Preparing A Budget For Homeownership

April 4, 2024


As you prepare your budget for homebuying, you should also consider that you will need a budget once you complete your home purchase. Being more aware of the costs associated with homeownership can prepare you for the road ahead.

Let’s break if down into one-time costs and recurring costs:

One-Time Costs

  • Down Payment: Initial lump sum you pay when purchasing the property
  • Closing Costs: Fees for services such as appraisal, title insurance, legal fees, and transfer taxes
  • Home Inspection: Assessment of the condition of the property before purchase.
  • Moving Costs: Hiring movers or renting a moving truck
  • Homeownership Timeline: Any overlap between renting and owning
  • Furniture and Appliances: Adjust your furniture and appliances to new living spaces
  • Home Improvements and Repairs: Initial repairs or improvements upon move-in
  • Yard And Home Maintenance Equipment: Consider things like a lawn mower, gardening tools, a ladder, drill, level, or tool kit.

Recurring Costs (monthly or annually)

  • Monthly Mortgage Payments: Monthly repayment of your home loan.
  • Property Taxes: Based on the assessed value of your property and may fluctuate.
  • Homeowners Insurance: Insurance coverage to protect your property against various risks
  • Utilities: Monthly/quarterly for electricity, gas, water, sewage, trash
  • Maintenance and Repairs: Regular upkeep of the property, such as lawn care, pest control, and fixing minor issues
  • Homeowners Association (HOA) Fees: Depending on your location, you may be required to pay monthly or annual fees.
  • Internet and Cable TV: Monthly subscription fees for internet and cable services
  • Emergency Fund: Money set aside for unexpected repairs or emergencies


While budgeting for a home can be overwhelming, as your Realtor, I’m available to help! Let’s take your budgeting process step by step and before you know it, you’ll be ready to get the keys to your first home!