Homeowners undertaking mostly DIY home projects, delaying bigger ventures

Despite a desire by many homeowners to conduct home improvement projects this year, a report by the research firm Mintel shows more than a quarter of homeowners can't afford to do them.

According to the report, between 2005 and 2010, there was a 21 percent decline in home improvement store sales. Additionally 28 percent of homeowners want to undertake a major home remodeling project but lack the finances necessary to do so.

"When the housing market collapsed, many consumers chose to make minor improvements to their homes instead of pursuing large, complicated renovation projects that would drain their wallets," said Bill Patterson, a senior analyst with Mintel. But, he added that strong sales during the fourth quarter of 2010 may indicate that some people have more funds available for home improvements.

Though many homeowners are unable to perform large-scale home projects, the report states that three out of five respondents have conducted at least one do-it-yourself project since March of last year.

A report by Reuters and the University of Michigan could be an indication that more homeowners might be able to afford DIY home remodeling projects this year. The school's consumer sentiment index rose 1 point to 75.1 in February from the month before.

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