Renovations With a Strong Return on Investment

NEW YORK – Renovations that make homeowners and residents of a home happy are always worth the investment.

Though it's certainly true that projects that create more functional, usable space and add comfort and convenience are worth the price, such renovations are even more beneficial if they provide a good return on homeowners' financial investment.

Returns are often cashed in when homeowners put their homes up for sale, and each year Remodeling magazine releases its "Cost vs. Value Report," which considers a wealth of data across the United States to determine which renovations return the highest percentage of homeowners' financial investment.

According to the "2024 Cost vs. Value Report," the following are five projects that provide a strong return on investment (ROI):

1. Garage door replacement:  The average job cost for this project is slightly more than $4,500 but the project is valued at $8,751, providing an especially high 194% ROI.
2. Steel door replacement: Remodeling magazine notes that a steel entry door replacement is worth double what it was worth in 2023. This project offers a 188% ROI on an average investment of $2,355.
3. Manufactured stone veneer: A manufactured stone veneer is a man-made product that appears as if it's natural stone. Many homeowners prefer manufactured stone veneer to natural stone because of the price, as the former is less expensive and easier to install, which means lower labor costs as well. The comparatively low cost of manufactured stone veneer is perhaps one reason why it averages a roughly 153% ROI on an average cost of just more than $11,000.
4. Grand entrance upscale (fiberglass): Few things are as awe-inspiring as an impressive entryway, and upgrading to a grand fiberglass entrance door provides a 97% ROI. Components of these entryways can vary, but Remodeling magazine notes the project may entail removing an existing entry door and cutting and reframing the opening for a larger door with dual sidelights.
5. Minor kitchen remodel: According to the "2024 U.S. Houzz & Home Study" from Houzz Research, kitchens were the most popular rooms to renovate in 2023. There's no denying the appeal of a newly renovated kitchen, and homeowners considering such a project may be happy to learn that a minor kitchen remodel that costs an average of around $27,000 provides a 96% ROI.

Bankrate.com notes that minor kitchen remodels typically keep the current kitchen design, size and layout intact, but these projects may involve painting walls, refreshing backsplash, replacing lighting and plumbing fixtures, and changing cabinet hardware and facades. Home renovations that provide a significant ROI can make homeowners happy once a project is completed and even happier when the day comes to put a home up for sale.

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