I guess we are all “getting ready to sell” at some point. When you make any repairs or improvements to your home you can’t help but wonder: Will this add value when you go to sell your house? According to Zonda Media, a housing market research firm, and the 2024 Cost vs. Value Report, some home upgrades in 2024 can offer returns of nearly 200%. Here are some home repairs and improvements that can increase your home’s value and return on investment (ROI):
- Garage door replacement: I bet you did not expect to see this one at the top of the list! A high-end steel garage door with foam insulation, insulated glass windows, and tracks can cost around $4,513 and have an average resale value of $8,751, which is a 194% return. Wow. Who knew? 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.
- Entry door replacement: Replacing the front door with specifically a steel door, has jumped this year to a 188 percent ROI, up from 100 percent in 2023. A fiberglass door with side panels will give you a 100% ROI with lower cost.
- Stone Veneer: Stone always imparts a classic, elegant upgrade to a residence. Adding 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. 153% ROI.
- Minor to Mid-range kitchen remodel: A “refresh” and update of your kitchen by 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. ROI excluding the appliances: 96%. A major remodel with moving walls, upscale finishes, and new cabinets will only bring an ROI of 38%.
- Bathroom remodel (midrange): Enlarging the space, replacing and modernizing fixtures, upgrading materials to enhance looks or functionality (or both) are perennially popular and a good selling tool. Many 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%. As with kitchens, less is more, ROI-wise: Major bathroom remodels (involving changing the layout and using luxe materials) return only 45%.
- HVAC conversion: Replacing an outdated HVAC system with a more modern one can improve efficiency: Although not a glamorous improvement, it still offers a good return on your investment: 66%.
- Low-E Window replacement: It’s sometimes said that windows are the eyes of the home. Again, you have a couple of options, frame materials-wise, which impact the ROI a bit. Vinyl ROI 67.1%. Wood frame windows 62.9%
- Roof Replacement: Not a cost sellers want to face but can not only add value when you sell, but peace of mind as an owner. Add a 25-year warranty you can get 57% ROI.
