Investing in home improvement projects is not just about enhancing your living space; it’s also about increasing the value of your property. Understanding which projects offer the best return on investment (ROI) can help you make informed decisions that maximize your home's value. By drawing insights from ZondaHome’s Cost vs. Value Report, here are some of the top home improvement projects for 2024 that promise exceptional ROI.
- Garage Door Replacement
(Average Cost: $4,513 Average Resale Value: $8,751)
A new garage door can significantly elevate your home’s curb appeal. According to ZondaHome’s
2024 Cost vs. Value Report, a garage door replacement stands out with an impressive ROI of
nearly 194%. This relatively affordable upgrade provides a striking transformation to your home’s
exterior, combining functionality with elegance. This project pays for itself nearly two times over!
Besides enhancing the overall aesthetic of your home, a new garage door can also improve energy
efficiency, provide better insulation, and add an element of security. With various styles and
materials available, you can choose a garage door that perfectly complements your home's design.
- Manufactured Stone Veneer
(Average Cost: $11,287 Average Resale Value: $17,291)
Enhancing your home’s exterior with manufactured stone veneer is a standout project for high ROI.
According to the Cost vs. Value Report, this upgrade recoups an impressive 153% of its cost.
The addition of manufactured stone veneer not only introduces a timeless charm and sophistication
but also significantly enhances the overall curb appeal, making your home more attractive and inviting
to potential buyers. Stone veneer offers the look of natural stone at a fraction of the cost, and it can be
applied to various parts of your home’s exterior, such as the foundation, columns, or accent walls, giving
it a luxurious, upscale appearance.
- Steel Entry Door Replacement
(Average Cost: $2,355 Average Resale Value: $4,430)
Replacing your entry door with a steel door is a simple yet impactful upgrade. A steel entry door replacement
offers an impressive ROI of about188%! This project enhances your home’s security and energy efficiency
while also providing a sleek, modern look that many of today’shomebuyers are searching for. Steel doors are
known for their durability and low maintenance. They can withstand extreme weather conditions and provide
excellent insulation. Additionally, steel doors come in various finishes and styles, allowing you to customize
your entryway to match your home's aesthetic perfectly.
- Grand Fiberglass Entrance
(Average Cost: $11,353 Average Resale Value: $11,054)
A grand fiberglass entrance can make a bold statement and significantly boost your home’s image.
This project costs more than a steel door replacement and typically has a lower ROI, but many fiberglass
entrances provide a more stunning look than steel. Fiberglass doors are known for their durability, energy efficiency,
and versatility in design, providing both aesthetic appeal and practical benefits. These doors can mimic the look of
wood without the maintenance issues associated with wood doors, such as warping or rotting. With a variety of
finishes and styles available, a grand fiberglass entrance can add a touch of elegance and
sophistication to your home.
- Minor Kitchen Remodel
(Average Cost: $27,492 Average Resale Value: $26,406)
The kitchen is often considered the heart of the home, and minor remodels can yield substantial results. However, this project is not likely to yield a 100+% ROI, but the Zonda Report indicates a high return of about 96%. Simple updates like replacing cabinet fronts, upgrading countertops, and installing new appliances can modernize your kitchen. However, don’t expect this project to pay for itself entirely. A minor kitchen remodel focuses on cost-effective changes that can make a significant impact, such as new hardware, updated lighting, and fresh paint. These improvements can create a more functional and aesthetically pleasing space, enhancing the overall appeal of your home.
Conclusion
When it comes to home improvement, it depends on reasoning. Focusing on projects that offer high ROI can significantly boost your home's market value while enhancing its aesthetic and functional appeal, making it a great focus for sellers. Some projects, such as kitchen remodels, don’t typically overcome that 100% mark. Ultimately, these projects change your home, whether you want to improve your daily living or prepare for the next chapter. Knowing the value that improvements bring to your home at the closing table is instrumental. Whether you’re looking to sell soon or simply want to enjoy a more beautiful and functional living space, investing in these high-ROI projects can provide substantial benefits for years to come.
References:
-
Cost vs. Value 2024 | National - Remodeling Magazine, Zonda Media, www.remodeling.hw.net/cost-vs-value/2024. Accessed 2 July 2024.
-
Dickler, Jessica. “These Home Remodeling Projects Offer the Highest Return on Investment in History, Report Finds.” CNBC, CNBC, 20 May 2024, www.cnbc.com/2024/05/20/home-remodeling-projects-that-boost-curb-appeal-pay-off-the-most.html.
-
Prieto, Amanda. “The 2024 Cost vs. Value Report Proves ‘Curb Appeal’ Still Drives Highest Value for Home Improvement Projects.” Zonda, 16 May 2024, zondahome.com/2024-cost-vs-value/.