08/19/2026
What to Budget for After Buying a Home
After saving for a down payment, closing costs and moving expenses, buyers have covered the upfront needs for a new home. But with necessary repairs and finishing touches that make the space your own, there are additional costs to plan for.
For newly built homes, buyers spend an average of $26,882 on appliances, furnishings and property alterations and repairs during the first year of homeownership, according to NAHB analysis of Consumer Expenditure Survey data.
When purchasing existing homes, buyers spend an average of $18,673, with more of that on repairs and renovations.
Here are three common expenses to budget for after buying a home:
1.) Appliances and household equipment, like lawnmowers and TVs, are common purchases whether you buy new construction or an existing home. Most new construction includes stoves, ovens and dishwashers, but refrigerators and laundry appliances are often optional upgrades to plan for. Similarly, an existing home may have appliances, but they could be outdated and need to be replaced soon after moving in. Buyers spend an average of $4,344 on these items in the first year with new construction and $3,689 with existing homes.
2.) Furnishing a full home can be a significant expense too, especially for buyers moving into a larger space. They may need bedroom or dining room furniture to fill additional rooms or look to upgrade items like sofas and mattresses. New construction may also require blinds and shades to be installed, as they're sometimes optional. Together, these expenses average $8,254 with new construction and $3,894 with existing homes.
3.) Property alterations and repairs are the largest expenses to plan for after purchasing a home, averaging $14,285 in the first year with new construction and $11,090 with existing homes. New construction doesn't require upgrades like new floors, but buyers often focus on customizing and expanding their space through landscaping, adding patios, finishing a basement and more. Existing homes are more likely to need repairs and updates, like replacing the HVAC system or a full room remodel to meet your household’s needs.
Planning ahead for these projects can help buyers avoid straining their budget after moving in.
