Shopping for a home is exciting — but it can also feel overwhelming, especially if you’re not sure what you can truly afford. It’s easy to fall in love with a house that stretches your budget or underestimate the full cost of ownership.

The good news? Once you understand a few key factors, you’ll feel more confident and in control throughout the buying process.

Start With a Comfortable Monthly Payment

Instead of focusing only on the total purchase price, think first about what monthly payment feels right for your budget. That payment usually includes:

• Principal and interest

• Property taxes

• Homeowners insurance

• Mortgage insurance (if required)

• HOA dues (if the neighborhood has them)

A common guideline is to keep your housing costs at or below 30% of your gross monthly income. But remember — comfort level matters just as much. Just because a lender approves you for a certain amount doesn’t mean you have to spend that much.

Get Preapproved Early

One of the best ways to define your price range is to get preapproved with a trusted lender. Preapproval gives you:

• A clear picture of what loan programs you qualify for

• Confidence when it’s time to make an offer

• A competitive edge in a busy market

It also helps uncover any credit issues or documentation needs early, so there are no surprises later.

Budget for Upfront Costs

Buying a home takes more than just a down payment. Be ready for upfront expenses like:

• Earnest money (typically about 1% of the purchase price)

• Down payment (varies by loan type)

• Closing costs (usually 2–5% of the loan amount)

• Inspections and appraisals

I’ll help you estimate these numbers for your situation — and if you qualify for any down payment assistance programs, we’ll explore those too.

Think Beyond the Mortgage

Owning a home comes with other costs that should be part of your budget:

• Utilities and regular maintenance

• Furnishings or upgrades

• Future plans, like starting a family, saving for college, or early retirement

Your price range should fit your whole life, not just your monthly mortgage payment.

Have an Agent Who Keeps You Grounded

As your REALTOR® in Lubbock, I’ll never push you to overspend or chase the market. My job is to help you find a home that fits both your lifestyle and your financial comfort zone. Together, we’ll look at your options, evaluate the true costs, and keep your focus on what matters most to you.

I’m Gary Owen, REALTOR® in Lubbock, TX. Want help calculating a smart budget and finding homes that fit? Follow me on social or join my email list for practical tools, tips, and trusted advice.