diff --git a/Makefile.am b/Makefile.am
index 41a94045..e9814d7b 100644
--- a/Makefile.am
+++ b/Makefile.am
@@ -45,7 +45,7 @@ include_HEADERS += include/uv-win.h include/tree.h
 AM_CPPFLAGS += -I$(top_srcdir)/src/win \
                -DWIN32_LEAN_AND_MEAN \
                -D_WIN32_WINNT=0x0600
-LIBS += -lws2_32 -lpsapi -liphlpapi -lole32 -lshell32
+LIBS += -lws2_32 -lpsapi -liphlpapi -lshell32 -luserenv
 libuv_la_SOURCES += src/win/async.c \
                     src/win/atomicops-inl.h \
                     src/win/core.c \
diff --git a/docs/src/misc.rst b/docs/src/misc.rst
index fb5a8a40..9708c5de 100644
--- a/docs/src/misc.rst
+++ b/docs/src/misc.rst
@@ -272,7 +272,7 @@ API
     Gets the current user's home directory. On Windows, `uv_os_homedir()` first
     checks the `USERPROFILE` environment variable using
     `GetEnvironmentVariableW()`. If `USERPROFILE` is not set,
-    `SHGetKnownFolderPath()` is called. On all other operating systems,
+    `GetUserProfileDirectoryW()` is called. On all other operating systems,
     `uv_os_homedir()` first checks the `HOME` environment variable using
     :man:`getenv(3)`. If `HOME` is not set, :man:`getpwuid_r(3)` is called. The
     user's home directory is stored in `buffer`. When `uv_os_homedir()` is
diff --git a/src/win/util.c b/src/win/util.c
index 2e6015f8..58e42bbd 100644
--- a/src/win/util.c
+++ b/src/win/util.c
@@ -36,8 +36,7 @@
 #include <psapi.h>
 #include <tlhelp32.h>
 #include <windows.h>
-#include <shlobj.h>
-#include <objbase.h>
+#include <userenv.h>
 
 
 /*
@@ -1158,7 +1157,8 @@ int uv_getrusage(uv_rusage_t *uv_rusage) {
 
 
 int uv_os_homedir(char* buffer, size_t* size) {
-  wchar_t* path;
+  HANDLE token;
+  wchar_t path[MAX_PATH];
   size_t bufsize;
   size_t len;
   int r;
@@ -1167,55 +1167,54 @@ int uv_os_homedir(char* buffer, size_t* size) {
     return UV_EINVAL;
 
   /* Check if the USERPROFILE environment variable is set first */
-  path = uv__malloc(*size * sizeof(WCHAR));
-
-  if (path == NULL)
-    return UV_ENOMEM;
-
-  len = GetEnvironmentVariableW(L"USERPROFILE", path, *size);
+  len = GetEnvironmentVariableW(L"USERPROFILE", path, MAX_PATH);
 
   if (len == 0) {
     r = GetLastError();
-    uv__free(path);
-
+    /* Don't return an error if USERPROFILE was not found */
     if (r != ERROR_ENVVAR_NOT_FOUND)
       return uv_translate_sys_error(r);
+  } else if (len > MAX_PATH) {
+    /* This should not be possible */
+    return UV_EIO;
   } else {
-    if (len > *size) {
-      uv__free(path);
-      *size = len - 1;
-      return UV_ENOBUFS;
-    }
-
-    bufsize = uv_utf16_to_utf8(path, -1, buffer, *size);
-    assert(len + 1 == bufsize);
-    uv__free(path);
-    *size = len;
-
-    return 0;
+    goto convert_buffer;
   }
 
-  /* USERPROFILE is not set, so call SHGetKnownFolderPath() */
-  if (SHGetKnownFolderPath(&FOLDERID_Profile, 0, NULL, &path) != S_OK)
+  /* USERPROFILE is not set, so call GetUserProfileDirectoryW() */
+  if (OpenProcessToken(GetCurrentProcess(), TOKEN_READ, &token) == 0)
     return uv_translate_sys_error(GetLastError());
 
-  bufsize = uv_utf16_to_utf8(path, -1, buffer, *size);
-
-  if (bufsize == 0) {
+  bufsize = MAX_PATH;
+  if (!GetUserProfileDirectoryW(token, path, &bufsize)) {
     r = GetLastError();
+    CloseHandle(token);
 
-    if (r == ERROR_INSUFFICIENT_BUFFER) {
-      *size = wcslen(path);
-      CoTaskMemFree(path);
-      return UV_ENOBUFS;
-    }
+    /* This should not be possible */
+    if (r == ERROR_INSUFFICIENT_BUFFER)
+      return UV_EIO;
 
-    CoTaskMemFree(path);
     return uv_translate_sys_error(r);
   }
 
-  CoTaskMemFree(path);
-  *size = bufsize - 1;
+  CloseHandle(token);
 
+convert_buffer:
+
+  /* Check how much space we need */
+  bufsize = uv_utf16_to_utf8(path, -1, NULL, 0);
+  if (bufsize == 0) {
+    return uv_translate_sys_error(GetLastError());
+  } else if (bufsize > *size) {
+    *size = bufsize - 1;
+    return UV_ENOBUFS;
+  }
+
+  /* Convert to UTF-8 */
+  bufsize = uv_utf16_to_utf8(path, -1, buffer, *size);
+  if (bufsize == 0)
+    return uv_translate_sys_error(GetLastError());
+
+  *size = bufsize - 1;
   return 0;
 }
diff --git a/uv.gyp b/uv.gyp
index cbd70abc..7173a827 100644
--- a/uv.gyp
+++ b/uv.gyp
@@ -108,9 +108,9 @@
             'libraries': [
               '-ladvapi32',
               '-liphlpapi',
-              '-lole32',
               '-lpsapi',
               '-lshell32',
+              '-luserenv',
               '-lws2_32'
             ],
           },