There are few things in life that are certain, but if you’re a homeowner, home improvement projects seem to be one of them. They pop up at every turn, whether it’s a leaky roof or a basement that’s flooding. In fact, Americans spent $522 billion on such projects last year alone, according to the latest American Housing Survey data from the Census Bureau.
The term Home improvement refers to any type of repair, remodeling or alteration that is made to a residential building. This can also include the addition of a new room to a house, as well as the installation or replacement of a home heating system, water heater, air conditioning unit and/or other appliances. It may also refer to the construction of a fence, driveway, sidewalk or swimming pool and any other improvement to a residential property that is not considered permanent.
While major renovations are being put on hold, homeowners still have a strong appetite for lower-cost upgrades they can handle themselves. In fact, NerdWallet research shows that most of the 61 percent of people who have taken on DIY home improvement projects during the pandemic said they didn’t need to tap into their savings or go into debt to complete them. Those people reported that they were mostly motivated by the desire to add style and comfort to their homes, while others cited health-related reasons and wanted to keep family members safe at home. This is a good sign that consumers will continue to find ways to make their home more comfortable and aesthetically pleasing as the pandemic continues to subside.