Top 14 Home Updates That Pay Off in 2024

Investing in your home is always a smart move, but knowing where to spend your money can be confusing. We've gathered data and added expert advice to help you make wise decisions about where to spend your remodeling dollars.

1. Garage Door Replacement

Average Return at Resale: 193.9%

Replacing your garage door is a top ROI home improvement. It's a prominent part of your house's facade and significantly boosts curb appeal. The average cost of replacing a 16’ x 7’ garage door is $4,513, with a resale value of $8,751. Opt for a steel door with foam insulation and insulated glass windows.

2. Entry Door Replacement (Steel)

Average Return at Resale: 188.1%

A new entry door is one of the first things potential buyers notice. Replacing it with a steel door with a dual-pane half-glass panel costs around $2,355, yielding a resale value of $4,430. Steel doors are budget-friendly, while fiberglass and wood doors offer more insulation and aesthetic appeal.

3. Manufactured Stone Veneer

Average Return at Resale: 153.2%

Manufactured stone veneer adds curb appeal at a fraction of the cost of natural stone. Adding 300 square feet to your facade costs $11,287, with a resale value of $17,291. Choose styles that complement your home's exterior.

4. Minor Kitchen Remodel

Average Return at Resale: 96.1%

A minor kitchen remodel, costing around $27,492, returns $26,406 at resale. Focus on cosmetic updates like re-facing cabinets, new energy-efficient appliances, and updating countertops and flooring.

5. Siding Replacement (Fiber Cement)

Average Return at Resale: 88.4%

Replacing your siding with fiber cement offers a high return on value. The average cost is $20,619 for 1,250 square feet, with a resale value of $18,230. Fiber cement is durable and low-maintenance, available in various textures.

6. Deck Addition (Wood)

Average Return at Resale: 82.9%

A wood deck addition costs about $17,615 and recoups $14,596. It enhances outdoor living space, essential for leisure activities. Choose wood for natural beauty or composite for low maintenance.

7. Bathroom Remodel (Mid-Range)

Average Return at Resale: 73.7%

A mid-range bathroom remodel costs $25,251, returning $18,613. Update tubs, tiles, flooring, sinks, and fixtures. Small changes like re-glazing tubs and fresh paint can refresh the space affordably.

8. Window Replacement (Vinyl)

Average Return at Resale: 67.1%

Replacing old or leaky windows with energy-efficient vinyl windows costs $21,264 for ten 3’ x 5’ windows, with a resale value of $14,270. Energy-efficient windows appeal to buyers for their utility savings.

9. HVAC Conversion/Electrification

Average Return at Resale: 66.1%

Converting to an electric heat pump costs $18,800, returning $12,422. Heat pumps are energy-efficient and environmentally friendly, doubling as heaters and air conditioners.

10. Roofing Replacement (Asphalt Shingles)

Average Return at Resale: 56.9%

Replacing a roof with asphalt shingles costs $30,680, yielding a resale value of $17,461. Asphalt shingles are affordable and popular, available in various colors to enhance curb appeal.

11. Major Kitchen Remodel

Average Return at Resale: 49.5%

A major kitchen remodel costs $79,982, returning $39,587. It includes semi-custom wood cabinets, new appliances, custom lighting, and resilient flooring. Prioritize neutral colors if planning to sell soon.

12. Upscale Bathroom Remodel

Average Return at Resale: 45.1%

An upscale bathroom remodel costs $78,840, with a resale value of $35,591. It involves expanding the space, adding a neo-angle shower, soaker tub, stone countertops, and in-floor heating.

13. Primary Suite Addition (Mid-Range)

Average Return at Resale: 35.5%

Adding a mid-range primary suite costs $164,649, returning $58,484. It includes a walk-in closet, freestanding tub, and ceramic tile shower. Budget carefully for foundation, framing, and finishing touches.

14. Bathroom Addition (Mid-Range)

Average Return at Resale: 34.7%

Adding a bathroom costs $58,586, with a resale value of $20,334. It includes a fiberglass tub, ceramic tile, and updated fixtures. Ensure compliance with local building codes.

Investing in these home updates can significantly boost your property's value and appeal to potential buyers. Prioritize projects with the highest return on investment to maximize your remodeling dollars.

Connect with Jason Buttorf for advice on what you need to do to get your house ready to sell.

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Source: hgtv.com

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Drawing on his decade of experience in finance, investment management, and holistic financial planning, and as a Chartered Financial Analyst ( CFA ® ) charterholder, he leverages his financial acumen and analytical focus to help his clients navigate the sophisticated San Francisco market.
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