You're ready to take the plunge into buying your own home. There are tons of little steps, acronyms, details, and yes, fees to figure out. While some of the costs associated with purchasing a home or condo, such as down payments and monthly mortgages, are obvious, there are also expenses you may not realize if you are a first-time home buyer. Home inspection and appraisal fees, repairs, maintenance, utilities, taxes, legal fees, and insurance premiums are just a few of the major financial factors to consider that may not be factored into the total cost of purchasing a home. Some are one-time payments (such as closing costs), while others will be part of your household budget for years to come (such as mortgage insurance and property taxes).

Unless you are a veteran or have a special loan from the U.S. government (open in new tab), odds are you will have to put some cash down for the purchase of a home. Many real estate experts recommend putting down 20% of the home price up front because that will lower your interest rate and overall mortgage payment. according to a survey of single female homebuyers conducted by Marie Claire and House Beautiful, about one-third of buyers 2 of the buyers made a down payment of 10% or less.

These are the costs you pay to close a mortgage. Each situation is different, but closing costs typically include legal fees, appraisal fees, title insurance, and inspection fees. This is all specific to the state in which you are purchasing the home and can range from 2-6% of the home's price.

Mortgages are not free. Naturally. The interest you pay depends on a variety of factors, including your debt, income, credit score, down payment amount, mortgage term, and federal interest rates. Most people pay between 3 percent and 5 percent annually.

This is the insurance that is required to be paid to the lender in case the mortgage payments are missed. This usually applies if a 20 percent down payment is not made. In that case, an additional 0.3% to 1.5% of the mortgage is paid as private mortgage insurance. The exact amount depends on the down payment amount and your credit score.

This can add thousands of dollars to your annual housing costs, depending on where you live. For example, people who live near the ocean or in high crime areas typically pay more. On average, most people pay about $1,000 per year.

Maintaining a house and grounds can be a challenge and includes house cleaning, gutter cleaning, high-pressure washing, painting, and yard work. U.S. homeowners pay $3,067 per year to outsource this to a company or individual; DIY will save you some money, but at least you will pay for supplies

This cost is usually incurred when purchasing a condo, lobby, stairwell, landscaping, pool, elevators, and other building maintenance costs. Similar fees are common in co-ops.

The government always gets a share. These are a fixed percentage of the housing price and vary widely from state to state. The average American pays about $2,200 per year in property taxes.

Your home may need renovations at any time and for any reason. If possible, save money for emergencies, such as a flooded basement or roof repairs.

To reduce home-buying anxiety, save enough money for a down payment and closing costs before you start looking for a home so that you are financially comfortable. This may sound obvious, but it is important to be realistic about what you can afford and look within your price range.

"Your first home is not your forever home. Even if you can't afford your dream home right now, you will be able to in time," says Stacy Lieberman, 34, who bought her first home in Meriden, Connecticut, in 2016. Because Lieberman is a self-described saver, setting aside funds for a home purchase was a priority in the year leading up to the purchase. According to the Marie Claire and House Beautiful survey, 35 percent of single women homebuyers spent less than a year saving for a home purchase. On the flip side, 23 percent of respondents took more than five years to secure the funds to purchase.

Lina Chen, a licensed real estate salesperson with Douglas Elliman in New York, recommends setting aside about 5 to 6 percent of the sales price of the home you are considering buying as closing costs. If you are buying in a new development, add another 3%.

Credit score status can greatly affect the home-buying process. Your credit score tells banks and financial experts about your financial situation and plays a role in determining interest rates, mortgages, and more. Generally, the lower your score, the higher your interest rate and vice versa.

Start by doing your research and go on the hunt to know the costs associated with buying a home in that area. In the long run, it will save you time, effort, and cash. However, the numbers on the open house flyer are not set in stone. If appliances don't work or structural issues come up during the inspection, those are issues that could lower the asking price.

"Test everything during the walk-through prior to closing. That way, even if you did well on the inspection, you can negotiate what doesn't work now," suggests Lieberman, who was able to get credit when she bought the house.

"I saved $9,000 by negotiating for things that needed repair. The big one was that the chimney needed to be rebuilt. [The seller refused to fix it], so they gave me a credit instead that covered most of the closing costs," she adds. She says.

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