I think it depends on the improvement if you finance it or pay cash, and it also depends on the financial picture of the household.
For example, if you are retired or on a fixed income, paying cash is only way I would go, unless the financing was a 0% type deal and you could pay it off before interest rates increased. Does not matter if repair or a nice to have, if income is fixed (living off investments) plan to pay cash.
If you are still working, I would divide expenses up into required or nice to have. A few roof or furnace is a requirements. Getting a pool or deck is a nice to have.
If you need to a finance a required purchase, do it, just keep payment period short (like 12-24 months).
If you need to do a nice to have, save for it, and do it in stages. For example I have a 50k project in my backyard I am saving for. Once a few bills get paid off, it will be done in phases as the budget allows. $2400 one year, $10,000 another year etc...
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