Technologyies

Housing: 41% Choose to Reform Rather than Buy

41% of individuals who undertook a home renovation project in 2015 chose to reform their home rather than buy a new one, with average spending on renovations of 26,200 euros, according to the annual report ‘Houzz and the Home.’

The study, in which more than 3,400 individuals and 225,000 globally participated, shows that acquiring the ‘perfect’ home is no longer a priority for individuals who prefer to reform to stay in the same area or neighborhood (22% ) or to use a specific design or materials for their home (21%). Likewise, the lower cost involved in carrying out a reform (25%) continues to be a decisive factor.

Likewise, it concludes that adapting to recent family or lifestyle changes priorities when undertaking a reform project at home (33%). 28% of individuals did so to renovate a newly acquired home to their liking, and 23% because they finally had the financial means to meet the expense.

As for the individuals, they actively reform their homes, since almost half (47%) renovated their home in 2015, surpassing other generational groups (40% between 35 and 54 years old and 45% among the elderly 55 years).

30% of individuals say that they prefer to reform rather than buy a house, to adapt it to their needs and tastes. Other factors such as finding a home that fits your vision of what a home should be. Staying in the same area or neighborhood. And renovating are more affordable than buying, support this trend at 28%.

More Active in Decoration

When it comes to home decoration, the ranking of the most active compared to other groups. 62% carried out decoration projects at home, compared to 57% of individuals between 35 and 54 years old and 44% among those over 55 years old.

Likewise, personalizing a newly acquired home was the main cause for 57% of individuals (compared to 27% between 35-54 years in 11% of those over 55).

Finally, regarding the priorities when it comes to reforming, individuals prioritize renovation projects in bathrooms (29%), bedrooms (29%), and kitchen (27%). Updating the outdated or outdated design or style is the main reason to reform the bathrooms (38%), the kitchen (32%), and other interior spaces (34%).

However, the reforms not only focus on changing the style or design. Concerning the exteriors, the works focus on renovating the enclosures, in particular, the windows or skylights (28%), also the painting (22%), the insulation (22%), finally, the terraces ( 18%).

Average Spend of 26,200 Euros

On the other hand, the study inventions that almost a quarter of individuals carried out renovation projects without setting a previous budget (24%). Almost a third (27%) exceeded the established budget.

Individuals who best control spending during the reform, with 48% of individuals surveyed, managed to adjust to the initial budget. Only 19% knew how to keep spending at bay and not exceed the set budget.

The figures are quite similar by age groups, although the generation (39%) is more open to increasing spending. Especially when opting for more expensive products or materials (47%).

More complex projects than expected (36%) or products. And services more expensive than expected (32%) are also among the reasons that individuals increase the spending established a priori in the reform.

Regarding the average expenditure of a home project, the data show spent an average of 26,200 euros on renovations in 2015.

In kitchens, the average investment for a comprehensive renovation amounts to 8,730 euros for large kitchens (more than 15 square meters). And 6,260 euros in smaller kitchens (less than 15 square meters).

As for the bathrooms, the most popular remodeling project among individuals. Spent an average of 3,250 euros on comprehensive renovations of the main bathroom (more than 11 square meters) and 3,730 euros on renovating the small bathrooms (less than 11 square meters). Squares).

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Ayesha Jafar

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