Your house is picture perfect except for that basement. You know, the one with the cracked concrete floor and the pipes dangling overhead.

Should you bite the bullet and remodel or put aside those dreams of a big playroom for the kids?

How to Decide?

The key in deciding is to weigh the project’s potential against the projected return on your investment.

Structural Issues

If the project involves major structural changes, such as moving plumbing and heating systems or reinforcing the foundation, the costs can be considerable. If you plan to stay in the house for many years, perhaps the cost can be justified. Before moving ahead, however, think about your priorities and whether there is another way to achieve those goals.

Perhaps an unfinished attic can be converted into a kids playroom. Maybe it would be less costly to put an addition on the house rather than tackling an odd shaped, old basement with drainage problems.

Make a List

As you consider all these issues, make a list of the pros and cons of each scenario. Make sure you get detailed estimates from any contractor who is bidding the job. Would they undertake such a project in their own homes?

Review Your Finances

Can you afford the project and will you at least break even if you have to sell the house in a few years?

Then step back and ask yourself:

• Are you are trying to cram too much remodeling into one house?
• Would moving be a better option?
• If a friend was moving ahead with such a project would you give it your blessing or shake your head in disbelief?