by Lucy Edington

Created on: August 04, 2009

There are many scary stories in the press about the economy being in a slump and this makes us cautious about spending our money. We do not have the confidence that we once had in the housing market, because property has fallen in value and the banks are cautious about giving out mortgages. Where once we could be pretty sure that we would be able to sell our home quickly and secure the extra funds required to get a bigger property, we now have to look more realistically at what we can sensibly afford, and what we already own.

With the above in mind, 2009 is the year for remodelling our homes. If you are looking to turn a cupboard into an en suite or change your kitchen units, investigating companies that can do this is a good option. All businesses are feeling the pinch in the present climate, so there may be a deal to be had. In our neighbourhood alone, it seems that the estate agent cards have given way to home improvement companies' advertising in an average week's free mail. Have a look through the local paper, browse the Internet for trades people in your area and ask around to see if your acquaintances can recommend anyone to you.

Adding square footage to your home is also something to consider. Provided your finances are secure, you will be hiring builders who will be grateful for the work. Many people have lost their jobs in the recession and will not be focusing on home improvements, so you should be able to get any work finished pretty quickly, without having to negotiate around heavy demands on your builders' time. Just make sure that any structural changes are given planning permission before you begin. Looking around at any extensions your neighbours have will give you an idea for the kind of thing your local office may allow.

Any work that you do now will stand your home in better stead for when the property market hots up again and you will be able to sell. If you were thinking of moving just to acquire a larger property, improvements you have been able to make may negate the need for uprooting to somewhere else. 2009 is the year that we all should be critically assessing what we already own and finding ways of making it work for us. There will have been a reason you chose your current property, so really think about the assets of where you live and how to enhance them. It should be a lot less expensive to update and remodel this year than at any time in the last decade, and you may fall in love with your home all over again.

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