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Before embarking on your home-buying journey, it's crucial to establish a clear budget. This involves not only understanding how much you can afford for a down payment but also considering ongoing costs such as mortgage payments, property taxes, and maintenance. In this article, we provide a comprehensive guide to budgeting for your first home, including tips on saving for a down payment and calculating your monthly expenses. Setting a realistic budget will empower you to make informed decisions and avoid financial strain.
