"Even when people warn you about closing costs," says Wong, it's a shock when "they itemize it and you see all the zeros on each line and by the end of it there is an extra $5,000 you hadn't counted on."

Wong, who recovered from that unpleasant surprise with some help from his family, today is enjoying the one-bedroom loft condominium in downtown Chicago, into which he and his fiancee Novita moved in March.

"It turns out you actually spend more than you actually plan," says the computer consultant, who paid about $200,000 for the condo and parking. "I think that happens to everyone ... You find something that you fall in love with and then you think, 'Can I make this?'"

That question probably is uppermost in the minds of most first-time homebuyers who are stretching limited financial resources while fearing unknown expenses.

Wong, for example, learned early in his shopping that the amount he was able to borrow for a mortgage was not necessarily available to spend on actual living space.

A renter in Chicago since college four years ago, he had been parking his car on the street. But when he looked at urban condominiums, he discovered that he would have to budget about $25,000 to have a permanent off-street parking space.

"First-time homeowners take a look at the price of the home. They go to the lender and find out the size of the loan they can get. They find (the maximum) they can get a loan for, but not what they can comfortably afford," says Daniel Urben, vice president of sales and marketing of St. Charles, Ill.-based Summit Homes, a division of Lennar Corp.

Coupled with all the other decisions in home buying, "it's kind of overwhelming," says Bob Horner, co-principal of Winthrop Properties, builder of the lofts.

Rather than going it entirely alone, Horner and others urge first-time buyers to find a good adviser who has some experience with it - a Realtor, mortgage broker, friend who has gone through it or a parent - to help avoid financial trouble spots.

Jeremy and April Harrell of Round Lake, Ill., found that adviser in their real estate agent - the mother of one of April's closest friends. The agent helped the couple thread their way through the confusion of home buying so there were no surprises and "we did not have to settle" for less than they wanted in a home, April says.

"We were on the search for a while," April recalls. "We had a fairly low price range because we are on one income. We were looking at existing homes and staying away from new because we didn't think we could afford new construction."

Discouraged after shopping for nearly six months as the family of three lived with her parents and with a new baby soon due, she credits their realty agent with finding the $142,000 two-bedroom with loft townhouse where the couple now live with Braden, 3, and Kaya, almost a year.

Located at Summit Townes near Round Lake, the new construction townhouse included a refrigerator, washer and dryer and garbage disposal in the home price, things that cost extra in some other new home developments. Even with a guide, the motto of first-time buyers should be: Ask about everything, don't assume anything.

Do comparisons not only of the prices and costs per square foot, but of the estimated utility costs, assessments and taxes.

If one appealing residence has numbers significantly higher than a similar one in the same area, Horner suggests asking for an explanation.

He also urges prospective buyers to ask who compiled the financial estimates. Figures compiled exclusively by developers are sometimes overly optimistic, he says.

Figures prepared by a third party, such as a professional with a background in property management, tend to be more realistic.

"Be sure to know who holds the earnest money" and "that the money is being held by a party that is regulated and has some responsibility," he advises. This is especially critical in new developments because it can be difficult to get money back, should a project stall or fail.

Buyers are wise to take the time to learn the terminology and tax implications attached to any potential purchase. Those shopping in areas with special service areas will want to get a careful explanation, for example.

SSAs are a way for communities that want to encourage development to provide for infrastructure such as water, sewers, lights and roads which developers and buyers want.

The village sells bonds and the money from the bonds goes to developers to put into the infrastructure, says Jennifer Chernak, director of finance for Village of Huntley. The property is then taxed to service the bonds.

"If you have two houses of the same model in two different subdivisions, the one with the SSA will cost less upfront but the property taxes will be more for about 20 years," Chernak says. "The starting value of the other house in the other subdivision is much higher because the infrastructure is already paid for."

While the lower cost, potential appreciation and tax deductions are advantageous to first-time buyers, there is some disagreement over whether it is beneficial for all over the long run. And Chernak suggests, "You really need a professional tax adviser to determine what is best."

Plainfield, Ill., teachers Dave and Paula Kennedy wanted to avoid an SSA. They plan to move with infant son Kian into a $210,000 two-story, three-bedroom house by Chestnut Homes in Chestnut Ridge subdivision in Minooka, Ill., in late October.

Kennedy says he believes they bought in one of the few subdivisions around Minooka that does not have an SSA.

"Initially the price looks smaller," Kennedy says, but when "I calculated it out over the years, that cost added considerably to the initial purchase price."

Because about 50 percent of all new homes now are part of a homeowner association, buyers also should determine exactly what is and what is not included in the monthly assessment, says Don Kekstadt, vice president property management for Buffalo Grove, Ill.-based Lieberman Management Services.

"Get a copy of the association budget. That will help to determine what is not covered and what you may be responsible for," he says.

Those buying in condominium or townhouse associations should try to get a fix on the financial condition of the association and whether it has reserve study, he stresses.

A reserve study is a long-term maintenance plan typically done by an architect or engineer for an association.

It is incredibly useful, says Kekstadt, because "it determines what is the useful life of such major parts of a building as a roof, mechanical systems, windows and tuck pointing. It also estimates the amount it will cost for replacements."

Without proper financial planning for big maintenance projects, "you get into special assessments. Those have been more common recently because the (condominium) industry is very young, he says. "They didn't plan in such sophisticated ways for replacement and big maintenance when associations were formed 10 or 15 years ago, so they are playing catch up and having to assess owners to do it now, even if you didn't live there 10 years ago."

And while it may be hard to learn an association's exact financial condition, Kekstadt says beware of one boasting it has held the line on fee increases for several years.

"There should be some kind of increase every year. There are so many variables - cost of living and inflation, labor cost and utilities hikes - that 3 to 5 percent increases are not abnormal and 5 percent is more of a normal even though inflation is 1.8 percent.

"It is reasonable to anticipate yearly increases to keep up," he says. "It's not a bad thing."

Buyers should keep an eye on their personal finances as well.

Some first-time buyers make the costly mistake of letting a car payment or two slide or running up credit card charges before the home closing, says Christopher Shaxted, executive vice president of Lakewood Homes, based in Hoffman Estates, Ill.

"Credit checks are done 60 days prior to closing," he says. "If suddenly the credit rating has changed, a home buyer may find they are charged higher interest rates because their credit rating is no longer as good or they no longer qualify at all for the mortgage.

"Any homebuyer who adopts the attitude, 'Who cares about my credit? I've got an approval,' is playing with fire."

Although many buyers have heard horror stories about high closing costs, Shaxted says they "can do some things to help overcome them.

"Find out what they are. Ask the lender to provide as breakdown. Approach the seller and ask if the costs can be negotiated."

Be prepared to pay "a couple of months of homeowner association dues" immediately, however.

"This is customary and essentially is helping capitalize the homeowners' association," he says. And start saving for property taxes.

"If (the home) is a new construction residence built on what was formerly agricultural land, the escrow amount the lender can take is based on the former, low by residential standards, tax bill," Shaxted says.

At one time, it took a while for the taxman to assess the property at its new, higher valuation, he added, but "government officials are getter much quicker about taxing homes at full value."

Ironically, the zeal to avoid overspending sometimes results in "buyers who really haven't stretched far enough," the executive says.

"It seems like a stretch to come up with the down payment, but, if in two years, they need to sell the house and move again into something larger, that is going to cost money," he observes. "It is much cheaper to buy for 10 years rather than two or three years and then move again."