For many who live in the US, owning their own home is the American dream. If you are considering buying a home in Brooklyn, New York, then homeownership can become a reality, but not with out setting realistic goals, getting sound advance and carefully planning for they day you sign on the dotted line (on many dotted lines I should say) at the closing table.
The decision to buy a home is definitely one that should not be made lightly because it requires a significant investment of time, energy, and money, you can't forget the money. So, the best way to start the home buying processes is to take a realistic view of what you can expect from homeownership and is it really right for you at this time.
The Advantages of Homeownership
There is no doubt that there are many advantages to owning your own home, whether it takes the form of 
a house, a condo or some other type of real estate, the first being that you have a place of your own to call home. You'll have the freedom to adapt your living space to meet your needs and personal preferences.
Financial Benefits
Owning your own home is an excellent investment, even in a struggling economy. It can be considered a forced savings plan. As you pay your mortgage you gradually accumulate "equity" which you can borrow against or turn into cash by selling the home. Contrast that with renting where you pay money to your landlord with no hope of ever getting that money back.
Stable Housing Costs
While rents typically increase annually, the principal and interest portion of most mortgage payments remain unchanged throughout the entire life of the loan (if you wisely get a fixed rate loan). In fact, because of the effect of inflation over the years, you pay the same amount of money with ever "cheaper" dollars.
Tax Benefits
There are significant tax breaks for homeowners that are not available to renters. Interest paid on a home mortgage as well as property taxes are usually tax deductible.
The Drawbacks of Homeownership
Homeownership is not for everyone. If you're only planning on living in an area temporarily or anticipate being transferred out of state in the near future, it makes far more sense to rent. There are other drawbacks to owning a house you should take note of before you take the plunge into homeownership.
High Cost of Homeownership
Usually, you will pay more for housing as a homeowner then you would as a renter. Even if your mortgage payments are less then your rent, you will have other expenses to take into consideration such as paying property taxes, homeowners insurance, utilities and home maintenance costs. If it will be a major strain on your family finances, it makes far more sense to rent until your financial situation warrants buying a home.
Possibility of Foreclosure
A mortgage is a financial obligation that, if it is not met, can lead to foreclosure, which consists of the loss 
of the house, the loss of any monetary investment made in the property, and the loss a good credit rating.
Repairs and Maintenance
The responsibility of maintaining a home is the reason many people shy away from buying one. Any repairs or maintenance that needs to be done falls on the homeowner such as mowing the lawn, cleaning the gutters, having leaks repaired and so forth. If you are not prepared to take the time or spend the money to do maintenance on a home, owning a condo might be a good alternative.
As you can see, owning a home comes with advantages and challenges. The first step in the home buying process is to decide whether you are ready, willing and able to deal with those challenges, and want to buy a home in Brooklyn.
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