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I AST YEAR homeowners spent h anestimated $46.3 billion on rhe upkeep and improvement of residential properties. About $31.2 billion of this amount was devoted to additions, alterations or major replacements, the remainder was spent to retrofit and repair tired, worn out houses.

Studies show that a large number of homeowners are doing their own work. The biggest motivation to doit-yourself is reported to be avoiding paying a contractor, but about half of the d-i-yers interviewed claim they can do the job better than a contractor. A surprising 49v/o say that they simply "enjoy doing jobs around the house," although they admit that saving dollars increases this enjoyment. While some homeowners move from project to project with enthusiasm, many are inspired only by the necessity of having to replace old equipment or fixtures.

Homes are considered a major financial asset today. In addition, people are staying put longer. These two factors contribute to the incre-asing expenditures for repairs and maintenance. Demographics show that the biggest spenders are (1) those who live in homes 40 years or older; (2) those living in their present home for five years or less; (3) those with incomes over $50,000 and (4) those with households of three persons or more.