Here are some interesting ideas for remodeling if you can't afford to move up to a new home at this time:

Homeowners unable to purchase a new home – either due to stricter loan guidelines or because they are underwater on their current mortgage -- may want to consider remodeling certain areas of their home to make it more suitable to their current lifestyle. Currently, homeowners can find bargains for items such as kitchen cabinets, granite in the bathroom, and landscaping services.

The costs for custom cabinets are down approximately 20- to 30-percent, due to lower material costs and cabinetmaker discounts. Some cabinet manufacturers are responding to the fall in demand by reducing or eliminating surcharges for custom-size cabinets, decorative finishes, and higher-end wood types.

In the bathroom, homeowners can find discounts of up to 50 percent on granite, due to inventory backlogs and new foreign competition, and on porcelain sinks, due to a surge in Chinese imports.

Experts say homeowners are continuing to focus upgrades less on recouping their investment and more on the enjoyment factor, which is one reason there has been a surge in outdoor living spaces. Costs of installation are down 20 percent or more amid a construction labor glut and consumers are finding it easier to negotiate prices with landscapers.