- A third of homeowners on
Houzz , a leadinghome renovation platform, prefer to spend on renovation than buying a new house. - And 97% of them hired a professional including a carpenter, electricians and plumbers for repairs and renovations.
- Over 29% of homebuyers are resorting to smart technologies like home assistants, streaming media players while renovating their home.
Data also showed that 97% of homeowners hired a professional including a carpenter, electricians and plumbers for repairs and renovations.
A significant portion of homeowners hired a professional in 2018 (97%), with carpenters, electricians and plumbers in greatest demand (81, 76 and 63%, respectively). Of all generations, Gen Xers are the most likely to hire professional help, though the gap is surprisingly narrow.
“Despite a number of headwinds for the global and national economy, renovation activity continued to keep pace in 2018 and will likely experience growth in 2019,” said Sanjay Nadkarni, Country Operations Manager, Houzz India.
“Pent up demand continues to be the biggest trigger for renovations today, as homeowners prefer to stay put and invest in the design and functionality of their current home over moving to a different home. ”, Nadkarni added.
What are people spending on and how?
| Sources | Percentage of people using sources |
| Cash/Savings | 81% |
| Credit Card that can be used anywhere | 14% |
| Personal loan from friends and family | 8% |
| Cash from previous home sale | 6% |
| Construction loan | 6% |
Over 29% of homebuyers are resorting to smart technologies like home assistants, streaming media players while renovating their home.
And cash (81%) was the most used medium to pay for renovation followed by credit cards (14%)and loan from friends (8%) in all age groups.
See also:
Property prices in three big Indian cities may fall due to millions of jobs lost in the auto sector
Get ready to shell out ₹56,000 per square foot if you want to stay in Mumbai’s Tardeo area