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Remodel or Refinance? Cash Out Refinancing

The best way to finance home remodeling is with cash out refinancing. Many home improvement projects begin with someone in the household saying, "Wouldn't it be nice if...?"

Assuming that they're not just muttering the old Beach Boys song about living together, they may then lament the fact that there's no island in the kitchen, or not enough counter space, or that the cupboards are made of cheap particleboard instead of oak. It may be a wish for hardwood floors, or for a new paint job. Whatever it is, it's likely that reality will intrude: There's only so much money and so much space. If you want to turn at least some of these dreams into reality, then you should start by evaluating your reasons for doing these things.

Most homeowners consider home improvements for one of the following reasons:

You need to update the out-of-date. Sure, you may wait 75 years until fifties-green linoleum is back in style, but now may be the time to make it current.

You need to replace major appliances or plumbing. If the sink, tub, or toilet has to be replaced, many people take the opportunity to refurbish the entire bathroom. And if you're going to have to bash through a wall anyhow to get to that leaking pipe, maybe it's time to think of wallpapering or repainting.

You're selling your home. You want to be sure you'll get top dollar from the sale of your home, and that may be the rallying cry for some home improvement projects that you've been hemming and hawing over for some years.

You're staying put. You thought about moving, but now you realize that improving your present home is a better option. Commitment spawns industry.

Improving to Move or Improving to Stay

Once you've decided that you're improving your home to put it on the market, cutting corners could hurt rather than help your prospects. On the other hand, you don't want to go overboard. Potential buyers may not want to pay for the extras you have included, so keep changes simple. Also keep in mind that people viewing your house may not share your tastes and therefore won't necessarily appreciate the time and effort you put into finding just the right shade of green paint for the walls or decorating your kitchen with hand-painted Portuguese tiles.

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