Just because the economy tanks doesn’t mean roofs stop leaking or wheezing air conditioners continue to run. Things still break down. You don't have to break the bank for home fixes, however. If you’re cash strapped, consider barter. That’s what Michael Hultquist did.

Two years ago, the Chicago-area homeowner was trying to figure out where he’d find the $3,000 to replace his outdated kitchen countertops before placing his home for sale.

He happened to get a call from a former neighbor who was launching a home handyman business. He wanted to know how much Hultquist, a web designer, would charge to design him a website. The answer? About $3,000.

“I told him that I could use his help here,” said Hultquist, 39. “I’m not very handy at all. I put in the kitchen cabinets myself but they didn’t really match the rest of the kitchen. So he came in, we had the cabinets taken out, he installed new countertops in the kitchen, and then he caught some small things I missed. He fixed a lock and a leaky faucet.”

In exchange, Hultquist designed the handyman’s website. The house sold, just before the market tanked.

More people are turning to barter these days as the economy continues to squeeze homeowners. Most homeowners, like Hultquist, barter informally among trusted acquaintances. Others use online and in-person barter exchanges, such as Tradebank and The Daily Barter, which trade on their own currency.

More homeowners have asked her if they can barter for her company’s services over the past five years, says small-business owner Danielle Zelenko, of Zelenko Asphalt in Presto, Pa.

“I have taken new tires, tools, equipment, artwork, advertising, mechanical and small engine repair work in exchange for my service,” she said. “It’s becoming more and more popular and on the rise between businesses.”

If you think barter might work for you, consider these tips:

Tread carefully

If you’re new to barter, begin with people you know and trust, suggested Charee Thurman, owner of All About You Salon and Boutique in Yuba City, Calif. Thurman has traded gift certificates for manicures and pedicures for pest control services, window repair and carpet cleaning.

“I wouldn’t barter with someone I didn’t have some personal knowledge of,” said Thurman, 34. “It would have to be someone I had a working relationship with. It seems to me that barter between relative strangers always goes south because the trade is with someone they’re not familiar with.”

Have something worth trading

Barter doesn’t have to be for just services. You can also barter equipment or gift certificates, as Thurman does. Zelenko once got a 2002 Jeep from a customer in exchange for paving and sealing a driveway and tree trimming.

Make it equal

“In a direct trade, I give you $1,000 in printing in exchange for $1,000 in dental work,” said Todd Gerry, senior vice president of marketing for Tradebank, an online business-to-business barter company. “But it often doesn’t work out that way, and one person feels he isn’t getting fair dollar exchange.”

Before you barter, figure out what your services are really worth. If you charge $500 and you need $1,000 worth of services, think again.

Hultquist figured that out when he considered trading with a contractor to refinish his basement.

“For us, a $50,000 basement remodel would be a whole lot of work on our side,” he said. “He didn’t need that much work from us. I do trade for smaller stuff, though.”

For Thurman, who also regularly barters her nail services for facials and haircuts for home services, barter is a win-win proposition, especially in this economy.

“Honestly I can’t say I’ve had a bad bartering experience,” she said. “With the pest service, we probably would have dropped it all together if it weren’t for barter. That’s $90 a month, between my home and business. That’s a lot of money. We were looking where to cut expenses, and this way, we made cuts without losing anything.”