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Investments in renovations that enhance homeowner satisfaction are always worthwhile. While projects that improve functionality and comfort are beneficial, those that also provide a solid return on investment (ROI) are even more advantageous.
Homeowners typically realize these returns when selling their homes. Each year, Remodeling magazine publishes its "Cost vs. Value Report," analyzing extensive data across the United States to identify which renovations offer the highest ROI.
According to the 2024 Cost vs. Value Report, here are five projects that provide strong returns:
Garage Door Replacement: Averaging just over $4,500, this project can add significant value, with a resale value of approximately $8,751, resulting in an impressive 194% ROI.
Steel Door Replacement: This year, a steel entry door replacement is valued at double its worth in 2023, offering a remarkable 188% ROI on an average investment of $2,355.
Manufactured Stone Veneer: This cost-effective, man-made option mimics natural stone and appeals to many homeowners due to its affordability and easier installation. The average investment of just over $11,000 can yield a 153% ROI.
Upscale Fiberglass Grand Entrance: An impressive entryway can greatly enhance a home’s appeal. Upgrading to a grand fiberglass entrance door offers a 97% ROI, which may include removing an existing door and reframing for a larger door with dual sidelights.
Minor Kitchen Remodel: According to the 2024 U.S. Houzz & Home Study, kitchens were the most popular renovation in 2023. A minor kitchen remodel, averaging around $27,000, provides a 96% ROI. These updates typically maintain the existing layout but may include painting, refreshing backsplashes, and updating fixtures.
Home renovations that yield significant ROI can bring satisfaction during the project and even greater happiness when it’s time to sell.
Source: https://www.floridarealtors.org/ and The Franklin Press
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