What homebuyers spend on their homes after purchasing

Homebuyers who purchased new homes were more likely to make big splurges after buying.

According to a recent release by the National Association of Home Buyers, buyers who purchase new homes spend an average of $3,778 on furnishings, 70 percent more than those who purchase an existing home, and 5.3 times as much as homeowners who didn’t move. Those who purchase new spend an average of $3,094 on appliances, while purchasers of an existing home only spend $1,889, and non-moving owners spend $1,182. Alternations and repairs are the only category in which homebuyers of existing homes claim the top spot, at $4,085, followed by those purchasing new homes at $3,729, and non-moving owners at $2,232.

What are they buying? In furnishings, buyers who purchase more are apt to spend on dining room and kitchen features, averaging $687 on living room chairs and tables. Window coverings are also a hot, but expensive, project for those purchasing new. New homebuyers spent $215 on average, compared to $21 by non-moving owners, and $78 with those who bought an existing home.

Sofas are also a costly contribution, those who buy new spend around $700 in the first year after purchasing, 60 percent more than those who purchase an existing home.

As for appliances, two-thirds of new homes purchased in 2015 did not come with a washer or dryer, while 36 percent had no refrigerator, making these features must-buy for these owners.

Spending money on a remodeling project after purchasing a new home may seem confusing, but those who purchase new tend to add to their homes, including fences, new driveways or walkways, while existing homebuyers and non-moving owners tend to spend money repairing and updating their homes.