In broad terms renovation refers to all activity aimed at improvement and maintenance of the condition of an existing building or parts thereof.

In Statistics Finland's different statistics, renovation is broken down to basic renovation and refurbishment. The term used for refurbishment varies in different statistics. In the Household Budget Survey, for instance, it is referred to as maintenance repairs.

In national accounts, building renovation is included in fixed capital formation and refers to fundamental improvement of a building. After renovation the value of a building is comparable to new.

Refurbishment is a less significant activity than renovation. Refurbishment refers to regular repairs and maintenance to buildings or parts thereof (also referred to annual repairs).

Building extensions count as newbbuilding.

Statistics using the definition

Validity of the definition

  • Valid until (31 December 2078)

Source organisation

  • Tilastokeskus