Remodeling has become the number one priority on everyone's "to-do" list. It can cover a weekend project to paint the living room or the15 month project to knocking down most of the existing walls and starting over. Whatever your pleasure, you must start with a plan.
Walking through model homes or perusing through design magazines is the fun part most people enjoy and, yes, it helps to stir your imagination, but one of the first things that has to be decided is the budget. Without a budget, unless, of course, you just won the lottery, there will be no project.
Here are a few points to ponder. How much could you spend and how much will you spend.
How much could you spend depends on what you can afford. Home improvement loans, equity loans, family loans...this is your borrowing power. Whatever the number, this is the amount you could spend and this is the amount you have to pay back.
How much you would spend depends on what you want to invest in your home. Do you plan to stay in your home for 5 years, a lifetime, or remodel and sell? You definitely want to research your neighborhood for homes that have just sold. How do these homes compare to yours and what, if any, remodeling was done. Did they have more square footage by adding rooms, did they remodel the kitchen or bath or did they sell the original house with no improvements? Remodeling kitchens and bathrooms, according to published statistics, have the greatest return on your investment, so do your homework and plan wisely.
Walking through model homes or perusing through design magazines is the fun part most people enjoy and, yes, it helps to stir your imagination, but one of the first things that has to be decided is the budget. Without a budget, unless, of course, you just won the lottery, there will be no project.
Here are a few points to ponder. How much could you spend and how much will you spend.
How much could you spend depends on what you can afford. Home improvement loans, equity loans, family loans...this is your borrowing power. Whatever the number, this is the amount you could spend and this is the amount you have to pay back.
How much you would spend depends on what you want to invest in your home. Do you plan to stay in your home for 5 years, a lifetime, or remodel and sell? You definitely want to research your neighborhood for homes that have just sold. How do these homes compare to yours and what, if any, remodeling was done. Did they have more square footage by adding rooms, did they remodel the kitchen or bath or did they sell the original house with no improvements? Remodeling kitchens and bathrooms, according to published statistics, have the greatest return on your investment, so do your homework and plan wisely.
1 comment:
FANTASTIC SITE!!!! I've past this site on to my friends and relatives it's very informative.
Post a Comment