The down payment isn't the only necessary factor you need to budget for, since buying a home comes with expenses such as property taxes, insurance, closing costs, moving costs and maintenance.
"Depending on where you live in the country, you should always find out if your city or state assesses property tax," says Brownstein. "There are some areas that assess both a county tax and a state tax, so it's good to be aware of that on the front end."
In terms of planning ahead for maintenance and repairs, while shopping around, you'll want to ask when the appliances were purchased and installed so you'll have a better idea of when they'll need to be replaced.
"If you're buying a house that's a bit older, that can come with its own issues as well, whether it's poor heating or poor insulation that needs to be redone," notes Brownstein. Ultimately, the cost of repairs and maintenance can represent 10-to-20 percent of the price of the home each year.
When you get to the point where you're ready to close on a house, you'll want to be prepared for closing costs such as appraisal fees, attorney fees, title insurance and inspection fees, which can run you two-to-five percent of the total cost of the home.
The expenses don't end at closing. You should also budget for moving costs, which vary but can set you back a couple thousand dollars.