How to handle a home remodel

Wed., Sept. 5, 2007

Courtesy of ARAcontent The Spokesman-Review

Perhaps as a backlash against the “McMansion” trend, many homeowners are opting to remodel the home they have, rather than build something new. If you are among those who choose to stay put, chances are you’ll want the same upgrades and extra touches found in many new homes. But trying to keep up with the neighbors could break the bank if you make unwise decisions.

“Budget and benefit are the two most important factors to consider when planning any home remodeling project,” says Maxine Sweet, vice president of public education for Experian. “Homeowners need to set firm goals, have realistic expectations and commit to a budget to make their remodel succeed.”

So if you’re thinking about a home remodeling project, consider these tips first:

“Tip One: Know what renovation projects will deliver the most value.

Some of the hottest trends in new home building may not be the best investment. Sure, you can install a second laundry room in your master suite. But when it’s time to resell, an improvement like this isn’t as likely to provide as much return on investment as the tried and true, such as kitchen and bath upgrades. If you won’t be selling anytime soon, choose upgrades that enhance your enjoyment of your home. If you know you’ll be moving on before too long, put your money into resale upgrades.

“Tip Two: Find the trend that fits your lifestyle.

Walk into virtually any home improvement store and you could lose your head over some of the thrilling upgrades available today. That whirlpool bath with warm-air vents may be wonderful for grown-up enjoyment, but not the ideal place to bathe your toddler.

“Don’t let dazzling effects distract you from your ultimate objective of enhancing your home in a way that makes sense for you,” says Sweet.

“Tip Three: Have your financing in place before the first nail goes in the wall.

“The surest route to disaster is to start work before you know how you’ll pay for it,” says Sweet. Before hiring any contractors or buying materials, establish your budget. You can finance your project a number of ways, and one of the most popular methods is a home equity loan. The amount you already owe on your house and your credit rating will affect how much you can borrow for remodeling.

Before applying for financing, it’s a smart idea to check your credit report. Credit reporting companies like Experian make your report available online ( www.experian.com). Obtain a copy and make sure everything is in order. If you find something wrong, rectify it before you apply for financing.

“With careful planning, you can accomplish a home remodeling project that will both improve your home’s value and enhance your family’s enjoyment of your house for years to come,” says Sweet.

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