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Warning for homeowners: Here’s how much you’ll spend after buying your new house

How much does it cost to turn a house into a home? About $5,000 on top of the purchase price, according to a study distributed Monday by the National Bureau of Economic Research, a Cambridge, Mass.-based research group.

Buying a house triggered that much on average in spending on home renovations and durable home goods such as kitchen appliances, according to research by economists Efraim Benmelech, Adam Guren and Brian Melzer.

Home buyers embarked on the wave of spending even after buying a house that was newly constructed, suggesting that it was driven in part by a new owner’s desire to tailor his or her new house to their tastes, said study co-author Ephraim Benmelech, director of the Guthrie Center for Real Estate Research at Northwestern University’s Kellogg School of Management.

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