At Teresa Carsella, we believe that buying your first home is one of life's most exciting milestones. As experts in home buyer services, we know that the first step—budgeting—can feel overwhelming. Creating a solid financial plan is the key to confidently navigating the process of buying a house in Louisiana. We’re here to share our insights to help you get started on this incredible journey toward finding houses for sale in Louisiana and securing your ideal Louisiana property.
How to Budget for Your First Home Purchase

Calculating Your Total Household Income
The first step in creating your home-buying budget is to get a clear picture of your total monthly income. This includes your regular salary after taxes, as well as any additional income sources. We advise our clients to look at their average income over the past several months to account for any fluctuations. Having a precise number will serve as the foundation for determining what you can comfortably afford when buying a home in Louisiana.

Tracking Your Monthly Spending
Once you know what’s coming in, it’s time to track what’s going out. We recommend that you categorize your spending for a month or two to see exactly where your money is going. This includes everything from rent and utilities to groceries, transportation, and entertainment. This exercise often reveals areas where you can cut back, freeing up more money to save for your down payment and other costs associated with buying a new home.

Factoring in Upfront Costs
When budgeting for a home, many first-time buyers focus solely on the down payment. However, there are other significant upfront costs to consider. These can include closing costs, which typically range from two to five percent of the home's purchase price, as well as expenses for a home inspection, appraisal fees, and initial property taxes.

Saving for Your Down Payment
Saving for a down payment is often the biggest financial hurdle for first-time buyers. While a 20 percent down payment is ideal to avoid private mortgage insurance (PMI), there are many loan programs available that require much less. We help our clients explore various options designed for first-time homebuyers in Louisiana. Setting a realistic savings goal and automating your contributions to a dedicated savings account is a strategy we’ve seen work time and time again.
At Teresa Carsella, our experience in the Louisiana real estate market has shown us that a strong financial foundation is the best way to ensure a smooth and successful purchase. Learn more about how we approach the challenges of buying a home in Louisiana and contact us today for our expert home buyer services!