Almost three quarters of Romanians want to start a home improvement project

Almost three quarters of Romanians (72 percent) want to start a home improvement project in the next five years, while 32 percent intend to start one in the next 12 months, according to a IRSOP study for the Association of Housing Banks in Romania (ABDLR).

The share of dwellings increases year-on-year as a result of the aging of the buildings, the low rate of current improvements, and also because of the small proportion of new housing that fails to counteract the aging trend of existing dwellings.

“The survey shows that 72 percent of Romanians want to do something in the next five years, which is the highest rate since 2013,” said ABDLR chairman Lucian Anghel.

Regarding the necessary amount that Romanians want to invest in improving the quality of their homes, this amounts to EUR 4,800 in the next 12 months, twice as much as the Romanians spent in 2017.

“At the same time, the main source of funding is the savings already made, which shows us that the financial education of the people is growing, they raise some money and courage to improve their housing. It is a decrease in the intention to resort to credit for resolving housing problems,” said Anghel.

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Thus, it can be concluded that if Romanians save more, they will have the confidence to involve in a home renovation project, the representative of the Association continued.

Anghel showed that the savings-credit program could be launched again in the second half of this year, after three and a half years when the system did not work.

The Ministry of Finance published on March 4th the methodological norms for the application of the Law on Credit Institutions, on the basis of which this program will be resumed. Under the program, any citizen, regardless of age, can benefit from the state premium of 25 percent of annual deposits (up to EUR 250 per year).