What New Home Buyers Spend On Their Homes After Purchasing

Dated: 07/28/2017

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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.

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