First House Related ExpensesAs you sit down to create your first ever house hold budget I hope that you’re ready for the first house related expenses that you’ll now be hit with. As we all know by now, buying a house is not a cheap option. If you’re switching from renting to owning, or going from living with your parents to owning, you’ll be in for a nice surprise. I’m not here to scare you at all. I just want all of you to be well prepared financially in advance so that you don’t go into credit card debt.

Let’s take a look at first house related expenses that you will have to deal with:

Direct first house related expenses.

Closing costs/lawyer.

As you save up for your first ever house hold budget you must understand that you’ll be hit with closing costs. These are the costs that you pay when you purchase a property and they vary depending on the location. I mentioned the lawyer in this section because you usually end up paying both at the same time. Make sure that you at least have over a thousand dollars saved for this.

Home inspection.

Often times you might need a thorough home inspection done on the property. This is essentially done so that you can protect yourself and be well aware of what you’re getting yourself into with your first home purchase. You don’t want to find out that your new home needs extensive repairs once you’ve already moved in.

Mortgage payments.

This is an obvious first house related expense. Along with a new home come mortgage payments. These will eat up a significant portion of your income and I hope that you’re ready to deal with this.

Property taxes.

You pay property taxes which are based on the value of your home. Simply put, the more expensive your home is, the more you’ll pay for property taxes. You can’t get away from this expense either.


Usually when you apply for a mortgage you’ll be required to show proof of homeowners insurance. The price here will once again vary depending on the value of your property and the area that you live in.


When you rent a one-bedroom apartment the heating bill and utilities won’t be too much. As you move into your first home and work on your first house hold budget you realize that utilities can get pretty expensive.

Now we can get a bit creative and take a look at the first home related expenses that are not so well known…

Indirect first house related expenses.

Repair and maintenance work.

No matter how great your first home is, there will be the temptation to do some repairs and basic maintenance work. From creating a bar area in your basement to setting up your own home office, you’re likely to spend lots of money on maintenance work on your new home.

Increased consumption.

The odds are strong that you’ll generally spend more money when you purchase a home. With your new found space you’re going to want to spend money on things you never imagined.


We all know that every new home needs new furniture. You’re not going to want to put old furniture in your new home. The cost of furniture will vary depending on how many rooms in your new home you want to decorate and what kind of quality you’re looking for.

Yard work.

I’ve been living in a house for most of my life so I know how expensive yard work can be. Maintaining your yard will cost you a lot of money and time. Shoveling snow, cutting grass, watering plants, and planting a garden take plenty of time. These activities will also cost you a decent amount of money. A lawn mower is not cheap, nor is a snow blower. Be prepared for the amount of time and money that your new yard will require.

I hope that now you understand all of the first house related expenses that come along with your first time home purchase. We also looked at how-to get a mortgage in 3 easy steps, how-to pick the right home for a first time home buyer, and how you can buy a home in 5 easy steps.

Were any first house related expenses missed in this post?

(photo credit: by lorena)