A new study commissioned by Reed Exhibitions and conducted by the Home Improvement Research Institute (HIRI) confirms that a majority of homeowners (52 percent) make improvements to their homes within the first year of purchase. Many consumers also make improvements to their previous homes to prepare them for sale.
Kitchens, bathrooms and living rooms are the most likely interior spaces to be improved in both newly built and existing homes, the study shows. Owners of newly built homes are also likely to buy landscaping products, the HIRI says.
Overall, recent home buyers spent more than $4,900 during the first year. Buyers of older homes spent an average of $3,600, while those who bought new homes spent an average of $7,000. The study sample included 300 respondents who had purchased brand new homes and 300 who had purchased older homes.