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 finishing a basement or attic, enclosing a porch, or building an addition or a new structure.