Before you start browsing listings or touring open houses, it's essential to have a clear understanding of how much home you can truly afford. Falling in love with a property that's outside your financial comfort zone can lead to disappointment — or worse, long-term financial strain.  

That’s why getting your numbers right from the start is one of the smartest moves you can make. Your monthly mortgage payment is only one part of the puzzle. A truly realistic housing budget should include property taxes, homeowners’ insurance, HOA fees (if applicable), maintenance, repairs, and utility costs. In addition to this, your existing debt — including credit cards, car loans, and student loans — needs to be factored in. 

How much to budget for maintenance costs:  

A good rule of thumb is to budget about 1% of your home’s value each year for maintenance. So, if you’re buying a $350,000 home, you’ll want to set aside roughly $3,500 annually for upkeep. However, this number can vary depending on the age and condition of the property. Older homes or homes that haven’t been well maintained may require more frequent and costly repairs, while newer homes with modern systems may cost less to maintain early on. 

That’s why getting a home inspection before you buy is so important.  

A professional inspection can uncover potential issues—like roofing problems, foundation cracks, or outdated electrical systems—before they become expensive surprises. It helps you plan realistically, negotiate necessary repairs, and make a confident, informed decision. Your Employee Homeownership Program offers guidance on what to expect during a home inspection and how to use that information to make smart buying choices. 

Ready to find out what you can afford?  

Schedule your free consultation today and take the first step toward confident homeownership.