As real estate markets re-open across the country, current historically-low mortgage rates may make it seem like the perfect time to purchase your first home.

For many, owning a home is a big part of the American Dream. There’s a sense of pride and accomplishment in ownership. It can give you greater freedom and privacy, while also adding to your financial security.

However, purchasing a home is also a substantial responsibility and commitment—not to mention one of the largest (if not the largest) purchases you’ll make in your life.

One of the biggest mistakes first-time homeowners make is spending more than they can afford by overlooking the “true” cost of home ownership.

When budgeting for your first home, here are seven often overlooked costs that can have a big impact on your bottom line:

Making the decision to become a homeowner is emotionally and financially complex. Here are some key things to ask yourself if you're considering whether buying is right for you.

Do you have a good reason to buy?

Sometimes switching from renting to buying is a no-brainer.  Maybe you live in a modern one-bedroom apartment in a chic part of town, but you have a baby on the way. If you want a place in a good school district, with more square footage and a yard, buying may well be your best bet.