Top 9 Renovations to Increase Home Value in 2024
During the pandemic’s peak, social distancing, work-from-home trends, and shelter-in-place initiatives led to a rise in extravagant outdoor kitchens and elaborate home office renovations.
However, in 2024, these trends have shifted. Renovations have become more important to homeowners looking to upgrade their living conditions without the need to buy a new home and risk higher interest rates.
In a HomeLight survey, 49% of top agents say that fence-sitting homeowners are renovating key rooms, such as kitchen and bathroom remodels, as they wait for interest rates to drop.
As these trends have evolved, we’ve updated our best renovation bets for the new year amid a competitive real estate market.
Renovations that will increase home value in 2024
In 2024, the average return on the most common remodeling projects in the United States came in at about 75% nationally, according to the Remodeling 2024 Cost vs. Value Report, an assessment of typical household remodeling projects.
From 2021 to 2023, the average ROI on remodeling projects has seen a decline. In 2022, the average ROI clocked in at 62.30%, down from 2021’s average of 63.4%. The downtrend continued in 2023, averaging 60.5%. The 75% average ROI seen in 2024 is a welcome change for homeowners looking to get the most out of their property when selling.
“I can tell you that the average return on investment for updating or remodeling a home, you get back seventy-four cents for every dollar invested on average,” adds Peter Clark, who ranks in the top 3% of 5,347 agents in the Portland, Oregon area.
Consider these renovations as ways to increase your home’s value:
1. Boost your curb appeal
Curb appeal always gives buyers an important first impression and can get them excited about the home as soon as they drive up.
Attend to basic yard care (cut grass, weed control, fertilization)
Spread three cubic yards of bark mulch (including delivery)
Tidy the landscaping (shrubs, walkway, and flower beds)
The 2024 Cost vs. Value Report found that you can often get the best ROI for renovations that buyers see before they walk through the front door — replacing your garage door, updating the siding, or adding a deck, for example, can lead to a higher ROI.
Karin Provencher, a top real estate agent in Manchester, New Hampshire, says that new siding or trim often adds about 5% to 10% in value because it changes the house’s look.
Vertical board and batten siding, which costs an average of $11,510, can create a modern farmhouse look that’s especially striking with black trim.
Toss in some lighting on the walkways or driveway to “really capture a buyer’s heart,” she says.
