New home owners often do things to make their new house a home. According to the Florida Association of Realtors, the following are the most frequent purchases.
Furniture, appliances, and remodeling projects are among the biggest expenses for new homeowners, who spend an average of $10,600 in the first year of homeownership, according to a recent analysis by the National Association of Home Builders. New owners spend an average of $3,778 on furnishings alone, according to NAHB’s analysis.
Here are a few common expenditures recent homebuyers made:
Living room chairs and tables: $687
Dining room and kitchen furniture: $345
Window coverings: $215
Property alterations and repairs (particularly outdoor additions and alterations such as a new driveway, walkway, or fence): $3,729
Appliances (particularly washers and dryers, lawnmowers and other yard equipment, and computer hardware and systems): $3,094
“The high level of spending by new homebuyers may seem surprising– considering that many new homes come with installed appliances – but suggests that these purchases are nevertheless more frequent among these households,” the NAHB notes on its blog, Eye on Housing.
A survey conducted by Home Innovation Research Labs shows that two-thirds of new homes built in 2015 came with no washer or dryer; 36 percent had no refrigerators. Most new homes, however, did come with cooking stoves, ranges, and ovens.