Spring Renovations That Will Raise Home Value in 2024
Spring is a fantastic season to renovate a house and increase its resale value in 2024. The problem is only a few homeowners focus on the right projects. Select interior and exterior improvements deliver at least a 100% return. Most will only make the property more expensive than its previous state but recoup significantly less than the initial cost.
Considering a renovation’s cost recovery is necessary to determine which improvements can make a home more attractive when it hits the market. Past performance doesn’t guarantee future results, but historical data can help predict which renovations home buyers will continue to value greatly in 2024. According to various reputable sources — including Remodeling by JLC and the National Association of REALTORS (NAR) — these six trending home improvements are the safest bets in 2024.
Photo by Michael on Unsplash
1. Manufactured Stone Veneer Addition
Replacing a continuous portion of vinyl siding with manufactured stone on a street-facing wall can boost home value because of its retro aesthetics, which have been making a comeback. Old-world architecture uses natural stones, but high-quality manufactured stone veneers are indistinguishable from authentic limestone cladding blocks and siding options. Casual observers won’t be able to tell the difference, so adding this feature can turn any house into the neighborhood’s envy.
2. Hardwood Flooring Refinish
This project has a cost recovery of 147% — the highest among all interior improvements featured on NAR’s 2022 Remodeling Impact Report. It involves removing the existing floor’s worn-out seal, varnish and stain until the material’s top layer is bare, then applying fresh stain and varnish or lacquer, and re-sealing it.
Realtors estimate buyers pay about $1,600 more than its closing cost. Convenience can explain the overpayment. Homeowners already plan on doing it, so they’re happy to cover the project’s cost and then some to outbid other buyers for a place that spares them the trouble.
3. Steel Door Installation
The American public’s perception of worsening crime has increased interest in home security. Reinforcing entry points with steel is a winning idea to achieve impregnability.
Steel garage doors with insulation and thermal seals have been in vogue for years, rolling security and energy efficiency into one. Their resale value went from 97.5% in 2019 to 102.7% in 2023.
Moreover, new steel entry doors now pay for themselves. Their popularity declined from 2019 to 2022 but rebounded in 2023 when its cost recovery crossed the 100% mark.
4. Furnace-Heat Pump Conversion
The 2023 Cost vs. Value Report hailed heating, ventilation and air conditioning (HVAC) electrification as the most worthwhile remodeling project across 150 markets in the United States. It recorded a 103.5% return, turning a national average project cost of $17,747 into $18,366 at resale.
More homeowners value heat pump adoption because of the sustainability movement. Swapping a fossil fuel-burning furnace for an electric HVAC unit capable of year-round space conditioning can reduce a home's carbon footprint. Heat pumps also improve indoor air quality because they emit no contaminants, reducing the chances of carbon monoxide poisoning.
The downside to heat pump installation is disruption. The geothermal variant involves excavation, which can be inconvenient, but the HVAC industry has plenty of electrified alternatives. Switching to an electric furnace can minimize construction work and reduce heating-related greenhouse gas emissions.
5. Roof Replacement
Renovating a dilapidated roof is a way to bring the house up to code, preserve one of its character-defining features and raise its profile. It’s also one of the few components that must always be in perfect condition.
Any defect can affect the house’s weather protection, water damage resistance and energy efficiency. Fixing a broken roofing system is something most homeowners don’t put off, so those in the market for a new residence consider a listed newly roofed property a blessing.
This project can be a compelling bargaining chip — most are less likely to pay a premium but may agree to cover the entire cost. People may only ask for a discount if the roofing style doesn’t match its architecture, for noticeable incongruity can render this home exterior element an eyesore.
Many people are flexible with the material because authentic tile cedar shake and slate products can be expensive, and realistic alternatives are widely available. High-quality asphalt shingles can still be budget-friendly and mimic the original well.
6. Insulation Upgrade
Buying new insulation to meet minimum regional R-value requirements can make a house jump off the page of property listing sites and databases. About 90% of American homes are under-insulated, so making this improvement a top priority can make a property stand out.
Adequate insulation appeals to the sensibilities of modern homeowners who want everything sustainable. Even less green-minded individuals value its practical benefits. It can help a house sell more quickly and for a more significant sum.
Make Every Spring Renovation Count
Focusing on the right home improvements can be an inflation hedge because they fetch more cash than their cost at resale. Doing them without any intention of selling soon isn’t a waste of time because home equity is wealth. Rapid property appreciation is advantageous when it’s time to borrow against the house, so prioritize these projects to make a home a more loaded ATM.
Author : Evelyn Long
Cover image by Wiktor Karkocha on Unsplash
