If you’re considering a home remodeling project, you’re probably also considering the best way to pay for it. But you should also have a solid reason for the expenditure. Why are you spending treasure to pay for a home remodel or addition? Is it because you need the space? Is it because you finally have the finances to upgrade to your dream addition? No matter what the reason, be sure of it. Tell your custom home remodeling contractor when you contact him for estimates.
By this time, you probably have some idea where the money for the custom remodeling project will come from. Keep in mind that you won’t recoup all your money from a home addition right away. It will take at least six to seven years to earn back that expenditure. Your mortgage broker can even run a program for you that will anticipate the value of a home addition. Often, you can make up the difference in your mortgage payment, but be aware of the interest payments. If you want to know how to get the best bang for your buck, go to the experts. Ask a realtor what people want when they are buying a home, and find out what the marketplace is willing to pay for those features. Build with resale in mind, even if you have no current plans to sell. Then, knowing what you can get for a kitchen remodel, a bath remodel or a home addition if you ever do decide to sell, you can determine if the actual cost is worth it, and where the best place is to get the financing to do it.
And of course, you don’t want to discount the other side of a remodel payback: living in a new, modern and fresh environment!