The expense to renovate the kitchen, one of the places that people love to modernize the most, jumped to + 58% in 2020, with an average cost of € 9,500, according to what emerges from the 2021 edition of the Houzz & Home research, conducted on over 3,000 people interviewed in Italy. Even investments in the bathroom makeover, with locals that are renewed more often by homeowners, increased 20%, reaching a share of € 6000 spending in 2020, compared with 5000 € of 2019.
The average expenditure overall remains stable at € 20,000, although projects with the highest budgets (10% of the most expensive projects) exceeded € 100,000 and above in 2020.
The study also found that the renovation market will continue to grow in 202
1, with 32% of homeowners starting a renovation this year, for an increase of 7 percentage points compared to 25% in 2019. Also for tax breaks.
“If the pandemic had caused an initial moment of concern for the renovation market, it may actually have inspired new projects in people who are adapting to recent life changes. In fact, a high percentage of homeowners say they finally have the time and financial means to implement projects long delayed in recent years, ”said Marine Sargsyan, Senior Economist at Houzz.
Forced to stay in their homes due to the pandemic,
homeowners in Italy have changed or refurbished their homes according to their needs.
More than a third renovated a recently purchased home (35%) and renovations to adapt the home to recent life changes grew by 3 percentage points in 2020 (27% compared to 24% in 2018). One in five homeowners say they have
refurbished instead of moving
looking for a home that best suits their needs because it is a more affordable alternative (21%). The percentage of homeowners who say they have always wanted to start a renovation project and have finally found the time to do it grew by 2 percentage points in 2020 (19% compared to 17% in 2018). The number of people who have always wanted to renovate and have finally found the financial means has also increased (as reported by 19% of owners compared to 18% in 2018).
The kitchen is the room that changes the most
Almost two thirds of homeowners have made major renovations to the kitchen by giving it a new structure or by changing the systems, whether they are plumbing, electrical, or heating, ventilation and air conditioning (59% and 51% respectively). One third of homeowners increased the size of the kitchen during the works and demolished, moved or built walls (33% and 27%, respectively). More than half of homeowners replaced all appliances once the kitchen was refurbished (51%). Other kitchen improvement jobs include new faucets, countertops, upholstery, whitewashing, sinks, and cabinets (74%, 73%, 68%, 68%, 68% percent, respectively).
We also work on outdoor spaces
While interior refurbishment is the most widespread project (76%), refurbishment of outdoor areas is also becoming more widespread than last year, with 2020 marking an increase of 3 percentage points (32%) among owners. of the house that they decide to renovate. Two out of five homeowners have carried out their plans to improve an outdated or no longer popular style (40%). The improvements of the open spaces mainly concern the land, with the laying of pots and flower boxes or the creation of flower beds (respectively 14% and 11%).
Baby Boomers increase their spending
The average spending on renovation projects among Baby Boomers (aged 55-74) increased by 33% in 2020 compared to that of 2019 (€ 20,000 compared to € 15,000), thus closing the gap with Generation X ( aged between 40-54), since it too has seen a median expenditure of € 20,000. The projects with the highest budgets (10% of the most expensive projects) of Baby Boomers have instead surpassed those of Generation X (€ 110,500 compared to € 100,000). Millennials on the other hand (aged between 25-39) continue to be the age group with the highest median expenditure (€ 28,000) and to fall within the 10% with the highest budgets (€ 128,000).
Homeowners use more than one professional
Nearly nine out of ten homeowners hired professionals for their renovations in 2020 (85%).
Among the hired professionals there are mainly electricians, plumbers, bricklayers, painters and carpenters (46%, 49%, 44%, 34% and 29%).