Home Renovations That Add the Most Value in 2024

Whether your starter home is beginning to seem more long-term or you’re looking to upgrade your fixer-upper, investing in remodeling projects can help customize your home to your needs, enhance curb appeal and most importantly, add value to your home when it comes time to sell.

If you ready to invest in your home, but aren’t sure where to start, we recommend tackling projects that will give you the most return on investment (ROI), meaning the value you add to your home will exceed the cost of the job.

Renovations With the Highest ROI Nationally

According to the Remodeling 2024 Cost vs. Value Report, the top three renovation projects that you’ll get the most bang for your buck are a garage door replacement, steel entry door replacement and manufactured stone veneer exterior.

Garage Door Replacement

National Average Cost: $4,513
National Average Resale Value: $8,751
National Average ROI: 193.9%

Replacing your existing 16×7-foot garage door and tracks with a four-section garage door on steel tracks with top panel windows recoups an average 193.9% of the cost – a jump of 91% more value from 2023. The job, as described by Remodeling, uses the existing motorized opener but adds a new door made from high-tensile-strength steel with two coats of paint, insulation and thermal seals – plus, a lifetime warranty on the new door.

Steel Entry Door Replacement

National Average Cost: $2,355
National Average Resale Value: $4,430
National Average ROI: 188.1%

Give your entry door a fresh look by replacing it with a new steel door.  The Remodeling report suggests a 20-gauge steel unit with a dual-pane half-glass panel and an aluminum threshold with composite stop. The job will run you about $2,355, but you’ll be recouping 188.1% of the cost – up 88% from 2023. Not only will the renovation enhance curb appeal, but steel doors are also known to provide more insulation, making it an energy-efficient choice. Plus, you can count on it being long-lasting, durable and highly secure.

Manufactured Stone Veneer

National Average Cost: $11,287
National Average Resale Value: $17,291
National Average ROI: 153.2%

Add a whopping $17,291 value to your property by replacing your exterior vinyl siding from the bottom third of the front of your home with an adhered manufactured stone veneer. Make sure to include proper water protection and you’ll be left with an attractive, long-lasting and low-maintenance enhancement to your house exterior. The project will cost you upward of $11,000, but you’ll recoup 153.2%, up 50% from 2023 with a consistent increase in value year-over-year.

Renovations With the Lowest ROI

On the flip side, the Remodeling 2024 Cost vs. Value Report detailed the renovation projects that tend to cost way more than they are worth. Think twice before you proceed with adding a primary suite, bathroom or undergoing a major kitchen remodel.

Primary Suite Addition

Upscale: National Average Cost: $339,513
National Average Resale Value: $81,042
National Average ROI: 23.9%

Midrange: National Average Cost: $164,649
National Average Resale Value: $58,484
National Average ROI: 35.5%

Whether it’s midrange or upscale, no matter how you swing it, adding another primary suite will be an expensive project with little return. In fact, data going back to 2010 suggests the cost has always outweighed the resale value, with the ROI for an upscale addition peaking at 59.9% in 2017 and sharply declining ever since.

Bathroom Addition

Upscale: National Average Cost: $107,477
National Average Resale Value: $34,997
National Average ROI: 32.6%

Midrange: National Average Cost: $58,586
National Average Resale Value: $20,334
National Average ROI: 34.7%

Adding a bathroom to your home is another high-cost, low-reward renovation project, with just a midrange addition proving to be a loss of over $38,000. Going back to 2010, data shows that the resale value has never exceeded the cost, and the ROI has continued to decline since 2019.

Major Kitchen Remodel

Upscale: National Average Cost: $158,530
National Average Resale Value: $60,176
National Average ROI: 38%

Midrange: National Average Cost: $79,982
National Average Resale Value: $39,587
National Average ROI: 49.5%

Kitchen remodels are very common, but according to the data, doing a major renovation doesn’t recoup its value and hasn’t ever based on numbers going back to 2010.

Major kitchen renovations at the midrange level include updating a 200-square foot kitchen with 30-feet of semi-custom wood cabinets, a 3×5-foot island, laminate countertops and a double-tub stainless steel sink. Additionally, a major remodel would involve adding an energy-efficient range, vented range hood, built-in microwave, dishwasher, garbage disposal, custom lighting, resilient flooring and fresh wall paint.

However, if you’ve got your heart set on updating your kitchen, you would be better off considering a midrange minor kitchen remodel according to the numbers.

A 200-square foot kitchen remodel is considered minor by leaving the existing cabinet boxes in place but updating them with new shaker-style wood panel fronts, plus new hardware. Additionally, it includes updating appliances like the range and refrigerator with new energy-efficient versions, replacing laminate countertops, opting for a moderately-priced sink, new flooring and finally, a fresh coat of paint on the walls.

A minor midrange kitchen remodel will cost an average of $27,492, but will recoup 96.1% of the cost, with a resale value of $26,406.

Remodeling Projects With the Highest ROI by Region in 2024

Take a closer look at your region to find out the projects that recoup more value than they cost, according to the Remodeling 2024 Cost vs. Value Report.

East North Central

1. Steel Entry Door Replacement: 161.8% ROI
2. Garage Door Replacement: 152.3% ROI
3. Manufactured Stone Veneer: 112.2% ROI

East South Central

1. Garage Door Replacement: 172.8% ROI
2. Steel Entry Door Replacement: 153.2% ROI
3. Manufactured Stone Veneer: 141.4% ROI

Middle Atlantic

1. Garage Door Replacement: 203.6% ROI
2. Manufactured Stone Veneer: 158.6% ROI
3. Steel Entry Door Replacement: 158.6% ROI

Mountain

1. Steel Entry Door Replacement: 185.2% ROI
2. Garage Door Replacement: 174.4% ROI
3. Manufactured Stone Veneer: 124.3% ROI
4. Fiberglass Grand Entrance: 100.4% ROI

New England

1. Garage Door Replacement: 314.7% ROI
2. Steel Entry Door Replacement: 236.2% ROI
3. Manufactured Stone Veneer: 151.7% ROI
4. Fiber-Cement Siding Replacement: 118.3% ROI
5. Vinyl Siding Replacement: 115.8% ROI
6. Minor Midrange Kitchen Remodel: 110.8% ROI

Pacific

1. Garage Door Replacement: 250.7% ROI
2. Steel Entry Door Replacement: 249.9% ROI
3. Manufactured Stone Veneer: 203.5% ROI
4. Fiberglass Grand Entrance: 136.6% ROI
5. Minor Midrange Kitchen Remodel: 134.3% ROI
6. Fiber-Cement Siding Replacement: 115.7% ROI
7. Wooden Deck Addition: 111.1%

South Atlantic

1. Steel Entry Door Replacement: 198.9% ROI
2. Garage Door Replacement: 189.5% ROI
3. Manufactured Stone Veneer: 150.2% ROI

West North Central

1. Garage Door Replacement: 158.4% ROI
2. Steel Entry Door Replacement: 152.5% ROI
3. Manufactured Stone Veneer: 111.2% ROI

West South Central

1. Manufactured Stone Veneer: 220.1% ROI
2. Steel Entry Door Replacement: 163.2% ROI
3. Garage Door Replacement: 149% ROI

Renovation Financing Options

If you’re ready to invest in your home, that’s where we come in. We offer a variety of options to help you finance your remodeling projects.

Cash-Out Refinance

Our cash-out refinance allows you to access funds from your home’s equity to help with renovation projects. It works by replacing your existing mortgage with a new home loan that is for more than what you owe on your current mortgage. Then, at closing, you get back the difference in cash.

HELOC

A Home Equity Line of Credit (HELOC) allows you to use the equity you have built in your house as a line of credit to finance large expenditures over time. HELOCs are perfect for remodeling projects that add value back into your home.

We offer HELOC loans ranging from $25,000 to $500,000 with investment property, bridge and interest-only options.

Renovation Loans

For homebuyers looking to purchase a fixer-upper, we also offer renovation loans that cover the cost of renovating, remodeling and installing new plumbing or electrical systems.

Find Out How Much You Can Afford Today

Ready to get started on replacing that front door? Or maybe you’re ready to swing for the manufactured stone veneer for ultimate curb appeal enhancement?

Contact one of our Loan Officers today to find out how much financing you can receive for the remodeling project of your dreams.

You can trust our highly experienced team of mortgage professionals to work with you to select the PMA loan product that best suits your unique financial and renovation needs.