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What New Home Buyers Spend On Their Homes After Purchasing
Home buyers who purchased new homes were more likely to make big money splurges after moving in.
In a recent release the National Association of Home Buyers found that new home buyers were likely to spend an average of $3,778 on home furnishings. This is 70% more than home buyers that purchased an existing home and over 5 times as much as owners that did not move. Appliances accounted for an average spent by new homeowners of $3,094, as $1,889 was spent by homeowners buying an existing home and homeowners that stayed put spent $1,182.
Homeowners of existing homes spent $4,085 topping the list for completing alterations & repairs followed by new home purchasers spending $3,729 and owner’s that bought existing hoes spent $2,232.
Must buy features were appliances that accounted for two thirds of new home buyers in 2015 in which homes did not come with a washer/dryer and 36% had no refrigerator.
Couches/Sofas were also a costly purchase for new home buyers spending approximately $700 the first year that they lived in their house. This was 60% more than homeowners that bought an existing home.
What are homeowners buying? Dining rooms and kitchen features averaged $687 on the amount spent including living room chairs & tables. Window coverings although expensive was a popular project with new homeowners spending an average of $215, non-movers spent $21 and existing home buyers spending $78.
Existing homebuyers and non-moving home owners spent money updating and doing repairs while new owners spent money on projects such as installing fences, walkways, and driveways.