When budgeting for homeownership, it's important for first-time buyers to consider all the costs associated with purchasing and maintaining a home. This includes not only the down payment and mortgage payments, but also property taxes, homeowners insurance, utilities, and maintenance costs.

For example, a first-time buyer should budget for potential unexpected expenses such as repairs, HOA fees, and any renovations or upgrades they may want to make to the home.

It's also important to consider the long-term financial implications of homeownership, such as building equity and the potential for property value appreciation.

References:

• Consumer Financial Protection Bureau - Common Costs Associated with Buying a Home
• Investopedia - The Hidden Costs of Homeownership