Serious damage can be done to the engine if this repair is done incorrectly. Take it to a dealer or trusted independent mechanic and have them replace the timing belt. I would also replace the water pump at this time. The pump will eventually fail and by replacing it at the same time as the belt you will in the end save money.
I had to have this done last year after I blew the seals and had oil all over the bottom of my car. I bought the parts and had a (Nissan) mechanic do it at his house. Make sure you change the water pump at the same time and you should also change the crankshaft and camshaft seals, as well as the seal retainer. If you buy the parts yourself I recommend using parts from the Honda dealership and make sure the person who is doing it actually knows what they're doing. It typically needs to be done every 60,000 miles. I have a '94 Accord LX with 177,000 miles; going for 300,000.
Dealers will charge you about $600 to do it. It takes a while to do it. I had mine replace twice. One by the dealer at 95,000 miles, second by a mechanic at 196,000. Now I have 275,000 miles on it. I was hoping to get 300,000 out of it, but I have a radiator leak, need front rotors and another timing/water pump within 12,000 miles. Since I am having foul spark plugs which is a sign of valve seals or piston rings. It's not worth spending more money into it. It's a 1994 Accord LX The belt and the water pump cost about $130. If the mechanic charges you $300, It's a good price. Make sure you buy parts from the dealer or autoparts that sell parts from same manufacturers as dealers (Advanced Autoparts does).
Before considering doing the job yourself, search on YouTube for a video about it, there is at least one very good video that shows how it's done, and the tools required. Buying the factory service manual is also a great investment for help with this project and many others on this car. Buy the manual on CD, on eBay, for less than $10.
The actual belt itself costs less than $40 at the dealer. Be sure and pick up the balancer belt and water pump at the same time.
The key to this job is patience. I did it with my father, and it took us somewhere around 14 hours the first time. When you are pulling the engine down far enough to get to the timing belt, you also want to replace the balancer belt, and the timing and balancer adjusters. You should also consider replacing the alternator belt, the water pump (if it hasn't been changed within the last two or three timing belt jobs), and the adjusters. I wrote a very specific step by step guide for this process; the engine for my 1991 accord is identical.
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