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It's the same reason why people like woodworking. Why buy a piece of furniture when you could spend 3x as much and do it yourself?

But do woodworkers consider their home workspace a "lab"?

Why not? They might use it to experiment with different techniques to bend wood, test structural integrity of different joint types, well anything.

We can call it a workshop instead, since it’s more physical. I associate lab with a place you do lots of thinking.