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The Best Home Renovations for 2024

If you’ve made the decision to sell your home in 2024, or stay put and make some improvements, keep an eye on the projects that offer the best return on investment. These eight renovations, according to trade publication Remodeling, nationally deliver the highest returns on investment: New garage door, new entry door, stone veneer, kitchen remodel, new siding, deck addition, bathroom remodel and HVAC conversion.



1. Garage door replacement

a.        Average cost: $4,513

b.        Average resale value: $8,751

c.        Cost recouped: 193.9%

A good-looking garage door is high on the list when it comes to getting cash back on your investment, and has nearly doubled in value in 2024. The estimate for this job is based on the cost of removing and disposing of 16-by-seven-foot garage doors and replacing them with four-section doors with heavy-duty galvanized steel tracks, and assumes you’re reusing the motorized garage door opener. This curb appeal enhancer could get you back more than you spent on it when you sell your home — one of the few home remodeling projects to do so.  

 

2. Entry door replacement: Steel

a.        Average cost: $2,355

b.        Average resale value: $4,430

c.        Cost recouped: 188.1%

Replacing the front door — with, specifically, a steel one — has jumped this year to a 188 percent ROI, up from 100 percent in 2023. That could be because these doors offer a double-whammy: enhanced curb appeal and energy-efficiency — they fit more tightly into door-frames, reducing drafts that increase heating and cooling bills. And while they sound like something for a bank vault or jail cell, steel doors (actually, a steel skin with a polyurethane foam insulation core) come in a variety of styles and finishes, and include windows.

 

Entry door replacement: Fiberglass grand entrance

a.        Average cost: $11,353

b.        Average resale value: $11,054

c.        Cost recouped: 97.4%

Installing a fiberglass grand entrance means making your existing doorway a little wider, and installing a fiberglass door that has decorative sidelights to match. This is a relatively straightforward job for a contractor — it can be completed in one day — and improves the curb appeal of your home significantly. Even better, as of 2024, it offers a return on investment of almost 100 percent, meaning you’ll get back nearly everything you spend at resale time.

 

3. Manufactured stone veneer

a.        Average cost: $11,287

b.        Average resale value: $17,291

c.        Cost recouped: 153.2%

Stone always imparts a classic, elegant vibe to a residence. Replacing vinyl siding with stone veneer — even on just a part of your home, such as the entryway — can greatly enhance the exterior and, again, the curb appeal of a house. The average cost estimate accounts for 36 linear feet of sills, 40 linear feet of corners and one address block, and materials including two water-resistant barrier layers and corrosion-resistant lath and fasteners. This project adds not only class to your home but coin to your pocket, as it also recoups all of your expenses and then some.

 

4. Minor kitchen remodel (midrange)

a.        Average cost: $27,492

b.        Average resale value: $26,406

c.        Cost recouped: 96.1%

A modern, functional kitchen can of course boost your enjoyment of everyday activities like cooking, sharing meals and entertaining friends. It’s a strong selling point with prospective home buyers too. A minor remodel with midrange materials is based on a 200-square-foot kitchen with 30 linear feet of countertops and cabinets. It includes replacing appliances with new, more energy-efficient models; refacing cabinets with shaker-style panels; installing new countertops or a sink; replacing hardware; adding new flooring; and repainting the walls.

 

Except for the appliances, this remodel mainly involves cosmetic changes, and that’s how you’ll recoup  96 percent of your outlay. If you’re thinking ROI, keep the project modest. Interestingly, major kitchen remodels with upscale materials that involve changing the room’s size or layout, or installing new cabinetry, return much less: 38 percent.

 

5. Siding

Old or dilapidated siding can make even the nicest, structurally sound home look worn-out. Consider replacing it with two types of quality man-made materials: fiber-cement and vinyl.

Fiber-cement

a.        Average cost: $20,619

b.        Average resale value: $18,230

c.        Cost recouped: 88.4%

For the average home, replacing 1,250 square feet with new fiber-cement siding will cost you $20,619 and you can expect to get back almost 90 percent of that investment upon resale. This upgrade includes 4/4 and 5/4 trim (4/4 and 5/4 are fractions measuring thickness).

 

Vinyl

a.        Average cost: $17,410

b.        Average resale value: $13,957

c.        Cost recouped: 80.2%

Vinyl siding can be more budget-friendly than fiber-cement siding, though it has a slightly lesser ROI. The $17,410 average cost estimates replacing 1,250 square feet with the new siding, and you should get back roughly 80 percent of that investment upon resale.

 

6. Deck additions – Wood

a.        Average cost: $17,615

b.        Average resale value: $14,596

c.        Cost recouped: 82.9%

This quote for a classic wood deck includes a 16×20-foot deck using pressure-treated joists, supported by 4×4-inch posts anchored to concrete piers, three steps, and a railing around the edge. It offers a respectable ROI of almost 83 percent: The value of wooden decks has increased since last year, as homeowners continue to seek ways to expand their home’s habitable spaces for work or play.

 

Deck additions – Composite

a.        Average cost: $24,206

b.        Average resale value: $16,498

c.        Cost recouped: 68.2%

Composite decks are more expensive than wooden decks, and offer less return on your investment. However, composite decks have exceptional durability: You won’t have to worry about them rotting, warping or splintering like wood tends to do.

 

7. Bathroom remodel (midrange)

a.        Average cost: $25,251

b.        Average resale value: $18,613

c.        Cost recouped: 73.7%

Bathroom renovations — enlarging the space, replacing and modernizing fixtures, upgrading materials — to enhance looks or functionality (or both) are perennially popular and a good selling tool: More than 25 percent of Realtors recommend upgrading the bathroom before placing a home on the market.

 

The cost range is large, about $70 to $250 per square foot on average and the return on investment is about 74 percent. As with kitchens, less is more, ROI-wise: Major bathroom remodels (involving changing the layout and using luxe materials) return only 45 percent.

 

8. HVAC conversion

a.        Average cost: $18,000

b.        Average resale value: $12,422

c.        Cost recouped: 66.1%

The ROI of converting a fossil-fuel-burning furnace to an electric heat pump has dropped significantly since last year. The change is likely driven by lower natural gas prices and higher electricity prices compared to the year before. Still, it offers a good return on your investment. It’s not the most glam of renovations, but a trendy one, reflecting the rising interest in renewable-sourced, eco-friendly and energy-efficient HVAC systems (heat pumps both heat and cool a home, replacing electricity-gobbling air conditioners).

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