Remodeling Can Pay Off Grand Rapids MI

Smart home improvements can make your home more valuable.

Local Companies

Custom Designed Woodworking
616-780-0567
436 Paris Ave SE
Grand Rapids, MI
Improvements! by Standard
(616) 243-3655
1535 Kalamazoo Ave SE
Grand Rapids, MI
Nicola Construction Corp
(616) 942-7557
500 Cascade West Pkwy SE
Grand Rapids, MI
Jarrett Roofing Inc
(616) 530-2416
4313 Clyde Park Ave SW
Grand Rapids, MI
Surpass Inc
(616) 784-4900
620 3 Mile Rd NW
Grand Rapids, MI
Hammerhead Builders
(616) 454-7201
937 Leonard St NW Apt 1
Grand Rapids, MI
Jacobsen Remodeling Inc
(616) 243-7261
Grand Rapids, MI
Btr Construction
(616) 454-5588
314 Straight Ave SW
Grand Rapids, MI
Prestige Remodeling Inc
(616) 745-0819
Grand Rapids, MI
Cosmopolitan Group
(616) 454-7201
937 Leonard St NW
Grand Rapids, MI

Remodeling Can Pay Off

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A major home remodeling project can be a great investment. In fact, some types of projects in certain regions of the country can recapture more than 100 percent of the cost by making your home more valuable.

A recent report in Remodeling magazine revealed the national and regional average costs and percentage returns of popular home remodeling projects. The averages, which are given for upscale and mid-priced projects, are good relative indicators of which home improvements may be good choices for homeowners who want to recoup their costs. These figures shouldn’t be taken as a guarantee of a specific return on an individual project, however.

Top payoffs vary among U.S. regions
Four mid-priced remodeling projects returned more than 100 percent of the cost, on average, in the Pacific region. Those projects were a minor kitchen remodel, bathroom remodel, wood window replacement and addition of a second story. Remodeling was a very good investment in the Pacific region, where every upscale and mid-priced project on the list recouped a higher return on average than the national average for the same project.

The top mid-priced remodeling project in the New England region was the replacement of vinyl siding, which returned more than 94 percent of the cost through a higher home valuation. The same project topped the list in the Mid-Atlantic region as well with an average return of 92 percent of the cost.

Three mid-priced projects recaptured slightly more than 90 percent of the cost in the South Atlantic region. Those projects were an attic bedroom remodel, basement remodel and the addition of a second story.

 

Vinyl siding replacement also topped the list of returns on mid-priced remodeling projects in the East North Central region and the East South Central region, with a return of 81% for the former and 105% for the later.

Home offices offer least return on average
A remodeled home office might be a great boost for a home-based business, but this project offered the least attractive average return of any remodeling project on a national basis. The average cost of a mid-priced home office remodel was $20,057 and the average return on that cost was $12,707, or only 63 percent. The home office was the lowest-ranked project on this scale nationally in 2005.

Lifestyle should trump investment potential
Regardless of the return on investment, a home remodeling project should be a personal choice that is unique to you and your home. While the likely increase in the value of your home as a result of improvements is worth consideration, remodeling should suit your needs as well as your lifestyle.

 

Published on May 30, 2007

Read full article at realestate.com

Featured Local Company

Custom Designed Woodworking

616-780-0567
436 Paris Ave SE
Grand Rapids, MI
www.customdesignedwoodworking.com

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