Home improvement is the act or process of improving a home or building. This can include any type of renovation, repair, remodeling or addition. Home improvements can be done on a single room or an entire house or apartment. It is important to take safety into account when doing any home improvement project, especially those involving electrical or plumbing work.
During the COVID-19 pandemic, homeowners had to spend more time at home than ever before, and many used the mandated downtime to modify their living spaces for safe and efficient work, school and play. In fact, one survey found that three in five households had undertaken some sort of home improvement project between March and May 2020.
While some DIY renovations are inexpensive, others can quickly add up. According to a NerdWallet analysis, the typical homeowner who completed a home improvement project during the past two years paid $6,438 on average. And although most of these projects were financed by cash, nearly 20% of respondents said they had to make sacrifices or tap into emergency savings, while another 12% had to borrow from family and friends.
Many of the homeowners planning to undertake a home improvement project in the next couple of years say they’re doing so for resale value, but others cite comfort and convenience as primary motivations. Regardless of the reason, it’s important to keep your budget in mind when choosing materials and hiring contractors. It’s also important to ensure the project is done safely and in accordance with applicable codes and regulations.