Two budgets: cash to close and monthly costs
Make one list for the money needed to buy and another for the money needed to keep the home. Your down payment and closing costs are different from your ongoing mortgage payment, taxes, insurance, and maintenance.
Request a lender’s Loan Estimate and ask which expenses are included in the quoted payment. Budget for utilities, repairs, and HOA dues separately when they are not included. CFPB homebuying budget guide.
Mortgage insurance belongs in the comparison
Depending on your loan and down payment, mortgage insurance can add to your costs. It protects the lender; it is different from homeowners insurance. Ask the lender about upfront charges, monthly premiums, and whether and when the insurance can end. CFPB mortgage-insurance explanation.
Check the property’s tax record
Clark County describes a 3% cap on annual tax-bill increases for qualifying primary residences. This is not a 3% tax rate. New construction and changes of use have exceptions, and ownership-record changes can require a new owner-occupied abatement postcard. Verify the specific property and its status with the Assessor. Clark County tax-abatement guidance.
Look at the home, not a generic allowance
- Ask for insurance quotes for the actual address.
- Review HVAC age and condition, roof condition, and inspection findings.
- Budget for pool care and landscaping if the property has them.
- For HOA homes, check all dues, assessments, and what those payments cover.
Keep a repair reserve that fits the home’s condition and your finances. For attached or association-managed homes, read our condo and HOA guide.
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