Within three months of a home purchase, 53% of buyers undertook a home improvement project. According to the 2013 Profile of Buyers’ Home Feature Preferences by the National Association of Realtors, the typical buyer spent $4,550 on various projects. Logically, a higher percentage of buyers of previously-owned homes undertook remodeling projects within three months, compared with those who purchased new homes.
Enthusiastic first-time buyers spent more than repeat buyers on projects costing less than $5,000. However, a higher percentage of repeat buyers completed $25,000 to $50,000 projects.
Kitchens and baths were the most popular rooms for remodeling projects for all types of buyers, with 47% undertaking a kitchen project, and bathroom remodels following close behind at 44%. The most popular individual projects include lighting, appliances, landscaping, and floor coverings.
NAR’s Profile of Buyers’ Home Feature Preferences examines features buyers prefer when it comes to purchasing a home, as well as the differences in preferences based on region, demographics, and household composition. A sample of households that had purchased any type of residence real estate from 2010 to 2012 and still owned the property was surveyed.
—Nina Patel is a senior editor at REMODELING. Follow her on Twitter at @SilverNina or @RemodelingMag.
