The LONG answer from me is "maybe." There are a lot of questions that come to mind to me as a Realtor. First, how did you figure out what your home is worth (both on the "before remodel" and the "after remodel" figures)? Secondly, how much are you planning on spending on your remodel? This is KEY. Here is a link to a report on cost vs. value: http://www.realtor.org/rmohome_and_design/articles/2008/0812
Also, keep in mind that although you have no current intention on moving anytime soon, things happen and the truth is that none of us REALLY know what the future holds...
Soooo, my advice to you is:
1. do a LOT of research on the cost vs. value
2. if the cost vs. value comes back at 75%, then consider trying to do your remodel for less than that amount (i.e. if you are only going to recoup 75% of your cost, then lower your cost by at least 25% if at all possible)
3. don't forget that the TOP TWO places to remodel in ANY HOME are the kitchen and the master suite.
Did everyone read your intentions?? Replace the roof(about$ 5-7000), add a pool($25,000),
update the kitchen($5000+++ depending on your choices) and then finish the basement??Way
too much to do and you would be taking all the equity out of you house....These are great goals, but
I also would take on one project at a time, for as you know, Murphy's Law may insert itself...I would
recommend the basement redo, but as I have done myself, you might just consider step by step....frame
out if necessary, add insulation and drywall, then some carpet or stained concrete....you may be able
to use "as is" at one of these junctures.....Refinancing is probably a good option, but then there are those
pesky closing costs to roll in or pay out.....So, good luck and if you want my opinion (as I do this for my clients), just give me a call.....I think you would need further evaluation of your home, your neighbohood,
and the area in which you live in order to see which jobs you should do....Laura(977.9088) LauraScott@Realtracs.com
If you have accurately assessed your home's current value...the one thing you DO have in your home now is a little bit of equity...which is something to be protect, in my opinion. I would be very cautious about pushing the debt back up near the value for a remodel...today. While I do not feel that a basement remodel and the other projects you want to do is a bad idea, I just probably wouldn't advise borrowing to do it right now. I know it sounds like you plan to stay awhile, which is good, but you never know what can happen...you might get a job transfer or something that puts you in an unexpected move situation and be upside down to sell when you look at closing costs, etc.
What I personally would do is just scrutinize the budget to set aside money each month to go towards one project at a time once enough builds up to do one of the projects. And then move towards saving for the next after that. I know I'm not winning any "thumbs ups" for this opinion because it's definitely not a popular response, but I think there are some things that can be done creatively...For the kitchen update and the basement, you might be able to do some lower cost alternatives to a full remodel. You might be surprised what some DIY alternatives are that make both rooms a more enjoyable place for your family.