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So You're Going To Remodel Your Home?
By Geoff Mira
There are a number of things that should thought about before you start such a big project as remodeling your house. Obviously you need to fist off decide what you are going to be doing and what will be remodeled, but there is also a lot of costs that you will need to factor in. The amount of funds that you have available to begin your remodeling project will not suffice in determining how much your project should set you back. There are a few ways to tell you just how much money would be worth putting into your remodel, this is important as you don't want to overspend.
Considering Your Equity
Your equity, or the value of your home, plays an important role when you deciding how much you will be investing in the remodeling of your home. As a good rule, your project should not be more than about 25 percent of the value of your home. For example if your is valued at around $500,000, then your remodeling project should not cost you more than about $125,000.
If the project ends up costing more then it would actually be a better investment to purchase a new instead of remodeling
your current one. An easy way to figure out what your is worth is to find out what other houses in your area are selling for, it is pretty safe to assume that your house will be about the same value. If you want you could even get the exact value by hiring a professional to come out and appraise your home, thus giving you an exact idea on just how much money you should spend on remodeling
It is An Investment
Something you must keep in mind when considering a improvement project is if it will payback. Of course the main purpose of the remodel is to leave you with a place that better fits your need, but any such remodeling project can also greatly affect the value of your home. Many of the changes you make; such as adding another bedroom or bathroom, redoing the tiling in bathrooms, and such can greatly increase the value in your house, if you are ever planning on moving out and putting your house on the market then this is an important thing to think about when you start planning any remodeling project.
Remodeling your house should be thought of as an investment, something that will pay for itself in the future if done correctly. It is a good idea to check out what will increase the worth of your house so that you don't do anything that doesn't payoff or even lessen the value of your house. How much money you spend on your remodel increases the payback value you will see if you decide to sell your home. So plan carefully about these things.
Thanks for reading. If you found this article helpful you can check out more home improvement tips, information, and more articles on my website: http://www.homeimprovementweekend.com
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