This year’s 2024 Cost vs. Value Report by Zonda Media, which gathers national data on the ROI of various home upgrades and repairs, illustrates a consistent trend that has been seen year after year: exterior home improvement projects tend to have a significantly greater impact on a home’s overall value compared to large interior projects.
Strategically enhancing the curb appeal of a home with specific materials can elevate a property’s resale value, and according to the report, one of the leading materials to achieve this value is manufactured stone veneer (MSV).
It is reported that investing in manufactured stone veneer offers an impressive return on investment with homeowners recouping over 153% of the initial cost, a 50% increase to last year’s findings. Other projects that also provide a high return on investment include replacing a garage door (194% ROI), and opting for a steel door replacement (188% ROI). These exterior projects not only enhance curb appeal but also provide substantial financial benefits for homeowners in the long run.
Regional ROI Results
In specific regions around the country, MSV updates were reported to bring an even higher return on investment, and even topped the list amongst the other projects. Additional key regional figures for MSV include:
- Leading marks in the West South-Central United States (Texas, Louisiana, Arkansas, Missouri, Oklahoma) with a massive 220% return.
- An impressive return in the Pacific region (California, Oregon, Washington, Alaska, Hawaii) with a notable 203%.
- A healthy return in the East South-Central area of the country (Alabama, Kentucky, Tennessee, Florida) coming in at 141%.
- Solid performance in the Middle Atlantic region (New York, Pennsylvania, New Jersey) bringing in a 159% return.
- A strong percentage from the New England area (Massachusetts, Vermont, Connecticut, Maine, New Hampshire) with 7% ROI.
Love at First Sight
This year’s report marks the sixth consecutive year of seeing exterior projects bring in more ROI than interior projects. Of the list of projects that are bringing in a large return for homeowners, seven of the top 10 opportunities are exterior renovations. This includes:
- Garage door replacement (ranked #1 nationally, 194% ROI)
- Entry door replacement (ranked #2 nationally, 188% ROI)
- Manufactured stone veneer (ranked #3 nationally, 153% ROI)
- Fiber-Cement siding replacement (ranked #6 nationally, 88% ROI)
- Wood deck addition (ranked #7 nationally, 82.9% ROI)
- Vinyl siding replacement (ranked #8 nationally, 80% ROI)
- Composite deck addition (ranked #10 nationally, 68% ROI)
In addition to these top-ranking exterior projects, there were also three interior projects that found a spot in the top 10. These included a fiberglass grand entrance ranked fourth with a 97% return on investment, a midrange minor kitchen remodel coming in at fifth with a 96% ROI, and lastly a midrange bath remodel at ninth place with a 73% return. It’s worth noting that while interior updates provide value for homeowners making the selections, sellers will see much more return on exterior upgrades.
A surprising change in this year’s report shows that HVAC, previously reported as the number one ROI project, was ranked this year at number 12 with just a 66% return on investment. Zonda states that this is likely driven by consumers now observing large declines in natural gas heating costs as compared to previous years.
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Manufactured Stone Veneer Project Details
MSV’s reported ranking reflects a typical upgrade replacing a 300-square-foot continuous band of existing vinyl siding from the bottom third of the street-facing façade with manufactured stone veneer, accompanied by sills, corners, and an address block. The installation includes the application of two layers of water-resistive barrier, corrosion-resistant lath and fasteners, and a nominal half-inch mortar scratch coat, a process made faster with lightweight and easy-to-install MSV.
To see the full report, visit the 2024 Cost vs. Value portal
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