sufficient funds to complete the salen Make an offer on the property, be prepared to have your 10% deposit availablen Contact your Real Estate Attorney who will ensure you have clear title and provide legal advice and ensure a smooth closingn Your real estate agent should do a final walk through of the property prior to the closing date. This is your opportunity to make sure that you are satisfied with the property you are buying.The first property you purchase may not be your dream home; you may have to make the decision to build equity towards purchasing your dream home and what better time to this then now.This week’s column is submitted by Frederica Forth-Anglies, president of Century 21 Bermuda Properties..