Transform Your Suffolk County Home Into a Smart Investment: The 2024 Guide to High-ROI Renovations

With home values in Suffolk County continuing to climb and homeowners choosing to renovate rather than relocate, 2024 presents an exceptional opportunity to maximize your property investment through strategic renovations. Understanding which projects deliver the highest return on investment (ROI) can help you make informed decisions that boost both your home’s value and your quality of life.

The Current Suffolk County Real Estate Landscape

The fluctuating home values across Long Island, particularly in Nassau and Suffolk Counties, reflect a vibrant and competitive housing market. The increasing median sale prices, coupled with the premium placed on luxury homes and the competitive bidding environment, highlight the robust demand for real estate in this region. This demand is further amplified by Long Island’s appealing suburban character, proximity to New York City, and the lifestyle it offers, making it a coveted location for many. In fact, a survey by Discover Home Loans from early May found that 55% of American homeowners prefer to renovate their current home rather than move.

Top ROI Projects for Suffolk County Homeowners in 2024

1. Curb Appeal Champions: Exterior Improvements Lead the Pack

The biggest surprise in 2024 renovation data is the dominance of exterior projects. Garage door replacements offered the highest average return at 194%, followed by upgrading to a steel front door, with a 188% return on investment — both worth nearly double what they were last year, the report found. The top two projects—garage door and steel door replacements—have doubled in value since last year. These returns are the highest found in the history of the Cost vs. Value report, a result due to the unique nature of today’s housing market combined with higher mortgage rates, and high equity for current homeowners.

Replacing some of your home’s vinyl siding with stone veneer gives it a classy look and boosts curb appeal. This project can return more than 153% of its cost, adding both style and value to your home. For Suffolk County homes, this is particularly valuable given the area’s architectural diversity and coastal aesthetic preferences.

2. Kitchen Renovations: The Heart of Home Value

Speaking of the average cost of kitchen remodel here, you can expect it to be in the range of $15,000 and $45,000. Bonus: In terms of home value addition from kitchen remodeling, these projects also carry the highest ROI percentage. A minor kitchen remodel can yield an impressive ROI of 70%–80%. This typically includes updating appliances, refacing cabinets, and installing new countertops.

For Suffolk County homeowners, kitchen renovations are particularly valuable because they address both functionality and the open-concept living preferences popular in Long Island’s suburban communities.

3. Bathroom Updates: Small Spaces, Big Returns

Bathroom renovations, especially minor updates, can offer significant returns. Replacing outdated fixtures, updating lighting, and adding modern touches can transform the space without breaking the bank. On average, bathroom remodels recoup 72.7% of their cost at resale. In areas like Great Neck, New Hyde Park, and Bellport, costs start at $100 psf overall. For cosmetic-only dry room updates, costs can be lower—about $30 to $70 psf—while wet rooms with plumbing will start at $375 psf.

4. Outdoor Living Spaces: Extending Your Home’s Footprint

Adding or upgrading outdoor living areas can significantly boost your home’s value and appeal. Decks and patios offer homeowners extended living space and are particularly attractive in warmer climates. The ROI for a well-constructed deck falls at an average of 89%, depending on materials and design. A beautiful, functional deck is a big draw for buyers looking for outdoor entertaining space. Building a wood deck offers an ROI of nearly 83%, making it a smart addition for both enjoyment and resale value.

Energy Efficiency: The Smart Long-Term Investment

Energy-efficient improvements not only increase your home’s value but also offer long-term savings on utility bills. Projects like installing energy-efficient windows, upgrading insulation, or adding solar panels can attract potential buyers and provide ongoing benefits while you live in the home. Given Suffolk County’s coastal climate and increasing energy costs, these improvements are particularly valuable for local homeowners.

Cost Considerations for Suffolk County Projects

The cost to build a house on Long Island varies widely depending on the quality of construction chosen. Standard grade construction costs range from $150 to $210 per square foot. For those seeking more premium finishes, the costs increase to $210 to $270 per square foot, and luxury constructions can escalate to $270 to $330 per square foot. In Suffolk County, for renovations up to $50,000, the permit fee is $250, and $500 for renovations up to $100,000. For projects above $250,000, contractor Aaron estimates the cost is 15% per $1,000 for the permit.

Choosing the Right Contractor for Maximum ROI

The success of any renovation project depends heavily on choosing the right contractor. When selecting a General Contractor Suffolk County, NY, look for companies with extensive local experience and a proven track record of completing projects on time and within budget.

Corsino Construction Corporation exemplifies the qualities Suffolk County homeowners should seek in a renovation partner. Since 2000, Corsino Construction Corporation has been the trusted choice for homeowners throughout North Haven and Suffolk County. We’re not the newest company in town, and we’re not trying to be the cheapest. We’re the contractor families call when they want their renovation done properly. We’ve renovated homes throughout Suffolk County for over 20 years, so we understand how to work within existing structures without creating unnecessary chaos. After 20+ years working in Suffolk County, we know the local building codes, inspection requirements, and which projects need permits versus those that don’t.

Maximizing Your Investment: Strategic Planning Tips

Several factors play into the ROI of your home improvements: Location: The value of the project you complete can vary by neighborhood and region. Project scope: Sometimes, minor updates can offer better ROI than major overhauls. Timing: How long you plan to stay in your home after renovations can affect your overall return. Work quality: Well-executed renovations typically yield higher returns.

The 30% rule for home renovations is a popular guideline for keeping home improvement spending in check. According to the 30% rule, you should never spend more than 30% of your home’s value on a renovation.

Looking Ahead: 2024 Market Trends

According to Zonda’s 37th annual Cost vs Value (CVV) report, exterior improvements yield the greatest return on investment (ROI) as buyers favor homes with curb appeal. Eight of the top 10 projects in the report are exterior projects, with near 200% returns on a garage door replacement and steel entry door replacement. This trend reflects buyers’ desire for move-in ready homes that make strong first impressions.

For Suffolk County homeowners considering renovations in 2024, the data is clear: focus on exterior improvements for maximum ROI, invest in kitchen and bathroom updates for broad appeal, and consider energy-efficient upgrades for long-term value. By choosing projects strategically and working with experienced local contractors, you can transform your home into a smart investment that serves your family today while building wealth for tomorrow.

The key to successful home renovation lies not just in choosing the right projects, but in executing them with quality craftsmanship and attention to detail that Suffolk County homeowners have come to expect. With the right approach, your 2024 renovation can deliver both immediate enjoyment and lasting financial returns.