Home improvement is more than just remodeling or redecorating – it’s also about making your living space safer, more comfortable, and easier to live in. The most popular improvements include paint jobs, bathroom renovations, and kitchen upgrades.
According to the 2021 American Housing Survey, homeowners completed more than 1.4 million home improvement projects in the two years prior to the survey. That’s an increase of 17%, compared to the previous two-year period. And while the rise in projects is largely due to the COVID-19 pandemic, it’s important to note that homeowners were already remodeling their homes before the pandemic took hold.
More than half of those considering a home improvement project say they are motivated by the desire to make their homes more comfortable, while another 33% want to improve their home’s safety and security. Other reasons why homeowners are taking on home projects include increasing the resale value of their home, improving their health by making their house cleaner, or just wanting to add new features that will enhance their daily lives.
When it comes to paying for these projects, many homeowners are using cash, a personal loan, or a credit card. A quarter of those surveyed report they had to sacrifice other expenses or tap into their emergency savings to pay for their home improvement projects during the past two years. And 8% of respondents even borrowed against their home equity to fund some of these projects.