If you're planning to buy a home, you should be ready to spend some serious cash.
In addition to forking over a 20 percent down payment, you also need to have enough in the bank to cover closing costs, moving expenses, repairs and the first few months' mortgage payments, all without draining your emergency fund.
For first-time buyers, that can be overwhelming. But it's worth it to ensure that you're in a financially sound place before diving into home ownership.
In fact, the biggest mistake people make while saving up to buy a home is socking away only the bare minimum, says Eric Roberge, CFP and founder of Beyond Your Hammock.