Best Home Improvements to Increase the Value of Your Home in 2024
Introduction
Home renovations are a fantastic way to upgrade your living space and boost your home’s value. Whether remodeling your kitchen, replacing your doors and windows, replacing your roofing, or adding a fresh deck in your backyard, the right projects can make a huge difference. However, not all renovations will give you the same return on investment (ROI).
This article looks at 23 popular home improvement projects, breaking down the average expenses, resale values, and how much of the cost you can expect to recoup.
This information is handy for determining which renovations are worth your time and money.
23 Home Improvement Projects: Cost vs. Value
| PROJECT | JOB COST | RESALE VALUE | COST RECOUPED | |
|---|---|---|---|---|
| 1 | Garage Door Replacement | $4,513 | $8,751 | 193.90% |
| 2 | Entry Door Replacement | Steel | $2,355 | $4,430 | 188.10% |
| 3 | Manufactured Stone Veneer | $11,287 | $17,291 | 153.20% |
| 4 | Grand Entrance | Fiberglass | $11,353 | $11,054 | 97.40% |
| 5 | Minor Kitchen Remodel | Midrange | $27,492 | $26,406 | 96.10% |
| 6 | Siding Replacement | Fiber-Cement | $20,619 | $18,230 | 88.40% |
| 7 | Deck Addition | Wood | $17,615 | $14,596 | 82.90% |
| 8 | Siding Replacement | Vinyl | $17,410 | $13,957 | 80.20% |
| 9 | Bath Remodel | Midrange | $25,251 | $18,613 | 73.70% |
| 10 | Deck Addition | Composite | $24,206 | $16,498 | 68.20% |
| 11 | Window Replacement | Vinyl | $21,264 | $14,270 | 67.10% |
| 12 | HVAC Conversion | Electrification | $18,800 | $12,422 | 66.10% |
| 13 | Window Replacement | Wood | $25,799 | $16,222 | 62.90% |
| 14 | Roofing Replacement | Asphalt Shingles | $30,680 | $17,461 | 56.90% |
| 15 | Major Kitchen Remodel | Midrange | $79,982 | $39,587 | 49.50% |
| 16 | Bath Remodel | Universal Design | $40,750 | $20,148 | 49.40% |
| 17 | Roofing Replacement | Metal | $49,928 | $24,034 | 48.10% |
| 18 | Bath Remodel | Upscale | $78,840 | $35,591 | 45.10% |
| 19 | Major Kitchen Remodel | Upscale | $158,530 | $60,176 | 38.00% |
| 20 | Primary Suite Addition | Midrange | $164,649 | $58,484 | 35.50% |
| 21 | Bathroom Addition | Midrange | $58,586 | $20,334 | 34.70% |
| 22 | Bathroom Addition | Upscale | $107,477 | $34,997 | 32.60% |
| 23 | Primary Suite Addition | Upscale | $339,513 | $81,042 | 23.90% |
You may wonder why some renovations pay off more than others. It depends on factors like market trends, local buyer preferences, and the type or quality of work. Some projects, like garage door replacements, offer great returns, while others, like luxury bathroom additions, might not give you back as much.
We’ve sorted the projects into four categories:
1. High ROI Home Improvements
2. Moderate ROI Home Improvements
3. Lower ROI but Valuable Upgrades
4. Luxury Upgrades with Lower ROI
In this article, we’ll examine each category and discuss the pros and cons of these renovations. By the end, you’ll have a clearer idea of which projects could be the best investment for your home.
High ROI Home Improvements
1. Garage Door Replacement
Replacing your garage door can be a game-changer for your home’s look. With an average cost of $4,513, it boosts curb appeal (first impression), improves security, and makes the door operate more smoothly. Plus, you’ll likely get back almost twice what you spent when you sell the place.
2. Entry Door Replacement (Steel)
Swapping out your entry door for a steel one is a great move. It’s durable, energy-efficient, and ups your home’s security. At around $2,355, it’s worth the upgrade, and it makes a fantastic first impression. You’ll again get almost twice your investment back when you sell, too.
3. Manufactured Stone Veneer
Adding manufactured stone veneer to your home’s exterior can make it look luxurious without the high cost of natural stone. Priced at an average $11,287, it dramatically improves curb appeal and usually attracts buyers looking for a touch of elegance. You can also expect to make a $7,000 profit on your investment when you’re selling. However, installing it isn’t a DIY job—you’ll need to hire a pro, which can add to the cost.
Moderate ROI Home Improvements
4. Grand Entrance (Fiberglass)
Upgrading to a grand fiberglass entrance can make an impressive statement. Paying some $11,353 can be expensive, but fiberglass is durable and energy-efficient. It’s great for the wow factor, but the return on investment isn’t as high as some other projects, with a resale value of $11,054.
5. Minor Kitchen Remodel (Midrange)
Updating your kitchen without going all out is a smart move. For $27,492, you get new cabinets, countertops, and appliances, making the space look fresh and functional without the hefty price tag of a major overhaul. This kind of remodel appeals to many buyers and typically recoups a good chunk of your investment. On the flip side, even a midrange remodel can add up to a big spend, and you might not be able to change everything you want within your budget.
6. Siding Replacement (Fiber-Cement)
Fiber-cement siding offers great protection for your exterior walls. It’s super durable and can handle just about anything, from fires to rough weather conditions. Plus, it looks great, and the insulation it provides is top-notch. This kind of project is worth around $20,619 and has an average resale value of $18,230. But the installation can be a bit tricky and might bump up the overall cost. And while it’s a solid investment, it’s not the most eco-friendly siding option.
7. Deck Addition (Wood)
Adding a wood deck is like extending your living space outdoors. It’s perfect for relaxing or entertaining and definitely adds to your home’s appeal. This $17,615 investment offers a decent ROI of $14,596. But keep in mind that wood decks require regular maintenance like staining and sealing to keep them in good shape.
8. Siding Replacement (Vinyl)
Vinyl siding is a popular choice for a reason. It’s easy to maintain and comes in tons of colors and styles. Plus, it gives your home that fresh, updated look without breaking the bank, costing around $17,410. But hey, it might not have that same classic charm as other materials, and some folks worry about how it’ll hold up over time. Still, if you’re looking for an investment-friendly upgrade, vinyl’s a good deal with a resale value of $13,957.
9. Bath Remodel (Midrange)
The classic midrange bathroom remodel is like a facelift for your home. For $25,251, you get to swap out all those outdated fixtures, such as the faucet, showerhead, sink, toilet, and, of course, the bathtub, and maybe even give things a fresh coat of paint. It’s a great way to spruce up your space and add some serious value. Just keep in mind costs can add up if you start getting too fancy with the upgrades, leading to a lower return when you sell.
10. Deck Addition (Composite)
Composite decking is the best of both worlds. For $24,206, it’s got that natural wood look without all the maintenance headaches. Plus, it’s super durable and can handle whatever Mother Nature throws its way. But it’s a bit pricier upfront and has a low resale value of $16,498 compared to wood. And some folks might prefer the real deal over the synthetic stuff still, if you’re willing to invest a little more for a deck that’ll last, composite’s the way to go.
11. Window Replacement (Vinyl)
Vinyl windows are energy-efficient and low-maintenance home renovations. Plus, they can spruce up your home’s appearance and save you some cash on energy bills. But hey, they might not have that same classic charm as wood or fiberglass, and some folks worry about how they’ll hold up over time. Vinyl windows cost around $21,264, and you can perhaps recoup some of the $14,270 for a resale.
12. HVAC Conversion (Electrification)
Switching to an electric HVAC system is smart if you want to make your home more energy-efficient and eco-friendly. It can lower your utility bills and reduce your carbon footprint. However, with the initial cost of $18,800 and a resale value of $12,422, not everyone may be ready to ditch their old systems. And you need to ensure your electrical system can handle the new load, which might add to the expense.
Lower ROI But Valuable Upgrades
13. Window Replacement (Wood)
Wood windows are a timeless choice. They offer great insulation and add a touch of classic elegance to your home. They can be painted or stained to match your decor, which is a nice perk. On the flip side, they come with a higher price tag of $25,799 and require more maintenance to keep them looking their best. And while they add a lot of charm, the resale value of $16,222 means you might not always get the same ROI as other window materials.
14. Roofing Replacement (Asphalt Shingles)
Asphalt shingles are the go-to for many homeowners. They cost $30,680, are easy to install, and come in various styles and colors. They do a great job of protecting your home from the elements. But they don’t last as long as some other roofing materials such as metal. Plus, the ROI can be low depending on several conditions.
15. Major Kitchen Remodel (Midrange)
A major kitchen remodel can transform your home. Think new cabinets, high-end appliances, and stylish countertops. It’s perfect for those who love to cook and entertain. But brace yourself for the cost—it’s a big one at $79,982. And when it comes time to sell, you might not recoup as much as you’d hoped, with a resale value of $39,587. It’s a big investment, so make sure it’s worth it for your lifestyle.
16. Bath Remodel (Universal Design)
A universal design bath remodel is all about making the space accessible for everyone. It’s great if you plan to age in place or accommodate family members with mobility issues. At $40,750, it includes features like walk-in showers, grab bars, and non-slip flooring. While these updates can make your home more functional and appealing to a wider range of buyers, the initial cost is high. Plus, you might get back only half of what you spent if you sell.
17. Roofing Replacement (Metal)
Metal roofs are built to last a lifetime. They’re resistant to fire, rain, and hail, and look pretty sleek, too. They’re also quite energy-efficient. The downside? They’re more expensive than most other roofing materials. They cost around $49,928 and have a resale value of $24,034. Plus the sound of rain or hail can potentially be louder on a metal roof compared to other materials such as asphalt shingles.
Luxury Upgrades with Lower ROI
18. Bath Remodel (Upscale)
An upscale bathroom remodel can turn your everyday routine into a spa-like experience. For $78,840, think luxury fixtures, high-end materials, and possibly even a heated floor. It’s a fantastic way to indulge yourself and make your home feel more luxurious. But, it comes with a hefty price tag, and the ROI is often lower than more modest remodels. It’s a great investment for personal enjoyment, but if you’re thinking of selling, it’s a bit riskier.
19. Major Kitchen Remodel (Upscale)
Going all out on a major kitchen remodel can make your kitchen a showstopper. High-end appliances, custom cabinetry, and premium finishes can turn it into the heart of your home. It’s perfect for serious cooks or those who love to entertain. But brace yourself for the cost—$158,530 is a big one. And when it comes time to sell, you might not recoup as much. So, make sure it’s worth it for your lifestyle.
20. Primary Suite Addition (Midrange)
Adding a primary suite can give you a personal retreat within your home. It’s great for privacy and can really boost your home’s functionality and appeal. Plus, having a dedicated space can be a big selling point. The downside? It’s a major project with a major price tag of $164,649, and you might not get back as much as you spend when you sell. It’s a great investment if you plan to stay for a while, but less so if you’re looking to move.
21. Bathroom Addition (Midrange)
Adding an extra bathroom can be a lifesaver for busy households. It adds convenience and can make your home more appealing to potential buyers. However, on top of the initial expense of $58,586, the costs can add up quickly if plumbing work is involved. And while it adds value, the return might not be as high as with other upgrades.
22. Bathroom Addition (Upscale)
An upscale bathroom addition adds a touch of luxury on top of the convenience. It’s perfect for creating a spa-like retreat or accommodating guests with style. High-end fixtures and finishes make it a standout feature. But, like all upscale projects, it’s pricey at $107,477, and you might not see a huge return on your investment. It’s great for personal enjoyment but not necessarily the best move for resale value.
23. Primary Suite Addition (Upscale)
Creating an upscale primary suite can transform your home into a luxury retreat. Think spacious bedroom, walk-in closet, and a lavish en-suite bathroom. It’s perfect for adding comfort and style to your living space. But be prepared for a significant expense—$339,513 is a lot, and the return on investment can be quite low at $81,042. It’s a wonderful upgrade for personal satisfaction but might not pay off as much when it’s time to sell.
Conclusion
Understanding different projects’ cost, resale value, and ROI can help you make smarter decisions. Whether you’re looking for high-ROI improvements or valuable personal upgrades, it’s essential to consider your budget, how long you plan to stay in your home, and what potential buyers in your area might want.
In the end, the best renovations improve your living experience while making your home more appealing to future buyers. Using the insights from this article, you can prioritize the projects that make the most sense for your home and your wallet.
Methodology
The report’s cost data for each of the 23 remodeling projects was sourced from Verisk (Nasdaq: VRSK), a global leader in predictive analytics and decision-support solutions, through their XactRemodel estimating solution.
To estimate the resale value of these projects, Remodeling Magazine partnered with Zonda to conduct an online survey of over 6,000 realtors. These Realtors, affiliated with the Realtors Property Resource (RPR) of the National Association of Realtors, were provided with detailed project descriptions, construction costs, and median home prices for each city. They were asked to estimate the added value each project would contribute to the sale price of a home without considering the homeowner’s motivations for remodeling or selling.
