A major question that is on every one's mind, whether new home buyer or veteran home owner is should I remodel? Now if you are looking at this from the stand point of, "I'm living here and I will be here for at least another 5 years…" Go ahead and do it. Be cognitive that you will probably to resell the property eventually; so act cautiously.
However, if you feel home improvement is going to get you the price you want on the home; that is a different
motivation entirely. Remodeling Cost vs Value 2010-2011 from Remodeling Magazine leaves me with the impression that you could be gambling and loosing especially if there is a considerable balance left on your mortgage.
Now, if you inherit a home and owe nothing toward it and are looking to do a few renovations for resale; this may be a viable option to you in order to gain the best price for the property.
It all depends upon your situation, your needs, and your reasons for the project. Think about it carefully and consider your options. Don't look at renovation as an end to a means. If that is the case, you will lose.