The Cost vs. Value report is an annual roundup of remodeling statistics presented by Remodeling Magazine that aims to help homeowners, home buyers and investors understand the initial remodeling cost and return on investment (ROI) of different renovation projects.
The United States-based report offers national, regional, and city-specific data to help you understand which remodels are worth your investment and which can fall by the wayside.
Here, we provide a brief breakdown of the report and highlight some of the top projects to tackle for better cost recoupment.
Top 5 Remodeling Projects With High ROI: And #1 is….
The latest report shows data from 2024; however, based on past history, it’s safe to assume the following projects and trends will continue to be popular well into the coming years.
1. Garage Door Replacement
While garage door replacement came in second last year, it has taken its place back at the top! With a ROI of over 190%, one can assume replacing your garage doors will be well worth the money.
The report highlights a few of the most popular options that helped this project achieve its high value:
Heavy-duty galvanized steel tracks.
Durable steel doors.
Insulated to a minimum of R-12.
The highest ROI for garage door replacement is in the Mid-Atlantic region of the U.S., with an estimated 103.7% of the project cost recouped upon the sale of the home. While the Pacific region also yields a powerful ROI of 96.8%.
2. Steel Entry Door Replacement
This year was all about replacing items that product your home’s entrances. With an average project cost of $2,355 and a resale value of $4,430, removing existing entry doors and jambs with new 20-gauge steel doors data shows you can gain a ROI of 188%. Second still to garage door replacement.
Although coming in third place, replacing or updating your manufactured stone veneer in 2024 property owners can recoup more than 150%. Stone veneer edged out vinyl siding, which as of the latest available data, is still a top 5 home remodeling project with high ROI.
4. Grand Entrance (Fiberglass)
A new contender was added to the top five this year, fiberglass grand entrance. If you’re already replacing your garage door and entry door, why not add a grand entrance to complete the remodel? Although this newcomer on the 2024 Cost vs. Value report has a smaller ROI then its contenders, one can still enjoy a positive ROI of 97.4%.
5. Minor Kitchen Remodel
For years, everyone has heard how updating kitchens can bring in a high return when selling a property and this year’s report has the data to prove it!. Minor kitchen remodels took over 2023’s fifth place position; vinyl siding. By adding new cabinet fronts, fresh hardware and a modern cooktop/oven range, you can expect to see a 96.1% ROI.
History was Made in this Year’s 2024 Cost vs. Value Report
The ROIs in this year’s report are the highest ever reported. According to the 2024 release of the 37th annual Cost vs. Value report some project values doubled in comparison to last year’s results! Exterior improvement projects continued the multiyear trend of providing home sellers with their greatest return on investment (ROI) . Nine out of the top 10 projects with the highest ROI were exterior improvement projects. See how the top two brought hot returns.
With garage door and steel entry door replacement taking positions 1 and 2, their values result in ROIs of almost 200%, and an average ROI for the manufactured stone veneer project of over 150%. These “hot returns” are the highest in the history of the Cost vs. Value report and can be attributed to the unique housing market for existing homes. With the combination of higher mortgage interest rates and existing homeowners sitting on loads of equity. “There has been a strong shift in the existing home market that favors move-up buyers. A new garage door or new entry door can make a pronounced difference and it could be the thing that makes one house stand out against all the others, making the home worth a higher price.” says Todd Tomalak, a principal of Zonda Advisory.
This was just one of several aspects of the report. Explore other key trends in the 2024 cost vs. value report that made an impact and showed definitive turnarounds. You can also take a quick overview of the 2024 National Averages below showcasing the many areas of improvements one can make to their homes to gain valuable returns.
National perspective. Sorted by the highest return on investment, this table ranks all 23 projects in the 2024 Cost vs. Value report.
Choose a Remodeling Project That Pays
As you can see, garage door replacement has can give you an advantage when it comes to your remodeling projects by offering a generous return on your initial investment.
Furthermore, it’s among one of the most economical projects for homeowners and home buyers. Where other projects can quickly get expensive, replacing your garage door is a solid, lower-cost option with a net-positive ROI. It’s a win-win!
Ready to get started on your new garage door upgrade? Find a local Amarr dealer near you to discuss your options.
Or, if you want to see what different kinds of garage doors would look like on your home first, then use our simple, online design your own garage door tool.
