Did You Know: Cost of Home Improvement

June 12, 2009

By Tyler Morrison, Research Assistant
 

 source: 2007 NAR Profile of Buyers’ Home Feature Preferences

• 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.
• For a complete 2007 NAR Profile of Buyers' Home Feature Preferences - available free only for REALTOR® members this year - click here.

This is one in a series of commentaries by the Research staff of the National Association of REALTORS®. Read more commentaries >