July 19, 2024
Why home renovation is hard

Why home renovation is hard

The shortage of professionals, failure to adhere to the original budget, long delays and the fact that one has to look for a separate professional for each individual repair, makes the renovation of a home a process that requires not only plenty of money but also time, patience and knowledge.

Very often owners get frustrated and choose not to even bother with such a venture, especially if they live in another city or are of a certain age and do not have the stamina or appetite to deal with it, resulting in a significant percentage of homes being devalued.

In a recent analysis, National Bank estimated that during the financial crisis, approximately 250,000 homes were so degraded, due to the lack of funds for their maintenance and repair, that they are now uninhabitable and have been taken off the market.

According to digital real estate platform Protio, 65% of apartments available for rent today have never been renovated. It is recalled that 89% of all real estate in the country is older than 25 years, since only 11% of the total housing stock has been built since 2000, as a result of the economic crisis that intervened in the 2010s.