Home improvement options with highest return on investment

By the numbers: Eight of the top 10 projects that command the highest return on investments in the U.S. are exterior changes, from fixing up the garage to building a deck, according to Angi data shared with Axios.

• In Metro Detroit, replacing a garage door — one of the cheaper projects — costs an average of around $1,029.
• A minor kitchen remodel will set local homeowners back $22,022, on average. But it can range from $1,200 to $58,000 depending on materials and how much work you do yourself.

The big picture: The type of project you should prioritize depends on how long you'll be in the house, per Angie Hicks, Angi's chief customer officer.

• If you plan to stay at least five years, go ahead and spring for your dream kitchen.
• But if you're selling in the next year, it might be time to just roll your sleeves up and tackle less sexy projects (think: finally fixing that leaky faucet).

Reality check: Higher interest rates make tapping into home equity via cash-out refinances or home equity loans more expensive, Axios' Emily Peck reports.

• This can lead to homeowners putting off kitchen renovations and other home improvements.

Be smart: You shouldn't expect to earn every penny back on things like a new roof or A/C unit — today's buyers expect the basics to work, Hicks says.

Here are Hicks' other top tips for getting the highest ROI:

• 🏘 Consider your neighborhood. If every house has 2.5 bathrooms, you might not need to add a third.
• 🌷 Invest in curb appeal. Replace your garage door, paint your front door or spruce up your landscaping.
• 🏠 Neutralize. If you're selling soon, it's not the time for a funky accent wall — it's time for fresh, neutral paint.