Buyers are spending a fair amount of money in the first few years on new home furnishings. Essentially when a buyer purchases a home they want to make that home feel like home. So what do they do? They go on a spending spree on new home furnishings in the first two years to do just that.
According to the National Association of Home Builders’ Analysis of the Consumer Expenditure Survey home buyers are spending top dollar on new home furnishings once they take possession of the home. In fact the Home Builders Association says that a new home buyer that purchases new construction will spend $7,400 more on new home furnishings than a similar home owner who hasn’t moved.
When it comes to new home furnishing the new home owners will spend $4,900 in the first year alone. Now there is a difference between what a buyer spends in new construction versus a pre-existing single family home. A new home buyer that purchases a pre-existing single family home will spend $4,000 more than a home owner who doesn’t move on new home furnishings; $3,600 will be spent in the first year alone.
When a new home buyer takes possession of the home they will spend around $3,000 more on new home furnishing, that year, than a similar family that has not moved. In the second year they will spend around $2,000 more than the same family that hasn’t moved.
So what new home furnishings are home buyers purchasing? The answer is appliances and furniture. The average new home buyer spends $1,005 more on appliances during the first year than a non-moving home owner. Today’s buyers want all stainless steel appliances – refrigerator, dishwasher, oven, and gas range. Stainless steel runs a pretty penny more than your average resale appliances. This accounts for the majority of the new home furnishings for new home buyers.
Other new home furnishings include window covers, updating to kitchens and bathrooms from The Home Depot. Installing hardwood and removing carpet. Removing old carpet and replacing with brand new carpet. New fans, light fixtures, and paint. It turns out that property repairs and alterations is much smaller compared to appliances when it comes to new home furnishing by buyers. New home buyers will spend on average $740 more on alterations and repairs compared to the non-moving family.
If you’re thinking of moving this year or next give the Colorado Dream House Team a call and let us help you not only find your dream home but approach your new home furnishings correctly.