The first-year homeowner budget nobody warns you about

The mortgage is the number you planned for. The first year is the number that gets people. Between things the landlord used to own, things the previous owner took, and things that break the week after closing, a typical first-time buyer spends $3,000–8,000 in year one that was not in the spreadsheet.

Things a rental included that you now own

• A lawn mower, trimmer and snow shovel or blower: $300–900 depending on how much lawn and how much winter.
• A real tool kit, a ladder, a wet/dry vac: $200–400. Buy them before you need them at 9 p.m.
• Window treatments. A whole house of blinds or curtains is $400–1,500 and nobody thinks about it until the first night with the lights on.
• Trash and recycling bins, hoses, a fire extinguisher, smoke and CO detectors that are not 15 years old.

Things that break in year one

The rule of thumb is to budget 1% of the home's value per year for maintenance — $4,500 on a $450,000 house — and that average hides the fact that year one is worse. Something the inspector flagged as 'near end of life' will end its life. The most common first-year surprises we hear about: the water heater, a garbage disposal, a sump pump during the first big rain, and a furnace service call in the first cold snap.

A smart thermostat ($100–250) is one of the few purchases that pays for itself in year one, by taking the guesswork out of a heating system you have never run before.

The cushion

After closing, aim to have three months of the full housing payment (mortgage, taxes, insurance) in a savings account you do not touch. If that is not possible on the day you close, make it the first goal after — and put it on the jar. 'Emergency cushion' is an easy sub-jar for a relative who does not want to fund a couch, and it is the one that lets you sleep.