Your home is your castle. The most important thing your home can be is a place where you feel safe, comfortable and relaxed. But your home is also likely the biggest investment you’ll ever make and the most valuable asset you’ll own (unless you go on to buy a bigger home).
Given this, if you’re considering home renovations, where should you start? If there isn’t one obvious room or part of your house that desperately needs an upgrade, it makes sense to prioritize renovations that won’t only make you happier in your home, but also add the most value to it.
Which Renovations Add Value to Your Home?
The annual JLC Cost vs. Value Report for 2024 found three types of renovations actually returned more value than their required investment, on average. These were: manufactured stone veneer, entry door replacement (steel) and garage door replacement.
Manufactured Stone Veneer
Anything you can do to boost the curb appeal of your home, the better your chances of driving up its value. If a renovation makes a house look great from the outside, it’s likely to garner interest from prospective buyers. A manufactured stone veneer looks great and, unlike a real stone exterior and foundation, the cost is relatively low. The report found that these projects, on average, recoup 153% of their cost.
Entry Door Replacement
The front door is the entrance to your home, so it’s kind of like making a first impression. If it’s a good one, people will value your home more. A brand new front door and surrounding facade can really boost curb appeal, and these renovations have an average return on investment (ROI) of 188%.
Garage Door Replacement
If your front door is like a handshake with new guests, then the garage door is like the first time they make eye contact. For many homes, the garage door is the most notable part of the facade. A new garage door can go a long way to sprucing up your home, and replacing it is relatively cheap. These projects, on average, recoup nearly double their cost, with an ROI of 194%.
More Renovation Tips
The top three renovations in terms of ROI don’t tell the whole story. Each one is on the lower end of renovation costs, so recouping them is easier. But maybe your home needs more extensive work; here are some other types of home renovation that consistently add significant value to homeowners’ properties:
- Kitchen remodels: A renovated, clean kitchen with new appliances can really boost value, especially if you can add counter space, such as with an island.
- Bathroom remodels: Bathrooms are humid places, so they often age faster. A new, gleaming bathroom will stay in the minds of prospective buyers.
- Practical upgrades: Remodels aren’t all about aesthetics. Installing more efficient, weather-proof windows, doing an HVAC conversion or setting up solar panels can save you money on energy consumption.
But How Do You Finance These Renovations?
Want to take a step toward making your home your dream house? Vectra can help you figure out how best to finance* your home renovation. Contact a Vectra Bank professional, and we’ll go over your options.
*Loans subject to credit approval. Terms and conditions apply. See banker for details. A division of Zions Bancorporation, N.A. Member FDIC. Equal Housing Lender. NMLS #467014
