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Save for a variety of costs
If you're a first-time homebuyer, you have to save for a down payment. If you own a house and you're selling it, any equity you have can be used as a down payment. Regardless, you'll need to have some savings, says Ken Pozek, a Realtor for Keller Williams Realty in Northville, Michigan.
That's because you'll need an emergency fund, moving expenses and home maintenance costs when you budget for a home purchase.
"A lot of people forget that there is a lot of maintenance with owning a home, especially if you've been used to renting. From a financial perspective, (it's important to) make sure that even if you're emotionally ready or excited to buy, that you have nest eggs set up as well," Pozek says.
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