About six out of ten consumers who bought a home between late 2005 and early 2007 took on a remodeling project within three months of the purchase, according to a recent survey by the National Association of Realtors.
The 2007 Profile of Buyers' Home Feature Preferences found that the average amount spent on home improvement projects in that period was $4,350. Nearly half of those home buyers remodeled or made improvements to their kitchens, and about half improved or remodeled a bathroom.
More than 90% of buyers thought energy efficiency was an important consideration. Buyers said they would be willing to pay extra (more than $2,000) for a home with two or more full bathrooms.
The typical home purchased in the study was 12 years old, measured 1,840 sq. ft., and had two bathrooms.