HUNTSVILLE LIVING | NOVEMBER 2024 | 15
5 renovations that provide a strong return on investment
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 percent 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 percent 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 percent 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 percent 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 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 percent 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 .
HUNTSVILLE LIVING | NOVEMBER 2024 | 15