Recent home buyers spent an average of $31,502 on additional home-buying expenses beyond their down payment —  4x more than the $8,083 they expected, according to a new report from Best Interest Financial and Clever Real Estate.

On average, recent home buyers spent the following on these expenses:

• Repairs and improvements during the first year of homeownership: $15,073
• Concessions to the seller: $7,678
• Closing costs: $5,719
• Moving costs: $3,032

Additionally, buyers whose sellers choose not to cover the buyer's agent commission may have to pay the average rate of 2.82% — an extra $15,058 on the average-priced home. That brings total costs to a staggering $46,560 beyond the down payment.

Although 64% of buyers felt fully informed about the total cost of buying a home before making an offer, 81% were still surprised by at least one home-buying expense beyond the sale price.

Notably, 41% of first-time buyers did not feel fully informed about the total cost of buying a home before making an offer. On average, they also paid about 30% more in additional expenses than repeat buyers ($36,460 vs. $28,260) — and were far more likely to exceed their budget (61% compared to 44%).

Had they known the true cost of buying a home, 73% of home buyers would have made different decisions. With a different approach, buyers think they could have saved an average of $38,082 on their purchase.

When asked what the single most surprising home-buying cost was, recent buyers say:

• Repair and upgrade costs (18%)
• Closing costs (16%)
• Property taxes (14%)
• Moving costs (12%)
• Homeowners insurance (9%)
• Ongoing maintenance costs (8%)

As noted, recent buyers spent an average of $15,073 on repairs in their first year of homeownership, with over half (55%) spending more on repairs and maintenance than expected. That number jumps to $16,152 among first-time buyers (38%), who were nearly 2x more likely to purchase a fixer-upper than repeat buyers (20%).

Monthly housing costs also are higher than expected for 56% of first-time homeowners. About  58% of first-timers say the cost of purchasing their home forced them to put other financial goals on hold.

Three-quarters of recent buyers (75%) say the cost of purchasing a home significantly impacted their finances within the first year of owning it.

About 72% of buyers have regrets about their buying experience, with the most common being not negotiating enough (21%), underestimating post-purchase expenses (18%), and exceeding their budget (17%).

Read the full report at: https://bestinterest.com/research/how-much-does-it-cost-to-buy-a-house