Home improvement is a multibillion dollar industry that includes the sale of building materials, appliances and decor as well as the many contractors, craftspeople and tradesmen who help improve, repair and renovate residential properties. Home improvements can be made for a variety of reasons, including remodeling an existing home to fit one’s personal style or tastes or making repairs due to damage. Home improvements can also be made to add more living space, upgrade the electrical wiring or spruce up the exterior.
While many people are planning to stay put during the coronavirus pandemic, more homeowners than usual are considering home improvement projects this year. A recent survey by Axiom found that nearly three in five homeowners plan to take on at least one project during 2021, and most are planning to hire a professional contractor.
The majority of these planned improvements are focused on the interior of the home, with respondents citing bathroom and kitchen remodels as top priorities. Other popular projects include adding a deck or patio, replacing carpet and painting walls. Some people are even thinking about hiring a landscaper to improve the appearance of their property.
Those who are planning to hire a contractor may want to make sure that they are properly insured. The American Housing Survey reports that most projects are paid for with cash from savings, though high-dollar improvements often use sources like a cash-out refinance, a home equity loan or contractor arranged financing.