When it comes to home remodeling, homeowners often want to know if it is worth the investment. The annual Cost Vs. Value Report reveals the home remodeling projects that best maintain their value, even in times of increased inflation and mortgage rates. These home improvements can enhance your living space while providing a high return on investment (ROI) and boosting curb appeal.
Let’s take a closer look at the top five remodeling projects identified in the 2023 Cost Vs. Value Report that offer the highest cost-to-value ratio:
1. HVAC Conversion (Electrification)
Cost recouped: 103.5%
As the world shifts toward cleaner energy sources, converting your home’s heating and cooling system from gas to electric can be a wise investment. Not only does it align with environmental goals, but it also increases your home’s appeal to eco-conscious buyers, providing long-term value.
2. Garage Door Replacement
Cost recouped: 102.7%
The garage door is likely a prominent feature of your home’s facade. Replacing your garage door with an attractive, energy-efficient model can significantly boost curb appeal. Combine this with new siding and vinyl replacement windows (68.5% cost recouped) for a comprehensive exterior makeover.
3. Manufactured Stone Veneer
Cost recouped: 102.3%
Adding a manufactured stone veneer to your home’s exterior can transform its look, making it appear more upscale and modern. This project provides a substantial ROI by increasing your home’s aesthetic appeal and curb value.
4. Steel Door Replacement
Cost recouped: 100.9%
Your front door is often the first thing guests see when they arrive. Replacing it with a high-quality steel door can enhance security and improve aesthetics. Steel doors are known for their durability and low maintenance, making them an excellent investment.
5. Vinyl Siding Replacement
Cost recouped: 94.7%
Vinyl siding replacement is a cost-effective way to refresh your home’s exterior. Vinyl siding can refresh your home exterior with additional energy efficiency benefits. This siding material is popular among homeowners looking to enhance curb appeal and resale value. Use the Alside Visualizer to compare vinyl siding styles and colors on your home exterior.
These five remodeling projects are proven to provide a high ROI, even in challenging economic times. View the complete 2023 Cost Vs. Value Report to find out how your next remodeling project could pay off.