---
title: Budgeting for a Future Home Purchase
description: Budgeting for a Future Home Purchase
image: https://blog.homelend.net/hubfs/business-1868015_1920.jpg
---
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© 2019
[Sara Livecchi](https://blog.homelend.net/blog/author/sara-livecchi) |
[November 15, 2019](https://blog.homelend.net/blog/archive/2019/11/15) |
[11:32 AM](https://blog.homelend.net/blog/2019/11/budgeting-for-a-future-home-purchase) |
[0](https://blog.homelend.net/blog/2019/11/budgeting-for-a-future-home-purchase#comments-listing) comments
# Budgeting for a Future Home Purchase
Determining how much home you can afford takes some number crunching.
Sure, you should look at the listing price -- but that's only one part of the equation. In reality, there are dozens of other expenses you'll face as a homeowner.
So what should you consider when budgeting for a home purchase? These expenses are a good place to start:
## Down payment
Depending on which type of loan you've secured, you'll need anywhere from 0 to 20 percent of the sales price to put down on closing day.
## Moving expenses
Whether you're moving cross-country or down the street, you'll likely have some moving costs to cover -- truck rentals, movers, storage or even just boxes and tape. Make sure to budget for these items up front.
## Closing Costs
There are a number of closing costs you'll need to cover; these vary from state to state and lender to lender. You should receive a breakdown of these estimated costs as closing day approaches.
## Home and Mortgage Insurance
You'll definitely need homeowners insurance to protect your new investment. Depending on which type of loan you have, you may need mortgage insurance as well.
## Property Taxes
Unlike renters, homeowners have to pay regular property taxes. Depending on where you live, you might be able to pay in installments.
## Repairs and Maintenance
From a broken dishwasher to a leaky roof, there's often something that needs fixing when you own a home. Likewise, ongoing maintenance, like lawn care, should be budgeted for.
It's important to understand the full scope of a home's cost -- both now and over time. Make sure you have a clear picture of what you can and can't afford.
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