Post-Purchase Costs Buyers Should Expect

After four decades guiding clients through every step of homeownership here in Richmond, I’ve seen how the first year in a new home often brings more expenses than buyers anticipate. It’s not just about the down payment, closing costs, or the move itself—there’s a host of additional costs that can catch even seasoned buyers off guard. For example, statistics show that first-year spending averages $26.9K for newly built homes and $18.7K for existing homes. Appliances and household equipment are common needs, running about $4.3K in new construction and $3.7K in existing homes during that first year. Furnishing a new space can add up quickly too—on average, $8.3K for new builds and $3.9K for existing homes, especially when you’re filling out larger rooms. The biggest expense? Alterations and repairs, with new homes averaging $14.3K and existing homes $11.1K in their first year. Planning for these post-purchase costs helps protect your budget and ensures you feel confident and secure as you settle into your new home—something I always strive to help clients achieve.