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A Breakdown of the Cost vs. Value Report

The Cost vs. Value report is an annual roundup of remodeling statistics presented by Remodelling 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 Remodel Projects With High ROI

The latest report shows data from 2023; however, based on historical data, it’s safe to assume the following projects and trends will continue to be popular well into 2024.

1. HVAC Electrification

With an average project cost of $17,747 and a resale value of $18,366, converting fossil fuel furnaces to electric heat pumps top the 2023 list of highest ROI remodeling projects.

2. Garage Door Replacement

While garage door replacement had its place in the report for nearly a decade, 2023 marked the first year that it saw a positive ROI — 102.7%.

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.

3. Manufactured Stone Veneer (Siding)

Manufactured stone veneer is the only siding material in 2023 to recoup more than 100% of its initial cost (102.3%). 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. Entry Door Replacement (Steel)

If you’re already replacing your garage door, why not the entry door to match? List item No. 4 on the 2023 Cost vs. Value report is the last one that offers an estimated and average net-positive ROI of 100.9%.

Steel entry doors saw their highest ROI in 2015 at 117.6% and have seen a tremendous rise after a seven-year stagnation and decline, increasing from 63.8% in 2022 to over 100% last year.

5. Siding Replacement (Vinyl)

Vinyl siding is praised for its water-resistive properties and is likely a large reason why it’s crept into the top 5 in the 2023 report.

Trends From the 2023 Cost vs. Value Report

2023 marked a year of interesting insights and shifts in behavior for home remodeling projects:

• Low project values: Average project values fell to their lowest-ever levels, according to the 2023 report. Still, this downward trend helps emphasize which remodeling projects remain a top priority for homebuyers even during challenging economic times.
• Exterior projects generally have better ROI: Over the more than 30 years since Zonda Media has released the Cost vs. Value report, exterior replacement projects — like garage doors and siding — generally have a higher ROI than interior projects. This could be attributed to a variety of factors but likely has something to do with curb appeal and first impressions.

Choose a Remodeling Project That Pays

Garage door replacement has been a mainstay among the top remodeling projects that offer a generous return on your initial investment, according to the Cost vs. Value report.

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!

Time for a new garage door? Find a local Amarr dealer near you to discuss your options. Or, design your own garage door using our online tool.