The Best Home Projects for Positive Return on Investments

April 14, 2024

Whether you are looking to sell your home or just want to give your home a little facelift - there are certain things that you can do that will bring a better return on your investment. According to real estate experts, the following projects are sure to not only make your home more beautiful, comfortable, and in the case of home sales, profitable.

Spruce Up Your Curb Appeal                               

A welcoming first impression is mandatory. Keeping your lawn well-groomed, tending to your garden, or freshening your home's exterior with a fresh coat of paint goes a long way to improving the value of your property. Walk around your property to look for any repairs that need to be made in your siding or yard fixtures. Minor touches like painting your front door, resealing the driveway, pressure washing, adding pathway lighting up to the porch, or adding window planters and other outdoor decor items are ideas that work for every home.

Repair The Floors

Walls and floors have a major impact in the design and feel of a room. If your home is still sporting 1970's linoleum or hiding beautiful wood floors, add this home improvement task to your list this year.

Create An Outdoor Living Area

A favorite home improvement task of 2024 that pays off tremendously is creating that backyard oasis you’ve always dreamed of. Adding a deck or patio to your backyard furnished with beautiful furniture makes your space more functional and inviting. The rise of outdoor kitchens takes hosting to the next level and enhances the appeal of your home especially if you're planning on selling in the future.

Update Your Appliances

Does your linoleum match your appliances? Make 2024 the year you replace your appliances with smart appliances that have a 50% ROI. Smart appliances also practice energy conservation, which saves on your energy bill throughout the year. These appliances make your home feel modern and trendy, and is a simple home improvement swap that doesn't require extensive demolition.

Remodel The Kitchen

Though it's one of the more expensive rooms to renovate, there are improvements you can make that fit any budget such as installing new backsplash, updating a few appliances, or putting in a new faucet and sink. Consider installing new cabinetry, countertops, or changing the overall flow by making the room more open or adding in an island. Minor kitchen remodels see an average of 81.1% ROI with major remodels averaging 53.3%1. 

Minor Bathroom Touches

Minor bathroom remodels bring an average ROI of 70.1% after replacing the floors or fixtures like your vanity and toilet. Cosmetic upgrades in the bathroom improves the overall look, but you can increase the durability of the room with the help of floor or wall tiles. These tiles add decorative flair with their colors and patterns while being water-resistant.

Replace Old Windows

Replacing old windows is a more subtle home improvement project, but has one of the highest ROIs. It's possible to get an 85% ROI by replacing outdated windows, depending on how many you replace or add. With so many window styles available, new replacements can brighten the exterior of your home while increasing insulation and saving on your heating and cooling bills.

Average Improvement ROI

Renovation/Remodel

2023 National Average Cost Recovery

Wood Deck Addition

50.2%

Siding Replacement (Vinyl)

94.7%

Minor Kitchen Remodel

85.7%

Window Replacement

68.5%

Bathroom Remodel

66.7%

Major Kitchen Remodel 

41.8%

Roofing Replacement

48.9%

Garage Door Replacement

102.7%

Primary Suite Addition

30.0%

HVAC Conversion (Electrification)

103.5%

Manufactured Stone Veneer

102.3%

Source: Remodeling Online