Home Improvement – How to Save Money and Make Your Home More Comfortable

Home improvement is the work done to improve and enhance a residence. It can be any number of tasks, from replacing doors or adding a security system to remodeling a kitchen, bathroom or basement. Home improvement can be costly, but it doesn’t have to be. Many people save money by taking on projects themselves rather than hiring professionals. Others seek out financing to help pay for the project, and there are a variety of options available today.

According to the 2021 American Housing Survey, nearly 3 in 5 homeowners have completed home improvements or repairs in the past two years. The average cost for those projects was $6,438, though some of the most expensive were kitchen renovations and security systems. Early in the pandemic, when people were spending more time at home due to social distancing restrictions, there was an explosion of home projects; later, as people started resuming their regular routines, those projects slowed down.

For those planning on undertaking home improvement projects in the future, most aren’t doing it to appeal to potential home buyers. Instead, most say they want to make their homes more comfortable and feel like a better fit for them.

When it comes to funding those plans, almost 78% of those who have undertaken projects in the past two years said they were able to pay for them using cash. But not everyone has a deep well of funds to draw from: 14% had to tap into or exhaust their emergency savings, and 12% had to borrow against their home equity.

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