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Top 5 National Home Improvements Projects

Carla Louisse
Jan 30, 2023
3 min read

If you want to get your money's worth out of home renovations, you don't have to undertake a costly overhaul. Instead, many projects can be done to enhance your house for a bit of cost and in a short amount of time. Here, we discuss ways to increase your home's worth via renovations.

We have compiled a list of the five greatest return on investment (ROI) home upgrades, whether you want to sell your home soon or make it more valuable.

1. Garage Door Replacement

97.5% ROI

Incredibly, a homeowner may recoup almost all their garage door repair costs via increased property value. According to the study, replacing a garage door may significantly improve a home's resale value and exterior appeal. As an added bonus, it yields substantial profits during the property sale. Spending $3,000 on a garage door will increase the value of your property by $2,925. According to the data shown here, garage doors are an integral feature of every house. Therefore homeowners should give them the attention they deserve.

2. Manufactured Stone Veneer

94.9% ROI

Kitchen and bathroom renovations may take a lot of time and money, but there are other ways to make your investment pay off, such as installing synthetic stone veneers to improve the property's curb appeal. Installing a moderately priced stone veneer will cost $8,907, but you may expect to recoup approximately 95% of that cost when you sell the house. The plan is to install 300 square feet of artificial stone veneer over the bottom third of the home's street-facing exterior.

3. Minor Kitchen Remodel

80.5% ROI

The return on investment for even modest kitchen renovations has consistently been relatively high. Even in this shaky economy, updating your kitchen with a few key features makes sense. Improvements such as painting the cabinets, installing a new countertop, or purchasing new appliances may significantly affect your home's value. The most significant thing is that little changes to your kitchen won't impact your daily life.

4. Siding Replacement

75.6% ROI

Damaged or outdated siding may increase heating and cooling costs and reduce the value of your property. Replacing your home's siding will keep out the elements and provide a significant return on your investment. There is a $12,119 gain in value at about $16,036 for the renovation. The return on investment for replacing the siding is higher than that of an upscale and a mid-range kitchen makeover, coming in at 75.6%.

5. Deck Addition (Wood)

75.6% ROI

The average cost to build a wooden deck complete with rails and a built-in bench was $13,333, while the average resale value was $10,083. As a result, the amount of money recovered is 75.6% of the initial investment. A composite deck, as opposed to a wooden one, may be installed for an average of $19,150 but can be resold for $13,232. If you're trying to decide which deck is the best financial investment, a 6.5% discount could seem to be the deciding factor.

Still, how to best use your home renovation funds? Consider the effect on your home insurance premiums when you make your list of potential projects. Want to attract prospective buyers and boost the value of your home? The kitchen and the bathroom are still the best places to begin. Renovating a room, building an addition, turning a basement into a livable space, or any other projects may increase your satisfaction with the place you call home if you intend to stay there for a while.

A list of the top five home improvement projects that provide the highest return on investment is provided. Considering the housing market's situation, you must consider any renovations you want.