If you're thinking about selling your home, a few of the right types of renovations can help increase your sales price. In its annual Cost vs. Value report, housing market research group Zonda tracks how certain types of upgrades add value to the sales price of a home.
5 Renovation Projects with Great Value
The following home improvement projects — four exterior and one interior — are each likely to return more than 70% of their value in the sales price, according to Zonda's report.
1
Garage Door Replacement
If you install a new garage door, which costs an average of $4,513, you could recoup 194% of the cost.
2
Entry Upgrade
Replacing the entry door or, going farther and creating a more grand entrance by adding dual sidelights, will return your investment or more. Replacing a steel door costs an average of $2,355 and has a 188% return on investment. Creating a more grand entrance costs an average of $11,353 and nets a return on investment of 97%.
3
Minor Kitchen Remodel
Installing new cabinet fronts, countertops, flooring, sink and faucet and replacing appliances with energy-efficient models costs an average of $27,492 but adds $26,406 in value, a 96% return.
4
Siding Replacement
Siding material affects the return on your investment, but it's a solid update no matter what you choose. A manufactured stone veneer costs the least, at an average of $11,287, and has the highest percent of return on your investment at 153%. Fiber-cement siding costs more to install than vinyl siding, but the return on investment is similar at 88% and 80% respectively.
5
Bath Remodel
A full bathroom remodel, including a new tub and tile surround, toilet, vanity, medicine cabinet, and tile flooring, with mid-range finishes costs an average of $25,251 and adds $18,613 in resale value, a 74% return.
To understand the upgrades for which you are most likely to see a return in your area, talk to a local real estate agent or a contractor. These professionals will know what buyers are looking for and which upgrades will help you sell your home for top dollar.
Financing Your Renovation
There are loans designed to help pay for the improvements to your home, including Freddie Mac CHOICERenovation® and CHOICEReno eXPress® mortgages.
Speak with your lender about the financing options available to you and which may best suit your needs.
Learn more about maintaining your home, including tips for home renovations, in our step-by-step guide to homeownership.
Last reviewed: July 26, 2024
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