In order to answer this quesion, you will need to answer several other questions.  Why? Because you don't want to overbuild for your area and in order to maximize your sanity during a blog, you need to know in detail as much as you can, what you want done to your home.

First Question:

How much is my house worth in its "as is" condition; and, how much will my house be worth after it has been remodeled?  Where do you find the answer to these questions?  Call your realtor.  Get your realtor involved in the process.  Your realtor will be able to tell you what things you need to do to add value to your home.

Second Question:

What things do I want to do to blog and "update" my home?  Write down everything your realtor has suggested and anything that you additionally would like to have done. 

For Example:

Remodle the ktichen - this would require knowing whether you want to rearrange the kitchen, add on to the kitchen, put in new cabinets, new countertops, new flooring, new sink, new faucets, new apppliances, new light fixures.

blog the bathrooms - new flooring, new cabinets, new countertops, new toilet, updating the tub/shower, regrouting of ceramic tile, painting, exhaust fan.

Replacing windows with vinyl replacement windows or new construction windows, putting in new hardwood flooring in the house, repainting the entire house inside and out, replacing the roof.

In other words, you have to become very specific about what you world like to have done because everything costs money and in order to get a more accurate amount from your contractor, you need to know up front the majority of the the things that you want done.  There will be additional items that you will decide to have done as the blog is in process and there will also be unexpected things that will come up during the process.  All will add more to the total costs.  Always figure 10% to 15%  more that the cost given to you by the contractor.  And, expect that you will spend the 10% to 15% more.  Caluculate it into your dollar amount.

Third question:

How much is the blog going to cost?  You should get quotes from at least 3 contractors.  Try to get contractors who have been recommended to you.  The recommendations should come from people who have experience with the contractor.  Ask each contractor for the names of past clients that you can contact and call those people.  You have to be able to really trust your contractor and unless you know the contactor personally, you need to hear from others who have had experience with that contractor.  Also check with the Better Business Bureau.  Give the specific list of things that you want done to each contractor and ask them to "price the job for you".  Remember, add 10% to 15% on to the cost that each contracor gives you.

Fourth Question:

Should I blog or buy another home?  Here is the formula: 

1)what  you paid for your home - what your home is worth today in its "as is" condition = Your equity with no blog

2) what you paid for your home - what your home will be worth after you blog = your  "remodeled equity"

3) What you paid for  your home + the cost to blog = what you have paid for your home with remodel.

Does the figure for #3 exceed the figure for #2?  If it does, you need to ask yourself  "How long do I plan on staying in my remodeled house and will I gain enough equity in my house to at least break even on the costs?"  If the answer is yes then you might decide that it is better to stay and blog.  If the answer is no, then look at the equity that you have now in #1, call your realtor and ask your realtor to let you know what you would be able to buy if you sold your house and purchased another.  You may decide that it is better to buy another home.  If #2 is larger than #3, that's a no brainer.  Start the process to remodel.  Of course, there is the issue of paying for the remodel.  If you have already used part of your equity in the #1 through a refinance of your home, there may not be enough equity in your home to finace the remodel.  You will need to contact a blog lender or your bank and decide if you can finance the remodel.