Buying a home for the first time can feel like reaching a major life milestone. But once the keys are in hand, many new owners are hit with unexpected costs that go far beyond deposits and legal fees.
These additional outlays, rarely discussed in advance, can quickly add financial strain. From replacing missing white goods to urgent repairs, first-time buyers are being urged to prepare for costs that aren’t covered in standard budget plans.
Essential Household Expenses Often Overlooked in Initial Budgets
First-time buyers in the UK are being warned to set aside approximately £7,000 to cover “hidden” post-purchase costs, according to KIS Finance managing director Holly Andrews. These are not the usual charges such as solicitor fees or surveys, but practical outlays that arise once a property has been purchased and moved into.
“Most first-time buyers focus solely on saving for their deposit and securing a mortgage,” Andrews explained, “but overlook the substantial additional costs that come with making a property actually liveable.” These expenses include kitchen appliances, such as washing machines and fridges, as well as boiler repairs and emergency maintenance. According to Google data cited by Birmingham Live, searches for “new dishwasher cost” have increased by 27% compared to the same period last year, signalling a rise in concern about these outgoings.
The advice from KIS Finance is to reserve at least 5% of the property’s value to manage these needs. For the average UK house price, that equates to around £7,000. Without this buffer, many new owners may have to resort to credit cards or loans, further compounding the financial pressure. Appliances alone can cost £1,500 or more, Andrews warned, particularly if the previous owners remove everything on their way out.
Financial Strain Continues After the Sale Is Finalised
The financial commitment involved in purchasing a home doesn’t end on completion day. In fact, according to Andrews, that’s often when the real costs begin. Issues such as leaking roofs, faulty electrics, or aging boilers can surface within weeks of moving in, frequently missed by homebuyer surveys or developing too quickly to detect in advance.
Even those benefiting from stamp duty relief schemes may find themselves unprepared for what follows. Many new buyers prioritise aesthetic improvements (such as painting or flooring) before addressing core essentials like hot water, heating, or insulation. “Start with absolute necessities,” Andrews advised, “cosmetic improvements can wait.”
Failing to budget for these hidden costs can turn an exciting homeownership journey into a period of mounting debt and stress. As Andrews noted, “Proper budgeting for these hidden costs can be the difference between a dream first home and a financial nightmare.”
Experts emphasise the need for thorough preparation and realistic budgeting. While homeownership remains a key aspiration for many, unexpected expenditures can put that goal at risk if not planned for. Buyers are encouraged to look beyond the purchase process and consider the first 12 months of living costs, from appliances to emergency services, to avoid being caught short.
With affordability already a pressing issue in the UK housing market, these additional demands make financial planning even more essential for young or first-time buyers entering the property ladder.
