Don't forget your closing costs! Do you have enough saved?
Generally speaking, new home buyers underestimate the costs of purchasing their first home. Legal fees, moving costs, etc. can add up quickly. A good rule of thumb is setting aside 3-5% of the purchase price of the home for closing costs. For example, on a $400,000 condo, a new home owner would want to set aside $12,000 - $20,000 for closing expenses. Here's a general estimate on upcoming expenses you may come across during your home buying process: