Top Home Renovations to Increase Your Property Value in 2024
In 2024, the real estate market is seeing historic high home prices, making it challenging for aspiring homeowners to purchase a new home. However, this hasn’t stopped individuals from investing in their properties. Many are willing to buy homes that need substantial work in order to make a purchase happen. Additionally, elevated mortgage rates are causing current homeowners to stay put and upgrade their homes instead of buying new ones.
A recent survey by Discover Home Loans found that more than half of American homeowners would prefer to renovate their current homes rather than move to a new place. This shift in mindset has brought a new significance to repairs and renovations, as they can enhance a home’s value when it’s time to sell or refinance.
To help homeowners understand the return on investment they might expect from remodeling projects, the respected trade publication Remodeling released its “2024 Cost vs. Value Report.” This report compares the average cost of 23 remodeling projects in 150 markets across the U.S., highlighting the projects that offer a return on investment of 100% or more.
Among the top home renovations in 2024 are garage door replacement, entry door replacement, manufactured stone veneer, minor kitchen remodel, siding replacement, deck additions, bathroom remodel, and HVAC conversion. These projects not only enhance the aesthetic appeal of a home but also offer a high return on investment when it’s time to sell or refinance.
When it comes to financing home renovations, homeowners have several options, including using savings, credit cards, home equity loans, HELOCs, and cash-out refinancing. These financing options can help homeowners undertake renovation projects that can increase the value of their homes over time.
Overall, investing in home renovations in 2024 can not only improve the quality of life for homeowners but also ensure that their properties appreciate in value. Despite the challenges in the real estate market, enhancing and maintaining a home can be a smart way to build wealth for generations to come.