Home improvement refers to the repair, maintenance and restoration of residential real property, such as a dwelling, garden or land. It also includes changes to the interior of a house, such as remodeling a kitchen or bathroom or adding a new room. Home improvements can be very expensive and many are aimed at increasing a home’s resale value. But not all renovations will add to your home’s value, and some might even reduce it.
Television has helped drive the growth of the home improvement industry, with such shows as Bob Vila’s This Old House and Trading Spaces gaining widespread popularity. Home improvement stores and DIY retailers like Lowe’s and Home Depot have expanded their markets by catering to a growing audience of homeowners looking to improve their homes with their own hands.
According to the American Housing Survey, the majority of homeowners surveyed report that they pay cash for most home improvement projects. However, a large percentage of larger, more costly projects are paid for with sources other than cash from savings, such as home equity loans or contractor-arranged financing.
Homeowners are spending more time at home in 2020 due to pandemic-related social distancing and are taking advantage of the opportunity to tackle some home repairs and improvements. But the pandemic has also made them more cautious about allowing home repair or improvement professionals into their homes. In fact, a majority of respondents (53%) say they wouldn’t allow contractors into their home over safety concerns related to the coronavirus.