Post-Purchase Costs Buyers Should Expect

One aspect I always encourage buyers to plan for is the real cost of year-one homeownership—because what you spend after closing can be just as important as what you bring to the table upfront. Beyond your down payment and closing costs, it’s smart to budget for first-year expenses like repairs, furnishings, and appliances. Did you know that newly built homes typically come with higher first-year post-purchase costs? On average, buyers spend $26.9K during the first year for new construction, compared to $18.7K for existing homes. Appliances and equipment often make up a significant portion—around $4.3K for new builds and $3.7K for existing homes. Furnishing a home can add up quickly too, with new construction averaging $8.3K and existing homes $3.9K, especially if you’re filling larger spaces. But the biggest first-year expense is usually alterations and repairs: $14.3K for new homes, $11.1K for existing ones. As someone who’s dedicated to helping clients make sound financial decisions, I always recommend factoring these numbers into your early planning. Understanding the full picture up front helps you protect your budget—and puts you on the path to reaching your long-term goals.