I can't tell you the number of times my husband Dave has gone shopping only to come home with something he didn't really need, or worse, something that didn't quite fit but he bought it anyway just because it was on sale!!He'll buy a pair of pants that are a little too short or a little too tight just because they are 50% off. Or he will buy a jacket with a collar that has one side sticking up and one side laying flat just because it's a clearance item.

And in the end, he never even wears these things because they don't quite fit him!

And as silly as it sounds to buy something you'll never use just because it's on sale, it's what some Canadians seem to be doing these days as they rush down the the US and buy property. With the Canadian dollar so strong, our economy holding steady, and the house prices in the US so much lower than they've been in years, many Canadians think their favourite destinations like Palm Springs, Phoenix, and various places in Florida are experiencing the biggest sale EVER. And they rush down in a frenzy to buy a place.... or in some cases they don't even rush down they buy without ever seeing what they are picking up!!

If you're considering buying property in the US then there are some things you should consider carefully:

• Will this be an investment or a lifestyle property? The answer to this will make a big difference in where you buy as well as potentially how you hold the property. You'll also want to make sure you get tax planning advice because you could be subject to taxation in 2 countries if you haven't set everything up right for an investment property.
• Where do you want to hold the property? Be sure to consider the ease of access from your Canadian home as well as the other things you're looking for.
• How the property will be held.
• How will you finance the property? (most people get financing in Canada to pay cash for their property in the US but there are financing programs available to Canadians in the US if you put a large amount of money down on the property).
• How much time you plan to spend in the US. This is similar to whether it's going to be a lifestyle property or an investment property. Does owning a place in the US mean you will only vacation in the US? If you have big dreams of an African Safari or Paris in the springtime then you have to consider that.

Ultimately, I think you should treat this purchase like you would any other real estate investment. Start with your goals. Complete good market research to identify where you want to buy. Begin building the team you'll need to buy in that area as you search for properties, and then buy your property. To do this properly, I believe, you will have to visit the area you choose to buy in several times and see a lot of properties in those visits.

Then... besides following that process and devoting time and effort to the market research, I believe the next biggest thing you need to take care of is understanding the tax implications of what you buy. And you'll want to set yourself up in a way that allows you to minimize the tax burden.

There is a lot to consider when buying an investment property.... especially when you're looking to do it in another country. If you are a Canadian looking to buy in the US then you should definitely pick up a copy of Philip McKernan's book South of 49. It will walk you through the essential things you need to know! And the proceeds from the sale of the book are all being donated to help children in Sri Lanka! You'll help yourself from feeling like you've just bought a property for no other reason than it's on sale... and you'll be helping children in another country!