Purchasing a new home requires a substantial financial commitment from new buyers. Prospective buyers should be financially capable and prepared to make such an investment. First time buyers will be faced with numerous upfront costs to include down payment, closing costs, moving expenses and the cost of new furniture and/or home appliances. Buyers will also need to create a home budget to handle monthly mortgage payments, utility costs, maintenance and repair, landscaping, association fees, home taxes, etc. Affordability is a major consideration for those interested in purchasing a home of their own.