When it comes to selling your home or simply enhancing your living space, strategic improvements can make all the difference. While homeowners may expect that every project or upgrade will add value, that’s simply not the case. It’s essential to focus on projects that increase appearance and functionality while balancing costs.
Today’s buyers often view big ticket items like the driveway, roof, or HVAC system or simple fixes like a fresh coat of paint as basic maintenance and just expect them to be in good, functional condition.
“Now, if any of those items are in need of repair or replacement, it can hurt the value of the property, but being functional basically brings it back to base level buyer expectations,” Ryan DeLeon, Lead Appraiser at Akrivis, said.
Let’s take a look at some data as compiled in the Zonda Media 2024 Cost vs. Value Report (www.costvsvalue.com) and other resources to see some of the best home improvements to increase value now and in the future.
New Garage Door
A new garage door can provide an instant lift for an outdated home, adding functionality and style to your home’s exterior.
Garage Door Replacement
- Estimated job cost: $4,513
- Resale value: $8,751
- Cost Recouped: 193.9%
Stylish Front Door
A new or freshly painted front door adds charm and literally welcomes in potential buyers. It is a stylish focal point for the home and is one of the cheaper upgrades you can make.
Entry Door Replacement | Steel
- Estimated job cost: $2,355
- Resale value: $4,430
- Cost Recouped: 188.1%
Upgrade Kitchen
The kitchen is considered the heart of the home, so it can add significant value. It doesn’t take much to take an outdated kitchen and turn it into a modern, functional space that’s well worth the investment. Consider small but effective upgrades like cabinet refacing or painting and new countertops to give the room a fresh look.
Midrange Kitchen Remodel
- Estimated job cost: $27,492
- Resale value: $26,406
- Cost Recouped: 96.1%
Refresh Bathrooms
Updated bathrooms are always a selling point. We spend a lot of time in this room throughout the day, so bathroom upgrades like new fixtures, nice lighting, and modern vanities with storage solutions are always appreciated. To get the most value, think midrange bathroom remodels that help the space look cleaner and newer.
Midrange Bath Remodel
- Estimated job cost: $25,251
- Resale value: $18,613
- Cost recouped: 73.7%
Add a Deck
More usable space often means more value. Outdoor spaces like decks and patios are becoming more popular among homeowners who are willing to pay more to be able to entertain and build memories at home.
Deck Addition (Wood)
- Estimated job cost: $17,615
- Resale value: $14,596
- Costs recouped: 82.9%
Replace Siding
Replacing or updating siding can drastically improve your home’s curb appeal and increase its market value. Choose durable, low-maintenance materials like fiber cement or vinyl for long-lasting appeal and better return on your investment.
Siding Replacement (Fiber-Cement)
- Estimated job cost: $20,619
- Resale value: $18,230
- Costs recouped: 88.4%
Siding Replacement (Vinyl)
- Estimated job cost: $17,410
- Resale value: $13,957
- Costs recouped: 80.2%
Finish Basement or Attic
A finished basement or attic adds living space, which can be a big perk for you while you live in the home, as well as for potential buyers. It opens up opportunities and extra space for guests, renters, kids, and more! Depending on the layout, how much area you plan to finish, and the quality of the upgrades, it can be a significant value add.
According to the National Association of Realtors:
Basement Finishing
- ROI: 71%
Attic Finishing
- ROI: 67%
If you don’t have the equity or time to finish your basement or attic, be sure to repair any minor leaks or signs of water damage to put your best foot forward when listing your home for sale.
What is Your Home Really Worth?
Whether you’re preparing to sell or planning to stay for years, any home improvement projects should align with your goals and budget. If you’re considering a renovation or looking to buy, sell, or refinance your home, a residential real estate valuation from Akrivis can help you make strategic decisions.
Our team of experts can help you determine what your home is worth and whether specific home updates add value in the long term. Contact us today to understand the best ROI opportunities in your market with a detailed report in as little as five business days!