Mooresville, NC, May 25--More than half (52%) of recent home buyers make improvements to their homes within the first year, according to a 2004 survey by the Home Improvement Research Institute (HIRI).
To help buyers and sellers make those home improvements easier, Lowe's and the National Association of Realtors (NAR) have teamed up to offer a variety of resources that will simplify home improvements when buying or selling homes.
As part of NAR's Realtor VIP Alliance Program, consumers who are buying, selling or searching for homes will receive valuable savings and rebates courtesy of Lowe's through customized mailings from the Realtor with whom they are working. Consumers will also receive tips on preparing their house for sale or making a new house a "home."
"With this new offering, our members can address the unique home improvement needs of their clients and customers," said Bob Goldberg, senior vice president of marketing and business development for the National Association of Realtors. "As a result, their clients and customers will save money when preparing the home for sale or when first moving in."
Homeowners spend an average of $3,000 in home improvements to prepare their homes for sale, including renovating kitchens, bathrooms and living rooms. Frequently purchased items include paint, flooring, lumber and building materials.
Additional HIRI research shows, 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. Owners of older homes most frequently cited a desire or need to replace worn-out or old materials, while owners of new construction were most often seeking to beautify the house. Purchases of both types of homes reported that they did improvements to support new features and change the decor.
