A recent survey showed that first time home buyers and spending large amounts on renovations to their new homes, according to a recent survey. They found that the average first time buyer spent almost $34,000 in renovations in their first year of ownership. And this was done in addition to the challenges of saving for the down payment and the closing costs.
And they are doing more than paint and lighting fixtures. Kitchens and baths are becoming the norm for these first time buyers. Converting the house to smart technology is a very popular project.
The reason they need to do this is because of a low inventory situation of affordable home. The homes that are available in their price range need these renovations. And they are willing to perform them because thee cannot find homes in good condition in their price range or in the are where the wish to live.
And many are hiring contractors to do the work for them. Many make lower down payments to conserve the cash for the renovations. Some immediately take a home equity loan or a second mortgage. Others simply put the charges on their credit cards.