Michigan homeowners should figure out the potential change in property value versus the cost of specific changes before performing any upgrades. Some renovations may be more profitable than others. The following is information onMichigan home repair costs vs. value.
Home Repair Costs Vs. Value
Many people believe that they will recoup every dollar spent on an upgrade, or even more, in increased property values. This is a natural tendency, however it is not realistic. Different home changes offer different returns, and that increase can differ based on the area. To get a general understanding on home repair costs vs. value, here are some national figures.
National Averages from a Recent Study
The figures below are from the Remodeling Magazine Report.
|Improvement||Amount Spent||Resale Value||Amount of Cost Recouped|
|Basement Remodel||$63,378||$42,338||66.8 %|
|Garage Door Update||$1,512||$1,087||71.9 %|
|Bathroom Addition||$40,096||$20,455||51 %|
|Family Room Addition||$83,118||$50,004||60.2 %|
|Master Suite Addition||$106,196||$62,874||59.2 %|
Assessing Home Repair Costs Vs. Value
Another factor affecting the value of renovations is the quality and scale. Kitchen updates, for instance, can be completed on the low end or the high end resulting in a different ending figure. So, not only might you consider the type of improvement but also the quality. For a extensive list of home projects and current Michigan home repair costs vs. value, visit http://www.costvsvalue.com.