Top 10 Renovations That Increase Home Value in 2024

With the real estate market constantly shifting, homeowners seeking to maximize their property’s resale value must stay informed about the best renovation projects. The “2024 Cost vs. Value Report” reveals key trends that can guide homeowners on which home improvements offer the highest return on investment (ROI). This report analyzes 23 popular remodeling projects across 150 U.S. markets, offering valuable insights for those preparing their homes for sale.

Based on this comprehensive report, here are the top 10 renovations that can significantly increase your home’s value in 2024:

Source: 2024 Cost vs. Value Report, Zonda Media

1. Garage Door Replacement

Average ROI: 194%

Topping the list, replacing your garage door offers a staggering ROI, nearly doubling your investment. With modern garage doors enhancing both functionality and curb appeal, this simple update can make a home stand out to potential buyers.

2. Steel Entry Door Replacement

Average ROI: 188%

A new steel entry door can dramatically elevate a home’s exterior, providing both security and aesthetic appeal. This cost-effective improvement is crucial in boosting a home’s first impression and thus commands a high return.

3. Manufactured Stone Veneer

Average ROI: 153%

Enhancing your home’s façade with manufactured stone veneer gives it a luxurious, polished look that greatly appeals to discerning buyers. This exterior upgrade not only transforms curb appeal but also offers a high resale value.

Image Source: Generated using AI

4. Siding Replacement (Fiber-Cement)

Average ROI: 89%

Fiber-cement siding is durable, low-maintenance, and energy-efficient, making it an attractive feature for buyers. Replacing old siding with this material can significantly increase your home's marketability.

Corinth Project: Wood Cedar Siding Installation

5. Minor Kitchen Remodel

Average ROI: 96%

Although kitchen renovations are typically costly, a minor remodel focused on updating key surfaces—such as countertops, cabinets, and flooring—can yield a nearly 100% return. It’s an essential project for homeowners looking to modernize without overinvesting.

6. Window Replacement (Vinyl)

Average ROI: 78%

Replacing older windows with energy-efficient vinyl models can make a home more appealing to eco-conscious buyers while improving insulation and reducing energy costs. This is especially crucial in regions with extreme weather conditions.

7. Deck Addition (Wood)

Average ROI: 79%

A wood deck addition expands usable outdoor space and appeals to buyers seeking areas for entertaining or relaxing. This relatively simple addition can have a major impact on the perceived value of a home.

Bledsoe Project: Red Wood Deck Construction

8. Siding Replacement (Vinyl)

Average ROI: 74%

Vinyl siding remains a popular option for its affordability and minimal maintenance requirements. Replacing your home’s old siding with fresh vinyl can dramatically improve its exterior, offering an attractive and cost-efficient option for resale.

9. Roof Replacement (Asphalt Shingles)

Average ROI: 61%

Replacing a worn or outdated roof with asphalt shingles can prevent future buyers from worrying about costly repairs. A new roof signals to buyers that the home is well-maintained and structurally sound, making it a worthwhile investment for sellers.

10. Bathroom Remodel (Midrange)

Average ROI: 57%

Bathrooms are another crucial area buyers focus on. A midrange bathroom remodel, which includes updating fixtures, tiles, and vanities, offers a solid return and can greatly influence the overall impression of the home

Corinth Project: Bathroom Remodel

Regional Differences in ROI

It's important to note that returns on renovation investments can vary significantly by region. According to the report, the Pacific and New England regions offer the highest ROIs for most remodeling projects, while the Mountain and East South Central regions lag behind. This regional variance reflects differences in buyer preferences, home styles, and market conditions.

Homeowners should also consider these local factors when planning their renovations, as trends in one region may not hold in another. Consulting local real estate professionals can provide insight into which projects will yield the best returns in a specific area.

Conclusion: Prioritizing the Right Renovations

The data from the “2024 Cost vs. Value Report” highlights the importance of focusing on renovations that balance cost with long-term value. Whether you're aiming to sell your home soon or simply looking to boost its market value, focusing on exterior improvements and cost-effective interior updates will ensure the highest possible return.

For 2024, prioritize projects like garage door and entry door replacements, siding upgrades, and minor kitchen remodels to enhance both your home’s appeal and its resale value. With the right approach, you can make strategic updates that resonate with today’s homebuyers, ensuring a significant boost to your home’s worth. To learn more about boosting home value, check out our article on How Renovations Boost Home Value.

Disclaimer: This article is for informational purposes only and does not constitute professional advice. HWA Construction is not responsible for any decisions made based on this content. Consult licensed professionals, such as appraisers or financial advisors, before proceeding with renovations. Ensure all projects comply with local codes and verify contractor credentials through the California Contractors State License Board (CSLB).