What is Home Improvement?

Home improvement

Home improvement is a term used for the process of renovating or remodeling your home. It can include interior and exterior work (such as electrical and plumbing, masonry, roofing, siding and gardening).

Home improvements are an important part of the overall housing market. They help to make a home more comfortable, safer and more energy efficient. They also add value to a home if it is ever sold.

The Home improvement industry includes the sale of building materials, appliances and decor as well as the services of contractors and tradespeople. The industry is growing, with a recent report showing that homeowner spending on home improvements doubled in a decade.

Despite the recent increase in home improvement spending, inflation and a possible recession may be the primary reasons that homeowners are less likely to undertake large projects and purchases this year.

Cash is king when it comes to home improvement costs, as 78% of all home improvement projects during the 2021 American Housing Survey were paid for mainly with cash. However, many homeowners don’t have a deep well to draw from, and they often need to make some sacrifices or use emergency savings, debt, loans or their home equity to finance these projects.

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