The Home Improvement Industry is Strong Despite the COVID-19 Pandemic

Home improvement

Home improvement is a huge industry, encompassing building materials and appliances, décor and other accessories, as well as contractors, handymen, plumbers and electricians, who help with the installation, repair and modification of homes. The industry is especially strong during a time of pandemic, with homeowners seeking to make their dwellings more comfortable and safe while also increasing their property value.

Home improvements, like any other investment, should be planned carefully. Homeowners should consider whether the intended project will boost resale value, increase their living space or improve curb appeal, and determine if the cost is worth the potential return. Some home improvements may not add much value to the house, however, especially if they are highly personalized and go beyond the tastes of a typical buyer or if the project is more costly than the average price of similar homes in the area.

Despite the COVID-19 pandemic, many homeowners are still willing to take on DIY projects, and most will spend money improving their home this year. In fact, more than half of homeowners say they’re planning a fix or upgrade, with painting and landscaping the most popular projects. A quarter of these projects are aimed at remodeling kitchens and bathrooms.

The most common reason given for taking on these improvements is to make their home more enjoyable to live in, while 1 in 5 homeowners say they’re planning them to prepare their house for a sale. Some homeowners are also planning to install a new roof, update their windows and doors, and add a patio or deck.

When it comes to the cost of these projects, the vast majority (78%) will be paid for with cash, while 20% will need to cut back on other discretionary spending or sell items. In addition, 12% will need to tap into or exhaust their emergency savings and 8% will borrow funds from a lender.

A growing number of homeowners are using TikTok and Instagram to get advice from home renovation professionals, with some even working as independent contractors themselves. This trend has also seen the rise of “aggregators” that bundle services and act as intermediary agents between service providers and homeowners. Regardless of how the project is completed, it’s important that homeowners do their homework and choose professional service providers who are licensed and insured. This will protect them from scams and help ensure that the work is done correctly.

While it’s tempting to take on DIY fixes or upgrade projects, there are certain repairs and renovations that should be left to the pros — especially those involving wiring, plumbing and cutting through walls. The last thing you want is to end up hurting yourself, seriously damaging your home or wasting money on a half-assed job that could detract from the overall look of your property.