When purchasing a new home, it’s important to factor in additional costs associated with homeownership such as property taxes and homeowner’s insurance. Additionally, if one plans on moving from one location to another after the purchase of a new home, they should budget accordingly for any moving expenses that may be associated with making the move including hiring movers and/or renting a truck. Finally, one should also make sure they have enough money set aside for closing costs and/or a down payment prior to start the purchase process.