It’s sage and often-repeated advice: investing in bathrooms and kitchens produces a great ROI. However, when it comes to other home improvement projects, you might be left guessing whether or not they’re worth your time and money.
Fortunately, you don’t have to guess anymore. The popular trade publication Remodeling has released its 2024 cost vs. value report. The report details the national average cost of home improvement projects versus the resale value these projects demand. I think the results will surprise you.
1. Replace Your Garage Door
Much to our surprise, the highest value-adding project of 2024 is garage door replacement. According to Remodeling, the national average cost of replacing a garage door is $4,513, and the expected resale value for this project is $8,751, a total cost recoup of 193.9%.
If you can’t afford to replace your garage door, you should make repairs to ensure it’s in good working order, especially before putting your home on the market.
2. Upgrade to a Steel Entry Door
Steel entry doors are the second most valuable project, with an expected cost of $2,355 and a resale value of $4,430. Tackle this project if your front door is in bad condition or if you’re looking for good ROI projects that will strengthen your home’s curb appeal.
3. Enhance Your Siding with Manufactured Stone Veneer
Manufactured stone veneer gives your home the look of natural stone without the heavy weight and at a fraction of the price. While there’s no need to add manufactured stone veneer all over your home, adding it as an accent to the lower portion of your house’s facade or on the front porch is a smart move.
Adding manufactured stone veneer costs an average of $11,287 and can increase the resale value to $17,291.
4. Expand the Entrance Door
Expanding a standard-sized entrance door to add two flanking sidelights can let natural light pour in and increase your home value. This project is estimated to cost $11,353 with a value add of $11,054, recouping almost 100% of its investment.
5. Complete a Midrange Kitchen Remodel
A mid-range kitchen remodel isn’t going to make you a profit, but it does recoup most of its costs. (And it can be a selling feature when it’s time to list your home.) The average mid-range kitchen remodel costs about $27,942, with a resale value of $26,406—an impressive 96.1% cost recoup.
6. Install Fiber Cement Siding
While vinyl is the most popular type of siding in America due to its longevity and affordability, fiber cement siding is sought after. Fiber cement siding, sometimes referred to as Hardie Board, is low maintenance and fire, rot, and insect resistant. It costs the average homeowner about $20,619 to install fiber cement siding, and when it’s time to sell, they recoup $18,230, or about 88.4% of the initial cost.
7. Build a Wood Deck
Wood decks create outdoor living space for entertaining and relaxing, which is helpful for current homeowners and a value add to potential buyers. The national average cost of a wood deck addition is $17,615, with a resale value of $14,596.
Of course, the price of decks varies greatly depending on the size and type of wood. Even if your deck is smaller or less expensive, you can expect a cost recoup of about 82.9%.
8. Replace Vinyl Siding
Replacing old vinyl siding with new can boost your home’s curb appeal and ensure it’s well-protected from the elements. According to Remodeling, the national average vinyl siding replacement job costs $17,410 and has a resale value of $13,957.
9. Tackle a Bathroom Remodel
Bathrooms are considered a top-selling feature for houses, which makes it surprising that the average midrange bathroom remodel is number nine on the list. A bathroom remodel can recoup 73.7% of its price with an average cost of $25,251 and a resale amount of $18,613.
10. Add a Composite Wood Deck to Your Home
Composite wood decks combine the look of natural wood with a low-maintenance material that doesn’t require painting or staining. While not as value-adding as a real deck, composite lumber decks have a cost recoup of 68.2%. In general, composite decks are more expensive than their wood counterparts, with material and installation prices averaging $24,206. The average resale value is $16,498.
