Who doesn’t want to own a home? Everyone dreams of owning one because it provides security, protection, and has the potential for an increased Real Estate market value.

You are probably thinking that now is the time to invest in something that is really yours and can be passed on to your children. We agree, but before taking this big step, it is important that you become aware of certain facts about owning a home.

1. When you buy a house, you may deduct the mortgage interest and property taxes from your tax return.
2. The purchase of a home and its timely payments can improve your credit. Some companies use credit history as an employment requirement.
3. Normally, a home is revaluated as years pass by. In case of an emergency or if you need money for your children’s education, you can obtain a home equity loan based on the current market value of your home.
4. A homeowner can remodel and expand his/her home, which can increase the value of the property even more.
5. Renting can be difficult for a family because if the family is asked to move out, the relocation can affect the children’s education as well as the parents’ place of employment, not to mention the stress that comes with moving.
6. With time, it is likely that your income will increase while monthly payments will stay fixed, allowing you to have more disposable income.

• Property taxes, which vary depending on the home’s market value and the city in which it is located.
• Home insurance, which in most cases covers losses caused by fires, damages caused by the most common natural disasters, and accidents that may occur to others in your home. Keep in mind that earthquakes and floods are not usually included in standard insurance policies, so you might have to purchase separate polices to obtain coverage for these natural disasters.
• If you purchase a condominium or if your home is in a gated community, you must add the Home Owner Association (HOA) fee to your mortgage payment. This fee varies depending on the location of the property and the amount of maintenance required by some of the home’s features (pool, yard, playground area, etc.).
• If your property is a home, remember that you are responsible for the maintenance of the plumbing and drainage systems, as well as for waste collection and yard services.
• As a homeowner you must also be prepared for general repair and maintenance costs that your home may require in the future, which is why we recommend that you set aside a sum of money for these possible expenses.

Besides an acquired asset that revaluates your capital, a home is the place where your family will feel free and secure, and it also provides the privacy we all deserve.