Your Household Economy: Home Improvement in 2009

As the economy continues to suffer, many homeowners are waiting before proceeding with home improvement projects.

The website MarketWatch joins other industry experts in comparing our current recession to the depression of the 1930s. While we don't have the 25 percent unemployment rate the country faced then, we are still in the midst of one of the worst economic situations in our history.

What does this mean for homeowners? The real estate market continues to lag, but home improvement lives, thanks to homeowners investing in their homes all across the country while managing their renovation costs.

Home Improvement Outlook for 2009
The home improvement website Angie's List conducted a national poll recently, finding that around 50 percent of homeowners still think it's a good time to continue with home improvements. We're not talking about run-of-the-mill improvements like a new paint job or new carpet. Over 60 percent of responders to that poll plan to spend an average of over $23,000 in 2009.

The U.S. Economy vs. Your Household Economy
Whether or not the U.S. economy is weak or strong, the most important financial consideration for a home improvement project is your household economy. Ask yourself the following questions when considering a home improvement:

• How much can I afford? A good budget is a good first step in planning a home improvement.
• What does 2009 look like for my household? Do you have major expenses coming up? Do you have a reserve of savings in case the economy worsens? What kinds of renovations costs should you expect?
• What deals and discounts can I find? These days, a lot! Check online, with local retailers, and with contractors for all kinds of discounts on materials and services.

Sources
Huntington Homes, Bad economy creates upswing in home improvements, by Marilyn Kalfus
MarketWatch, Obama faces only one more bad year for economy, by Rex Nutting