Home Upgrades That Pay Off
Some affordable renovations recoup most of their cost when you sell.

Donna LeValley
The passion for home improvements born during the pandemic, as homebound HGTV fans were inspired to spruce up their surroundings, has only gained steam. In 2022, homeowners spent $472 billion on home improvements and projects reached $485 billion in 2023, according to a study from the Joint Center for Housing Studies at Harvard University.
Generous federal tax credits can help defray the cost of energy efficient improvements that could lower your energy costs and add to the value of your home. But before you head for Home Depot or Lowe’s — or contact a contractor —consider which projects will deliver the largest return on your investment.
A good place to start is the JLC's 2024 Cost vs. Value Report. The report details the average cost of about two dozen home remodeling projects and the estimated value each project retains if the property is sold. Some of the least expensive projects deliver the biggest payoffs.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Replacement garage door. Not glamorous, but the project is a home run as far as home improvements go. The average homeowner can recoup almost 194% of the cost, making this the best project to increase the resale value of your home.
New deck. If you need a more welcoming outdoor space, add a deck to your house that can be used as an outdoor home office by day and an entertainment venue at night. A 16-by-20-foot wood deck costs, on average, $17,051, and you’ll probably need furniture, too.
Revamped windows and door. They don’t give you extra space to work or entertain, but new windows and a new front door will keep drafts (and bugs) out. Plus, tightening up doors and windows will help lower your utility bills. Window cost depend on the material and style selected, and size. This Old House projects a window replacement will cost between $1,105 to $1,730 per window.
Updated kitchen. A kitchen remodel that includes a new countertop, sink and faucet, energy-efficient appliances, and fresh paint costs about $27,492 on average, but will add to your home’s resale appeal. Plus, some utility companies offer rebates for buying energy-efficient appliances and equipment or making other improvements.
After your upgrades have been completed, review your homeowners insurance policy to determine whether you need to make any updates. In the event of a disaster, you want to be sure that your improvements are covered. If you are underinsured you risk not receiving the maximum payout if your home is seriously damaged by a fire or natural disaster.
Bang for the buck
Remodeling magazine compared the average cost of home improvement projects with the estimated value they would retain in 101 U.S. housing markets.
Project | Average Cost | Cost Recouped |
Garage door replacement | $4,513 | 193.9% |
Kitchen update | $27,492 | 96.1% |
New wood deck | $17,615 | 82.9% |
Window replacement (vinyl) | $21,264 | 67.1% |
Entry door replacement (steel) | $2,355 | 188.1% |
Source: https://www.jlconline.com/cost-vs-value/2024/
Related Content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Rivan joined Kiplinger on Leap Day 2016 as a reporter for Kiplinger's Personal Finance magazine. A Michigan native, she graduated from the University of Michigan in 2014 and from there freelanced as a local copy editor and proofreader, and served as a research assistant to a local Detroit journalist. Her work has been featured in the Ann Arbor Observer and Sage Business Researcher. She is currently assistant editor, personal finance at The Washington Post.
- Donna LeValleyRetirement Writer
-
IRS Paper Checks Deadline: What Happens After September 30?
Tax Changes Avoid delays when IRS tax refunds and Social Security paper checks are cut off. Here’s what to know.
-
IRS Sets Start Date for New Mandatory Roth Catch-Up Contributions
Retirement Savings The IRS has clarified some questions surrounding new catch-up contribution rules for retirement savings plans.
-
I’m Not Worried About Saving for Retirement; I’ll Just Work Forever. What Can Go Wrong?
Here's why that approach to saving for retirement doesn't always work out.
-
Wages Aren't Keeping Up With Inflation: A Financial Adviser's Tips to Bridge the Gap
While we can't control inflation, there are some simple things each of us can do to help keep our heads above water.
-
New Rules, New Opportunities for Student Loans: An Expert Guide to Preparing for What's Next
Major changes are coming to federal student loan rules, so it's a good time for borrowers to understand how these shifts will impact their financial planning.
-
Cash vs. Mortgage: How to Pay for Your Second Home
Should you buy your second home outright or finance it with a loan? Weigh the pros, cons and tax implications before making the leap.
-
Mortgage Rates Dip to Year-Low as Jobs Data Disappoints
With August job growth falling short of expectations, markets drive 30-year mortgage interest rates down, opening refinance and homebuying opportunities.
-
The Seven Best-Paying Side Gigs For Retirees
If you're worried you won't have enough saved for a comfortable retirement, or that life after work will be boring, these well-paid roles could be the answer.
-
$40,000 CD vs. $40,000 High-Yield Savings Account: 3 Things Savers Should Consider Now
Both options offer risk-free methods to grow your savings. Learn how much you can earn with each, how they differ and which one suits you best.
-
I'm a Real Estate Investing Expert: Optional 721 UPREIT DSTs Can Be the Best of Both Worlds
Before investing in any 721 UPREIT exchange, look for one that offers a straightforward, investor-friendly exit.