Saving a sizable nest egg is another important milestone for would-be homebuyers, says Ken Pozek, a Realtor for Keller Williams Realty in Northville, Mich.
That's because you'll need savings not only for your down payment, but also your emergency fund, moving expenses and home maintenance costs.
"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.
Examples of home maintenance chores include mowing lawns; trimming trees and hedges; shoveling snow; exterminating termites, rats or other pests; clearing out rain gutters; cleaning major appliances; and washing windows, walls and doors.
Even if you do a lot of the work yourself, you'll still need to buy supplies and equipment.