Mark Karas, president of the National Kitchen and Bath Association, says that the recession has changed the consumer's approach to remodeling and appliance shopping as well as how to pay for those improvements.

Karas said, "Any remodel now is budget-driven. You really have to take a look at what the client is looking at overall. I just sold a kitchen to a relative. We'd been trying to plan for five or six years. Just before the holidays, first the oven went, then the microwave, then the dishwasher, those were the signals."

Karas further added that with the real estate market still in turmoil, consumers are taking a more careful approach. He said emphasis is still on kitchen and bath remodeling but now, in addition to pricing fixtures and contractors, consumers are pricing the home equity loans they're using to finance them, with some banks offering financing as low as 3.9 percent.

Karas, who also is the general manager of Adams Kitchens in Stoneham, Mass, also said, "The rich are always going to be rich so can they do (a remodeling job) out of pocket, maybe. Middle-class homeowners are more likely to go to home equity loans."

"It's funny. A very good friend of mine is a banker. He just told me people used to come in and they would be told the rate is X and they would go for the loan. Now people are shopping for home equity loans just like they shop for a car. Even bank loyalty is gone. Interestingly, we're in a totally different mindset when it comes to money, projects and buying. Everybody just takes a totally different approach today." (With Inputs from Agencies)