02/27/2024
Top Return on Investment Home Improvement Projects
Top Interior Remodeling Projects for 2024
1. Hardwood Flooring Refinish (147% ROI)
Hardwood flooring is something many buyers look for in a property. If your current home has hardwood floors, the number one ROI project is refinishing your home's hardwood floors. Essentially a facelift - this procedure helps remove or improve signs of discoloration, scratches, and even signs of water damage. The return on investment for this project was estimated at 147% which makes it an excellent choice for a home improvement project.
2. New Wood Flooring (118% ROI)
Floors are an integral part of a property. Buyers want durable and long-lasting materials in their homes and wood is a solid choice for durability and quality. New wood flooring scored incredibly high on NAR's report, at 118% return on investment. If you're looking to add value to your property, consider installing new wood floors.
3. Insulation Upgrade (100% ROI)
More and more homeowners are looking for ways to increase their home's energy efficiency, and one option is an insulation upgrade, especially for older homes that don't have enough insulation. Whether attic insulation, wall insulation, or basement and crawlspace insulation - this upgrade saw a 100% return on investment. Not only will this make your home more energy efficient, it will save you money in the long run.
4. Storage is an important and often sought-after feature for homebuyers, and having ample usable storage will make a property stand out. Renovating a closet by adding features (shelving, drawers, etc.) or improving overall usability ranked high on the remodeling impact report, coming in at an 83% return on investment.
Top 5 Exterior Remodeling Projects for 2024
1. New Roofing (100%)
A property's roof is one of the most important parts of its structure, and buyers look highly on properties that have had improvements done to make the home more sound. Adding new roofing is the process of applying a new layer of roofing material over the existing layer (also known as an overlay). Re-roofing is dependent on the condition of the existing roof, but any improvements to a property's roof will see a high return on investment (100%), and re-roofing is often a more economical option than a completely new roof.
2. Garage Door (100% ROI)
For many homes, the garage door is one of the first things you see on a property. An old, worn out garage door can be an eyesore, especially for potential buyers. A new garage door is a quick project that can be done for a relatively small investment (when compared to other projects). A new door will look nice, attract buyers, and will have a great return on investment: 100%.
3. Fiber Cement Siding (86% ROI)
Another important and integral part of a property is siding or the protective material attached to the exterior of the structure that defends against weather, impacts, and other intrusions like insects. Upgrading to fiber cement siding (a durable, long-lasting and low-maintenance material made of cement, sand, water and cellulose fibers) can see a high return on investment - 86% according to NAR's 2022 Remodeling Impact Report.
4. Vinyl Siding (82% ROI)
If fiber cement siding is not an option, the next best option is vinyl siding - a durable, plastic exterior wrapping that can imitate wood and is used for both decoration and weatherproofing. For homeowners that chose to add new siding (both vinyl and fiber cement), 93% had a greater desire to be at home after completing the project. Whether you're choosing new siding for adding value or another personal reason, many homeowners see a good return on investment for this project (82% for vinyl siding).
5. Vinyl Windows (67% ROI)
Windows can take a beating, and they have a tendency to show their wear, especially older windows. Vinyl windows, or windows made of polyvinyl chloride (PVC), are windows made out of a synthetic plastic material, making them resistent to rot and decay, meaning they will retain their efficacy throughout the years. Vinyl windows are also energy efficient, making them a top choice for homeowners looking to increase the efficiency of their homes. If your home has a lot of windows, the cost to replace them can be high - but for those looking to make the switch, you can see a potential 67% return on investment.
