With a daunting economy and the housing market in a slump, most Americans are being forced to live within a budget. You might be in a financial dilemma, deciding whether to sell your home, possibly being forced to cut your losses or making the best of what you already own. If you decide to stick it out where you live, then your money can be wisely spent on doing your own home repair. The following tips should help you along the way.

First, approach this project as if you were in the market to buy a home. Set aside a weekend to get to know your home. Take a pen and paper and walk through every room of the house. Next, walk around the outside of your home. Write down everything that needs to be repaired and improved.

Ask a few questions. Do you have enough bathrooms? Do you need more closet space? Are there enough cabinets in the kitchen and bathrooms? Are the walls and ceilings crack-free? Are the floors and stairs in good shape? Do you have any wasted space in your home? Do you need to replace old shutters? Are all of the stair rails solid? Decide what factors would make a difference to you and your family.

Now sit down and divide the issues into two columns-one for necessary repairs and upgrades, and the second column is for unnecessary upgrades that will make living more comfortable without costing you a bundle. Do some research and find out what increases a home's value.

Little things that you used to consider annoying but have gotten used to will be a complete annoyance to a new home owner; fix them. A leaky faucet, cracked or broken windows, a hole in the wall, loose or broken bricks, doors that don't open and close properly, locks that are broken, cabinets that are in poor condition, all need to be repaired or replaced.

Now work on a housing repair or replacement budget. If you do not have the cash on hand you may consider an FHA Title 1 loan for livability repairs, a bank Home Improvement Loan for essential repairs and non-essential upgrades, or a Secured Loan for those of you with investment funds. Research and take the loan that best suits your needs.

You will now need to decide whether you will be doing the work yourself. If you are adding on an entire room or expanding a room, you will probably need to hire an architect. You don't want to knock down a wall that might be necessary. If you do not have a lot of free time or are unsure of your abilities you will need to hire reputable contractors to do the repairs or upgrades.

Remember that improving your living conditions or preparing a house for sale takes time. You want the repairs and upgrades done correctly so they will stand the test of time. Whether you are doing the repairs or upgrade yourself or hiring contractors, make sure that all of your needs are being met.