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Budgeting to Buy a Home in Concord, Pleasant Hill, Walnut Creek, and Martinez: Your Complete Guide

Updated: 2 days ago

Are you thinking about buying a home in Concord, Pleasant Hill, Walnut Creek, or Martinez? Budgeting is the first step to turning that dream into reality! Whether you’re a first-time homebuyer or a seasoned investor, planning your budget carefully is the key to a successful and stress-free purchase.


In this blog, I’ll break down the essential costs you need to consider, from your down payment to ongoing expenses of homeownership. Plus, I’ll show you how to search for your dream home anytime, anywhere—no obligation! Let’s dive in.



Learn everything about home buying here: ronmelvin.com/blog/categories/buying-a-home



Buying a home is one of the biggest financial decisions you’ll ever make. That’s why it’s crucial to understand not just the purchase price, but also the other costs that come with homeownership. In the cities of Concord, Pleasant Hill, Walnut Creek, and Martinez, home prices can vary widely, so having a budget that covers everything, without surprises—will give you peace of mind.



The first thing to consider in your home-buying budget is the down payment. Many buyers think they need 20% down, but that’s not always the case. Some loan programs let you buy a home with as little as 3% down—and with down payment assistance programs, you might need even less!


That said, I typically recommend planning for about 7% of the purchase price. Here’s why:

  • 3% to 3.5% for your down payment

  • 3% for closing costs

  • 0.5% to 1% for move-in expenses


Your move-in expenses include costs like:

  • Moving services

  • Repairs or updates to make the home your own

  • Furniture and appliances

  • Any immediate improvements you’d like to make



Your monthly mortgage payment is the biggest ongoing cost of homeownership. But how much can you really afford?


Your lender will calculate your debt-to-income (DTI) ratio to see if you qualify for a loan. Most lenders allow a DTI ratio up to 55% of your gross monthly income (that’s your income before taxes and deductions).


Important to consider: Your gross income might look good on paper, but once taxes, retirement contributions, and insurance are taken out, your mortgage payments could eat up more than 55% of your net income (the money that actually lands in your bank account).



Beyond your mortgage, there are other costs to budget for:

  • Homeowners insurance

  • Property taxes

  • Utilities (water, gas, electric, garbage)

  • Maintenance and repairs


Over time, these costs can add up, so make sure your budget includes a cushion for surprises.






Search for Your Dream Home Anytime—No Obligation!

Ready to start looking for homes that fit your budget? You can search for your dream home anytime, anywhere—without any obligation—right on my website: Search East Bay homes here


You’ll find up-to-date listings in Concord, Pleasant Hill, Walnut Creek, Martinez, and beyond. Browse on your phone, tablet, or computer—no pressure, no commitments!



Track the Value of Your Current Home

Even if you’re not ready to sell just yet, it’s smart to stay updated on your home’s value. You might be surprised at how much equity you’ve built!



Let’s Chat! Get World-Class Service

I know that buying a home is a big step—and I’m here to help! If you have questions about the market in Concord, Pleasant Hill, Walnut Creek, or Martinez, or if you’re curious about your buying power, let’s talk. My team and I deliver world-class service and would be honored to help you navigate your home-buying journey.

Call me anytime at 925-708-1178.



Share This Blog with Friends and Family

If you found this guide helpful, please share it with anyone you know who’s thinking about buying or selling a home in the East Bay. You never know who might be ready to make their move—and I’m here to help them every step of the way.



Ready to Start Your Homeownership Journey?

Remember, budgeting is just the first step. When you’re ready to take the leap—or if you just have questions—reach out to me. Let’s find your dream home in Concord, Pleasant Hill, Walnut Creek, or Martinez!



Call me today at 925-708-1178 or visit ronmelvin.kw.com to start searching.

Your dream home is waiting—let’s make it happen together!

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