ÉVOSZ: Home renovation subsidies expected to boost invoiced labor
A government program that will cover half of home renovation costs, up to HUF 3 million, starting next year could boost the share of work for which renovators issue invoices from 40% to 70%, László Koji, the head of the national construction industry association ÉVOSZ, said in yesterday's issue of business daily Világgazdaság.
Koji said VAT is paid on just three-quarters of material costs for home renovations. He augured a 10-15% increase in capacity next year to match the rise in demand created by the home renovation subsidies.
Next year, some 200,000 homes could be renovated, up from about 190,000 in 2020, Koji said. That number is still well under the 240,000-250,000 of homes ÉVOSZ estimates should be renovated each year, calculating with an overhaul every 20 years. The home renovation subsidies are available to families with one or more children.
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