According to the National Association of Realtors….
- Prior to making a home purchase, buyers often plan to make various home improvements once the purchase is completed.
- The typical buyer spent $4,350 on home improvement projects within the first three months of their home purchase.
- Repeat buyers typically spend more than first-time home buyers ($5,330 compared to $3,070).
- Twenty-eight percent of first-time buyers spent less than $1,000 on home improvement projects.
- Buyers who purchased new homes typically spend slightly more than those who purchased previously owned homes.
- Home buyers who plan to stay in their home for one year or less spent the most money on home improvement projects within the first three months ($5,830).