Home costs don’t stop at a down payment

If you’re saving for your first home, there’s no shortage of advice out there — some of it questionable, even if you do have an avocado toast habit. Still, it’s true that your down payment may be the biggest check you ever write.

But once youmove in, it’s also true that the cash tends to just keep flying out of your bank account like that money-with wings emoji. If you drain your savings on closing day, you’ll have to delay furnishings or repairs, to say nothing of less pressing cosmetic changes.

A sizable cash cushion makes the cost of owning a home more manageable. But even if you lack that cushion, it helps to at least know what to expect and what else you may need to finance or start saving for again. Here’s what I learned.

1. Things will break

I’ve lost count of the handymen, electricians and plumbers who have paraded through the home my husband and I bought in October 2019. As I type this, our dryer is being repaired for the second time since we moved in. All told, we’ve spent around $1,300 on small fixes.

Repairing issues yourself is cost-effective, but only if you know what you’re doing. If a repair involves dangerous work, or you lack the skills and equipment to do it safely and correctly, hire a licensed and insured professional.

WHAT SHOULD YOU DO?

• Pay close attention to the home inspection. “Leaking roofs, mold, electrical and plumbing issues are the mostly commonly noted concerns on an inspection report,” says Day Coker, owner of AC by Day C, an HVAC maintenance and repair company in High Point, North Carolina. If the inspection turns up issues, negotiate with the seller to either repair them or lower the selling price.

• Find out the age of major appliances. When you can estimate how many years an appliance has left, you can save up for its replacement.

• Create a repair fund. Aim to save around $5,000, says Chelsea Lipford Wolf, co-host of the “Today’s Homeowner” TV show and creator of “Checking In With Chelsea,” a home improvement blog and video series. “That would cover most home systems that you would need to repair to keep your house running.”

JOHN MINCHILLO — THE ASSOCIATED PRESS FILE PHOTO A homeowner tours their new home, in Washingtonville, N.Y. When it comes to buying a home, it’s common to focus all your saving efforts on the down payment. But set a savings goal for other homeownership costs, too, especially in that first year.