Post-Purchase Costs Buyers Should Expect

After 35 years in the mortgage industry, I’ve seen firsthand that the real costs of homeownership don’t stop at the closing table. Beyond down payments and closing costs, buyers should be prepared for those first-year surprises—repairs, furnishings, and appliances that can add up quickly if you’re not ready. For new construction, first-year post-purchase costs average $26.9K—significantly higher than the $18.7K for existing homes. Appliances and household equipment are a common need: expect to spend about $4.3K with a new build, and $3.7K with an existing home. Furnishing your place? That runs an average of $8.3K for new construction, or $3.9K for an existing property, especially if you’re filling a bigger space. But it’s alterations and repairs that really move the needle—averaging $14.3K for new homes and $11.1K for existing ones in year one. The key is to plan ahead and budget with your eyes open. Setting the standard means helping my clients navigate these costs confidently, so surprises don’t stand in the way of a winning first year in your new home.