Factor in Cost of Alterations in Home Purchase: New buyers spend nearly $12,000 on Upgrades, Repairs.
You may want to invest additional money for upgrades when budgeting for a new home. Home buyers spend close to $12,000 on alterations and repairs during the first year after closing, according to NAHB’s analysis of Consumer Expenditure Survey data from the Bureau of Labor Statistics. That figure includes over $4,000 on things like building outdoor patios, fences, pools, and driveways. They spend another $3,167 on landscaping. New appliances are another significant cost – an average of $4,254 – as are new furnishings, with an average spend of $5,122. Other projects done by new buyers include