Home Improvement During the Pandemic

Home improvement is the process of making changes or repairs to improve the function, safety or appearance of a residence. It includes maintenance tasks such as painting and repairing, as well as larger projects such as kitchen remodeling or adding an addition. Most homeowners are not professional contractors, but instead undertake these jobs on their own or with the help of friends and family. Some of the most common home improvements include replacing doors and windows, fixing roofs and laying new flooring or carpeting. Homeowners can also find ways to make their homes more energy-efficient and environmentally friendly.

While rock-bottom interest rates have boosted many homeowners’ appetite for renovating, homeowners’ propensity to spend on home improvement depends on the economy and their individual financial situations. Some consumers are able to fund large-scale projects with cash on hand, but others may need to sacrifice other discretionary spending or tap into emergency savings to pay for them.

In a recent NerdWallet survey, 20% of homeowners who had undertaken home improvement projects during the pandemic said they needed to sell items or borrow to cover costs. Others reported tapping into retirement savings or using credit cards to finance their work.

Emmanuel Forge, a traveling contractor who posts DIY video tips on TikTok and Instagram under the Remodel School brand, says that during unsettling times such as the pandemic, many homeowners underestimate how much their projects will cost. “They don’t realize a tub-to-shower conversion can cost 20 or 30 grand,” Forge says. In general, he adds, homeowners should consider what will increase their happiness and functionality in their current living space before deciding on which projects to undertake.

Posted in: Gambling