Steven Maione

Beyond down payments, closing costs and moves, first-year ownership often brings added spending for repairs, furnishings and appliances that buyers should budget for early.
Newly built homes carry higher first-year post-purchase costs overall, with avg. spending of $26.9K versus $18.7K for existing homes during year one.
Appliances and household equipment remain common needs: buyers spend avg. $4.3K with new construction and $3.7K after purchasing existing homes in year one.
Home furnishings can add up fast, averaging $8.3K in new construction and $3.9K in existing homes, especially when buyers need to fill larger spaces.
Alterations and repairs are the biggest first-year expense, avg. $14.3K for new homes and $11.1K for existing ones, so planning ahead can protect budgets.