The longer you own your home, the more likely it is that someday you'll probably need to make this decision. It may seem like you can't stand one more day staring at the fixtures and d'cor that you've looked at for the last decade! Of course, your household budget will have a lot to do with your decision, especially when it comes to what extent you can afford to renovate or whether you can afford to renovate at all.

You could just move to a new home. Yes, you may find your "dream home." However, there are drawbacks to this solution, like having the kids move to a new school, a longer commute to work, and the hassle of selling your current home.

In the past fiscal year, the remodeling industry took in $109 billion dollars. This shows an increase in the number of home renovations. Remodeling is an investment you will be able to enjoy for years. Remodeling your home can improve your everyday lifestyle and, if you put your home on the market, you might see some financial reward from it.

In a growing number of cases, dream vacations are being replaced with home remodeling plans. Most vacations will only last a week or so, but an upgrade to your home can be enjoyed all year-round. Financial advisors believe that an investment in your home through renovation is a smart idea.

Home renovations are never easy. Depending upon the extent of your required remodeling, the process could quite some time, perhaps even as long as a year. During this period, you'll have workmen traipsing through your home - sanding, painting, putting in new windows and doors, installing new appliances, and more! You and your family will be living in a kind of "contained chaos" until the last workman has departed. Before committing to these changes and upheavals, be sure in your own mind that you can live with this situation.

Will the renovation you undertake pay off? That depends on a lot of things. Adding a family room, changing a kitchen or bathroom, finishing a basement, or turning the master bedroom into a suite are all positive renovations, and home owners tend to recoup the costs of these projects by increasing the value of their homes. Adding a home office or luxury renovations are more of a gamble. Recovering costs isn't guaranteed, but the renovation might be a positive move for you personally, even if it isn't something desirable to a potential buyer.