Kitchen Remodeling Costs and Financing: HomeOpinion.com Visitors Weigh Options

A recent article by HomeOpinion.com, a community driven home improvement Web site, reveals that homeowners can recoup most of their kitchen remodeling costs if they budget correctly and select the right financing option. In response to user interests discovered in a survey on the site, the feature article "Getting a High Return on Investment Using Cash or Home Equity for a Kitchen Renovation" explores when to consider using cash or home equity for a home improvement project and suggests what return on investment may be possible.

(PRWEB) November 18, 2006--HomeOpinion.com, a community driven home improvement Web site, announces that kitchen remodeling often requires a substantial cost, but good budgeting and smart financing can lead to solid returns on home improvement investments (http://www.homeopinion.com/kitchen/advice.php). When properly planned for, been 85 and 99 percent of kitchen remodeling costs can be recouped.

"Home renovations can really pay off, but you have to stick to a realistic budget," said HomeOpinion.com forum moderator, Chris Mancini. "The tools and community forum on HomeOpinion.com are geared to help homeowners easily evaluate kitchen remodel costs and loan options so that they can make the right decision for their renovation."

The National Association of the Remodeling Industry (NARI) recommends examining the complete financing range including home equity loans, FHA loans, and no equity loans. However, a HomeOpinion.com remodeling survey revealed homeowners prefer cash and home equity loans as their top financing choices:

*    Cash (59%)

*    Home equity loan (17%)

*    Other (14%)

*    Home equity line of credit (5%)

*    Homeowner secured loan (3%)

*    Homeowner improvement loan (3%)

*    Government grant (1%)

A recent article in Realtor(r) Magazine revealed that the average national cost for undertaking a minor renovation of a 200 square-foot kitchen is $14,913. The average for a major kitchen renovation is $43,862, while an upscale remodeling effort averages $81,528.

While using cash financing for renovating kitchens remains popular, there are disadvantages. According to NARI, using cash ties up interest that might be earned through other investments; it can impede other debt obligations; and it doesn't allow for a tax write-off for interest paid on a kitchen renovation loan.

Mancini also said that using HomeOpinion.com (http://www.homeopinion.com/kitchen/advice.php) can help visitors determine their ability to pay, evaluate the scope of their project, and network with others can help make the difference in recouping their remodeling investment.

HomeOpinion.com offers homeowners a place to connect with other homeowners to get new ideas and share home improvement experiences online. Through the commonalities of their experiences, homeowners can more fully enjoy the home renovation process.

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