10 months ago
Top Home Improvements to Maximize Your Home’s Value
Top Home Improvements to Maximize Your Home’s Value
When it comes to selling your home—or simply enhancing its value for the future—not all renovations are created equal. While some upgrades yield impressive returns on investment (ROI), others might fall short of expectations. According to the 2024 Cost vs. Value Report by Remodeling Magazine, certain home improvements not only enhance your living experience but also pay for themselves when it’s time to sell. Keep in mind that the costs below are based on a national average, so your actual mileage may vary.
Here’s a breakdown of the current top renovations that offer the highest ROI and add lasting appeal to your home.
1. Garage Door Replacement
- Average Cost: $4,513
- Average Resale Value: $8,751
- Cost Recouped: 193.9%
A new garage door tops the list with a staggering ROI of nearly 194%. This update significantly boosts curb appeal and functionality. The project includes replacing an old garage door with a modern, insulated one, reusing the existing motorized opener. For such a relatively small investment, this upgrade makes a big impact when you list your home.
2. Steel Entry Door Replacement
- Average Cost: $2,355
- Average Resale Value: $4,430
- Cost Recouped: 188.1%
First impressions matter, and your front door is often the focal point. Replacing it with a steel entry door not only enhances curb appeal but also improves energy efficiency by reducing drafts. With an ROI of over 188%, this upgrade is a smart move for any homeowner looking to add value.
3. Manufactured Stone Veneer
- Average Cost: $11,287
- Average Resale Value: $17,291
- Cost Recouped: 153.2%
Stone veneer adds a timeless, elegant look to your home’s exterior. Whether used on an entryway or as an accent, this material creates a striking visual upgrade. The investment pays off, yielding a 153% return on cost—a win for both aesthetics and value.
4. Minor Kitchen Remodel (Midrange)
- Average Cost: $27,492
- Average Resale Value: $26,406
- Cost Recouped: 96.1%
Kitchens remain a key selling point for buyers. A minor remodel involving cosmetic updates—such as refacing cabinets, installing new countertops, upgrading appliances, and refreshing the flooring—delivers almost all your money back at resale. Keeping updates modest is the secret to maximizing ROI.
5. Fiber-Cement Siding Replacement
- Average Cost: $20,619
- Average Resale Value: $18,230
- Cost Recouped: 88.4%
Replacing old siding with fiber-cement material revitalizes your home’s exterior while offering durability and energy efficiency. This project not only modernizes your home’s look but also recoups nearly 90% of its cost at resale.
6. Wooden Deck Addition
- Average Cost: $17,615
- Average Resale Value: $14,596
- Cost Recouped: 82.9%
Outdoor spaces are a priority for today’s buyers. A wooden deck creates a versatile area for entertaining, relaxing, or working, and it remains one of the most popular ways to expand your home’s living space. With an ROI of nearly 83%, this upgrade is as practical as it is appealing.
7. Midrange Bathroom Remodel
- Average Cost: $25,251
- Average Resale Value: $18,613
- Cost Recouped: 73.7%
Bathrooms are another major selling point. A modest remodel—including upgraded fixtures, new tile, and fresh paint—can transform the space without overextending your budget. While luxurious bathroom overhauls may not pay off, a midrange update provides solid value and appeals to buyers.
8. Hardwood Floor Refinishing or Installation
- Cost to Refinish: $5,500
- Cost Recouped: 147%
Hardwood floors never go out of style. Refinishing existing hardwood floors can yield an ROI of 147%, while installing new ones also offers a significant return. These upgrades are an investment in both quality and timeless design.
How to Choose the Right Project for You
Not every renovation suits every homeowner or market. Here are a few tips to guide your decision:
- Assess Your Goals: Are you preparing to sell or aiming to enjoy the upgrades for years to come?
- Set a Budget: High-ROI projects don’t have to break the bank. Many affordable updates, like replacing a garage or entry door, offer excellent returns.
- Consider Your Market: Regional trends and buyer preferences can influence which improvements add the most value.
Your Home: A Smart Investment
Investing in your home is about balancing enjoyment with future returns. Whether you’re planning to sell or simply want to enhance your living space, these projects ensure your dollars are well spent.
Need guidance on preparing your home for sale? The Kraft Real Estate Services team is here to help. We specialize in bringing out the best in every property, ensuring it stands out to buyers and maximizes its market potential. Contact us today to learn more!
