Material that in good faith is about to be applied to the repair or improvement of a residence is exempt if the equity in the material does not exceed two thousand four hundred twenty-five dollars ($2,425) in the following cases:
(a) If purchased in good faith for use in the repair or improvement of the judgment debtor’s principal place of residence.
(b) Where the judgment debtor and the judgment debtor’s spouse live separate and apart, if purchased in good faith for use in the repair or improvement of the spouse’s principal place of residence.