With the housing market in a steep decline and the economy clearly entering a recession (even if the economists won't admit it), the number of people looking for new homes or looking to take the next step up in the housing market have dropped off significantly. Industry experts are trying to stimulate home buying, but the reality is, most people are opting to upgrade their current house to meet their needs rather than buying a new home.

It seems like this trend will continue for quite some time, so cabinet business (especially the stock cabinet business) is a booming business right now. With increased quality of the cabinets that are being manufactured, it is possible now to completely upgrade your kitchen for a couple thousand dollars. Ready-to-Assemble cabinets are a big reason why a new kitchen is more affordable than ever. This form of cabinetry allows the handy homeowner to do a lot of the work themselves, which is where the savings comes from.

By remodeling the kitchen you can often bring new life to an old house and avoid the need to look elsewhere. If more space is what you need, adding an addition on to your house can often be a more cost effective solution than trying to buy a house and sell your current one. While finding a new house is easy, the challenge would be trying to sell your house with all the competition on the market. With new construction at a stand still, most home builders are turning to projects like add-ons and additions to subsidize their income, which makes labor even more affordable.

If your lot space is at a premium, and you can't afford to lose any of your backyard, think about building up. While it may sound like a risky endevour, adding another level to your house could be a great way to add value and much needed space for your family.