Business Wire India
Kitchens topped the list of interior remodels for renovation frequency in 2017 among homeowners on Houzz India, according to the annual Houzz & Home India survey with more than 3,500 respondents. One-third of renovating homeowners tackled kitchens (33 percent), followed by living/family rooms, master bathrooms and master bedrooms (31, 28 and 27 percent, respectively).
Overall renovation activity remained steady in 2017, with 36 percent of homeowners renovating their homes, at a median spend of Rs.3,00,000. Over the past two years, homeowners have become more deliberate in planning and budgeting for renovations and were four percent more likely to set a budget in 2017 than in 2016 (86 and 82 percent, respectively).
“Home remodeling activity has maintained its momentum, with recent buyers and long-term homeowners making significant investments in major projects like kitchens and bathrooms, if deciding to renovate,” said Nino Sitchinava, Ph.D., Houzz principal economist. “For homeowners, these investments are validated by the value these projects have brought to their homes.”
While improving functionality of a home’s design are the top considerations during renovations (71 and 67 percent, respectively), increasing the home’s resale value is an important renovation consideration for over a quarter of renovating homeowners (27 percent).* In fact, seven in 10 homeowners believe their renovation had a positive impact on home value (70 percent), and over a quarter of homeowners believe that their home value has increased by at least the full amount of the project cost post-renovation (28 percent).
Other top findings include:
- Cash Remains King: When it comes to funding renovations, cash continues to be the most popular form of payment (88 percent), followed at a distance by credit cards and personal loans from friends/family (13 percent and 12 percent respectively).
- Electrical and Plumbing Top System Upgrades: Homeowners prioritized electrical and plumbing over any other system during renovations (53 and 47 percent, respectively).
- Home Professionals in High Demand: Nearly all of renovating homeowners chose to hire a home professional for their renovation needs (98 percent). Civil engineers and general contractors were the most popular (33 percent), followed by architects and interior designer/decorators (19 percent, each).
The Houzz & Home Survey
The annual Houzz & Home survey is the largest survey of residential remodeling, building and decorating activity published. The survey covers a wide range of renovation projects in 2017, from interior remodels and additions to home systems, exterior upgrades and outdoor projects. Data gathered includes historical and planned spends, professional involvement, motivations and challenges behind building, renovation and decorating projects, as well as planned activities for 2018. The 2018 study includes over 3,500 respondents in India alone, providing insights into the home improvement activity of the more than 40 million monthly unique users of the Houzz site and mobile apps.
The Houzz & Home Survey was sent to registered users of Houzz India and fielded in March-April 2018.
Houzz has over 17 million photos of professionally designed interiors and exteriors, including completed kitchen and bathroom projects, and more than 2.1 million active home renovation and design professionals including architects, interior designers, civil engineers & contractors and design-build firms.
* Information gathered from the 2017 India Houzz & Home Renovation Trends Study.
Houzz is the leading platform for home renovation and design, providing people with everything they need to improve their homes from start to finish – online or from a mobile device. From decorating a small room to building a custom home and everything in between, Houzz connects millions of homeowners, home design enthusiasts and home improvement professionals across the country and around the world. With the largest residential design database in the world and a vibrant community empowered by technology, Houzz is the easiest way for people to find inspiration, get advice, find products and hire the professionals they need to help turn their ideas into reality. Headquartered in Palo Alto, Calif., Houzz also has international offices in London, Berlin, Sydney, Moscow and Tokyo. Houzz is a registered trademark of Houzz Inc. worldwide. For more information, visit houzz.in.