More and more people are taking advantage of home renovation support
Nine out of ten people have heard of a home renovation subsidy, and 86 percent have also heard of a home renovation loan. The respondents are not only aware of the subsidies, but also use them - according to a representative survey of the Mária Kopp Institute for Demography and Families and Families (KINCS), which was conducted in August by interviewing 1,000 people. Nearly 33,000 people have applied for home renovation support so far, and more than 7,500 families have also asked for a home renovation loan.
With the home renovation support and loan, the Hungarian government's home-building program was further expanded this year, the measures will greatly help families with children, and will also have a positive effect on the relaunch of the economy. Home renovation support is a help with which those who raise at least one child may expand, modernize or revamp their existing home.
KINCS asked people if they had heard of the individual home-building measures, what kind of home renovation plans they had, and what help they would require to these. The survey found that 9 out of 10 people have heard of the home renovation support and 86 percent have already heard of home renovation loans.
One-fifth of respondents (21%) said that someone among their friends or acquaintances renovated their home last year, or planned to renovate their homes in the near future. Of these, 14 percent are already in the works and 4 percent have already completed them. The results show that the highest proportion of 18-49 year olds and those raising minor children have renovated their homes this year or are planning to work within a year.
Three out of ten respondents (31%) spent HUF 1-3 million and two out of ten spent between HUF 3 and 6 million on renovation. Respondents with children spent twice as much (19%) on work over HUF 6 million as children without children (8.4%).
Of those who stated that their home was renovated this year or are planning to do so in the near future, 31 percent have received or will receive home renovation support (up to a maximum of HUF 3 million). Another 15 percent opted for the state-subsidized home renovation loan (up to a maximum of HUF 6 million), and 16 percent opted for a bank loan. One third of the respondents are or have used the help of family, relatives or friends to renovate.
The interior (65%) is mainly affected by the renovation, the most common works are painting, insulation (64%) and bathroom renovation (51%). Nearly one-fifth of those surveyed have air conditioners installed or plan to install them. And one in ten respondents is building or planning to build a solar system.
Overall, we see that the measures related to home renovation introduced by the government - the home renovation subsidy and the home renovation loan – encourage Hungarian families raising children to engage in a renovation. Many people have heard of, are familiar with and take advantage of these opportunities, which can also have a positive effect on starting a family or having more children.
Methodology: The national representative research of KINCS was conducted by telephone survey of 1,000 people among the adult population, 4-6 August 2021.