Homeowners should think about the possible improvement in property value versus the expense of individual changes before completing any work. Some alterations are more beneficial than others. The following is information on home renovations that increase property values.
Home Renovations That Increase Property Values
Many homeowners think that they will recoup the cost of a repair, or even more, in increased property values. This is a normal expectation, but unfortunately it is not usually what occurs. Different home changes result in different values, and that value may differ depending on the area. To get an overview on home renovations that increase property values, here are some national figures.
Average Increase in Value for Mid-Range Improvements
The figures below were obtained from the Remodeling Magazine Cost vs. Value Publication.
|Renovation||Expense||Value Change||Percentage of Cost Regained|
|Replacing a Roof||$21,204||$12,257||57.8 %|
|Garage Door Update||$1,512||$1,087||71.9 %|
|Bathroom Remodel||$40,096||$20,455||51 %|
|Minor Kitchen Upgrade||$19,588||$14,120||72.1 %|
|Master Suite Addition||$106,196||$62,874||59.2 %|
Identifying Home Renovations That Increase Property Values
Another factor influencing the value of repairs is the quality and scale. Kitchen renovations, for example, can be completed using different quality materials leading to a different return on investment. So, not only should you think about the type of improvement but also the quality.