Top 8 Home Renovation Projects That Increase Property Value In 2024

home renovation

If you’re planning to sell your home, these are the renovations you should prioritize.

They’re also useful if you want to boost your home’s value for other reasons, such as increasing your home equity for future loans or simply improving your living experience.

1. Manufactured Stone Veneer

Manufactured Stone Veneer

Replacing vinyl siding with stone veneer, even on just part of your home like the entryway, can significantly enhance its exterior and curb appeal. Stone adds a classic, elegant look to any residence.

The average cost estimate includes 36 linear feet of sills, 40 linear feet of corners, one address block, and materials such as two water-resistant barrier layers and corrosion-resistant lath and fasteners. This project not only adds elegance to your home but also provides a substantial return on investment, recouping more than your initial expenses.

  • Average cost: $11,287
  • Average resale value: $17,291
  • Cost recouped: 153.2%
  • Change in cost recouped from 2023: +50.9%

2. Siding

Old or worn-out siding can make even the nicest home look shabby. Replacing it with quality man-made materials like fiber-cement or vinyl can make a big difference.


  • Average cost: $20,619
  • Average resale value: $18,230
  • Cost recouped: 88.4%
  • Change in cost recouped from 2023: -0.1%

For an average home, replacing 1,250 square feet with new fiber-cement siding costs $20,619, with an expected return of nearly 90 percent upon resale. This upgrade includes 4/4 and 5/4 trim, referring to the thickness of the materials.

Vinyl Siding

  • Average cost: $17,410
  • Average resale value: $13,957
  • Cost recouped: 80.2%
  • Change in cost recouped from 2023: -14.5%

Vinyl siding is a more budget-friendly option compared to fiber-cement siding, though it offers a slightly lower ROI. The average cost estimate for replacing 1,250 square feet of siding is $17,410, with an expected return of about 80 percent upon resale.

3. Bathroom Remodel (Midrange)

Bathroom Remodel (Midrange)

Bathroom renovations, such as enlarging the space, modernizing fixtures, and upgrading materials, are always popular and enhance both aesthetics and functionality. More than 25 percent of Realtors recommend upgrading the bathroom before selling a home.

The cost range is about $70 to $250 per square foot, with a return on investment of approximately 74 percent. Smaller remodels yield better ROI; major renovations involving layout changes and high-end materials return only about 45 percent.

  • Average cost: $25,251
  • Average resale value: $18,613
  • Cost recouped: 73.7%
  • Change in cost recouped from 2023: +7%.

4. HVAC Conversion

HVAC Conversion

Converting a fossil-fuel-burning furnace to an electric heat pump has seen a significant drop in ROI, likely due to lower natural gas prices and higher electricity costs compared to the previous year. Despite this, it still offers a good return on investment.

Although not a glamorous renovation, it is a trendy one, reflecting the growing interest in renewable, eco-friendly, and energy-efficient HVAC systems. Heat pumps both heat and cool a home, replacing traditional air conditioners that consume more electricity.

  • Average cost: $18,800
  • Average resale value: $12,422
  • Cost recouped: 66.1%
  • Change in cost recouped from 2023: -37.4%

5. Deck Additions

Deck Additions

A finished outdoor area for work, entertaining, or relaxation is highly desirable for many homebuyers. Decks are a popular way to transform a home’s exterior into usable living space. You can choose between two materials: wood or composite.

Wood Deck

  • Average cost: $17,615
  • Average resale value: $14,596
  • Cost recouped: 82.9%
  • Change in cost recouped from 2023: +32.7%

A classic wood deck includes a 16×20-foot structure using pressure-treated joists, supported by 4×4-inch posts anchored to concrete piers, three steps, and a railing around the edge.

With a respectable ROI of almost 83 percent, wooden decks have increased in value as homeowners seek to expand their livable spaces.

Composite Deck

  • Average cost: $24,206
  • Average resale value: $16,498
  • Cost recouped: 68.2%
  • Change in cost recouped from 2023: +28.4%

Composite decks are more expensive and offer a lower return on investment compared to wood decks. However, they are exceptionally durable, resisting rot, warping, and splintering, making them a low-maintenance option for outdoor living.

6. Minor Kitchen Remodel (Midrange)

Minor Kitchen Remodel (Midrange)

  • Average cost: $27,492
  • Average resale value: $26,406
  • Cost recouped: 96.1%
  • Change in cost recouped from 2023: +10.4%

A modern, functional kitchen enhances everyday activities like cooking, sharing meals, and entertaining, making it a strong selling point for potential buyers. A minor remodel with midrange materials, based on a 200-square-foot kitchen with 30 linear feet of countertops and cabinets, typically includes:

  • Replacing appliances with new, energy-efficient models
  • Refacing cabinets with shaker-style panels
  • Installing new countertops or a sink
  • Replacing hardware
  • Adding new flooring
  • Repainting the walls

This remodel focuses mainly on cosmetic changes, allowing you to recoup 96 percent of your investment.

To maximize ROI, keep the project modest. Major kitchen remodels with upscale materials, involving changes to the room’s size or layout, or installing new cabinetry, tend to have a much lower return at about 38 percent.

7. Entry Door Replacement

Entry Door Replacement

Your front door is a key focal point for homebuyers. Upgrading it can save on energy costs and enhance your home’s appearance.

Steel Door

  • Average cost: $2,355
  • Average resale value: $4,430
  • Cost recouped: 188.1%
  • Change in cost recouped from 2023: +87.2%

Replacing the front door with a steel one now has a 188 percent ROI, up from 100 percent. Steel doors offer enhanced curb appeal and energy efficiency, fitting more tightly into door frames and reducing drafts that increase heating and cooling bills.

These doors are made with a steel skin and a polyurethane foam insulation core, and come in various styles and finishes, often including windows.

Fiberglass Grand Entrance

  • Average cost: $11,353
  • Average resale value: $11,054
  • Cost recouped: 97.4%
  • Change in cost recouped from 2023: +47%

Installing a fiberglass grand entrance involves widening the existing doorway and adding a fiberglass door with decorative sidelights. This straightforward job for a contractor can be completed in a day and significantly boosts curb appeal. As of 2024, it offers a return on investment of nearly 100 percent, meaning you’ll recoup almost all your expenses at resale.

1. Garage Door Replacement

The estimated cost includes removing and disposing of 16-by-7-foot garage doors and installing new four-section doors with heavy-duty galvanized steel tracks, reusing the existing motorized garage door opener.

This project significantly enhances curb appeal and can return more than you spent when selling your home, making it one of the few home remodeling projects to offer such a high ROI.

  • Average cost: $4,513
  • Average resale value: $8,751
  • Cost recouped: 193.9%
  • Change in cost recouped from 2023: +91.2%

Bottom Line

The right remodeling project can significantly increase your home’s value over time.

For example, if you refinance, an appraiser will consider any renovations when assessing your home’s worth.

A higher home value boosts your equity and lowers your loan-to-value ratio, making it easier to take out a home equity loan or HELOC.

You might even be able to cancel private mortgage insurance payments sooner than expected.

When it’s time to sell, buyers are willing to pay more for a well-maintained property with modern updates that’s move-in ready.

Investing in the right upgrades can make a big difference.

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