You’ve worked hard and saved up a substantial nest egg. Now you want to reap the benefits by making real estate investments to round out your portfolio. But are you really ready to make that leap?

Whether you’re looking to invest at home or abroad, Lamudi, a global real estate company, suggests you consider these questions first:

Are you financially sound?:

Not only will you need money for a down payment on any property you are acquiring, but you will also need funds for emergencies, such as unexpected home maintenance expenses. Is your nest egg large enough? Is your credit history solid? Take stock before moving forward.

Do you know your long-term goals?:

Are you aware of the overall purpose of the investment? How does it fit into your long-term financial goals? How long do you plan to be in the market? Taking the long view will help you crystallize your actions in the short term.

Have you researched the area?:

It’s crucial to understand the neighborhood in which you are planning to invest. Have you researched the nearby schools? Are you aware of any commuting issues residents have? Is the neighborhood undergoing any significant demographic trends? Such knowledge helps you predict changes that could impact your investment.

When investing internationally, are you assured that the region you’ve chosen is stable?:

International investing comes with its own set of perils, as different regions may undergo political and cultural changes that American investors may not easily anticipate. Is the economy in the area you are considering thriving? Are the demographics stable and favorable? What is the political and cultural situation and how might these elements impact any property investments?

Have you enlisted the help of a trustworthy real estate agent?:

In any transaction, it’s important to have the help of an agent who fully understands the nuances of the area you are considering. This is even more critical when acquiring property overseas. Get references and choose your agent with care.