6 First-Time Homebuyer Expenses You Should Be Aware Of

by | Aug 27, 2014 | blog, Finance

hands-holding-a-piggy-bank-and-a-house-modelBuying your first home is an immensely satisfying experience, especially if you’re prepared and aware of the costs ahead of time. After all, nothing feels better than walking into a home that you don’t just live in, but own.

Unfortunately, without an in-depth understanding of the costs of home ownership, this wonderful experience can turn into a financially frustrating situation. To make it easier, it’s important to be aware of the true costs of owning your own home.

In this blog post, we’ll catalogue six expenses that many first-time homebuyers are often unaware of. From furniture to insurance, all are equally important expenses to keep in mind when you’re buying or building your first home.


You’ve watched your home being built and it’s time to move in. Do you have sofas, beds, armchairs and other furniture? If not, you’ll need to purchase some furniture for your new home in order to make it liveable.

We’ve all heard of students and struggling artists sleeping on air mattresses to cut down the costs of living in their own home. While this can be exciting when you’re young, it’s not the best way to live as a homeowner.

Before you move into your new home, make sure you at least have the basics – beds, living room furniture, a dining table and other essentials – ready. Other furniture is easy to acquire once you’ve moved in, albeit at an additional cost.


Washing machines, dishwashers, dryers and ovens often aren’t included as standard in many homes. If you’re moving into an existing home, always ask the estate agent if the existing appliances will be included or not.

Likewise, if you’re building a new home, factor in the cost of buying appliances when calculating the total build cost. Ovens, dishwashers and other appliances can quickly add up in price, adding several thousand pounds to your total build cost.

Garden Items

From storage bins to gardening equipment, you’ll need to buy plenty of items for the inside of your home and for the outside. Completing your garden is a cost that many first-time homeowners fail to take into account until after their home is ready.

Children’s play equipment, garden sheds, your favourite plants and more can all add a significant amount to your home’s cost. Make sure you’re aware of the cost of your home’s garden before you move in to make completing it stress-free and simple.

Rates and Taxes

How much will it cost to live in your home? All homes need to pay rates and taxes – two expenses that can make affordable homes significantly more expensive for their owners based on their location.

Before you buy or build any home, learn more about the taxes and rates you’ll need to pay as a homeowner. These can often have a significant effect on the cost of living in your dream property.


One of the most important parts of being a responsible homeowner is making sure you – and your home – are protected and secure. Home insurance keeps you secure from burglars, property damage, natural disasters and more.

Insurance is one of the essential expenses of home ownership that simply can’t be avoided. Before you purchase any home, shop around for a competitive insurance estimate to learn more about how much you can expect to pay for coverage.

Mortgage Costs

Unless you’re buying your first home in cash, you’ll need to take out a mortgage in order to finance your house. Mortgage rates vary based on a variety of factors, and you’ll want to shop around before you select the right mortgage for your home.

Make sure you factor the costs of paying your mortgage into the price of your new home. Be aware of any fees, variable interest rates or other items that could change the amount you need to pay per month on your mortgage balance.

Read through our useful guide for more information

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