Defoes Lifestyle Travel Team

Blog featuring travel tips, packing guides, videos and photography from around the world.

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Introduction

Maximizing Home Value: Top Renovations for 2024

Investing in home renovations can be a smart move, especially in a market where buying a new home might be challenging. With home prices soaring and mortgage rates rising, many homeowners opt to improve their current properties instead of buying new ones. The Discover Home Loans survey underscores this trend, revealing that a significant portion of American homeowners prefer renovating over moving.

The “2024 Cost vs. Value Report” by Remodelling provides valuable insights into which renovations offer the best returns on investment (ROI).

Here are some of the top projects:

Garage door replacement: a relatively affordable project with a high ROI, enhancing curb appeal and functionality.
Entry door replacement: Whether steel or fibreglass, upgrading your front door can boost energy efficiency and curb appeal.
Manufactured stone veneer: Adding stone veneer can significantly enhance the exterior appearance of your home and provide an excellent ROI.
Minor kitchen remodels: Investing in updates like new appliances, countertops, and flooring can make your kitchen more attractive to buyers.
Siding replacement: Both fibre-cement and vinyl siding replacements offer respectable ROIs and improve the look and durability of your home.
Deck additions: Adding a deck, whether wood or composite, expands your living space and appeals to many buyers.
Bathroom remodels: Updating fixtures and modernising the bathroom can increase your home’s value and appeal.
HVAC conversion: Converting to an energy-efficient HVAC system can save on utility costs and appeal to environmentally conscious buyers.

These renovations not only enhance your living experience but also contribute to your home’s long-term value. Financing options such as home equity loans or lines of credit can help fund these projects, allowing you to invest in your home’s future. While costs and ROI can vary by region, strategic renovations can pay off with increased equity and a higher resale value, ultimately building wealth for the future.