Year after year garage door replacement is ranked in the top of the list for home remodeling and renovation projects. In 2016 Remodeling Magazine's annual Cost vs. Value study announced once again that garage doors are one of the wisest upgrades a homeowner can do. According to the study, replacing an outdated garage door is not just affordable, but delivers one of the highest returns on investment when compared to the value of popular home renovation projects.
This year, garage doors are the number one project a homeowner can do to recoup their investment. The Cost vs. Value survey evaluated the average $3,140 cost to replace a mid-range garage door with upscale door and found a $2,830 value of the project at home sale, which equates to a 90.1 percent return, making it the best remodeling project in terms of return on investment in the upscale home improvement category.
“Improving the value of a home is as simple as giving your garage door a makeover,” said Joe Dachowicz, vice president of marketing for Overhead Door. “With the real estate market being as competitive as it is, a new garage door will ensure your home is noticed immediately. Conversely, even if you have no intention of moving, the garage door is the largest and most-used entry point of the home. An upgrade can keep your home looking fresh and modern, no matter how long you’ve lived there.”
In the mid-range home improvement category, the survey revealed a garage door replacement delivers an average 91.5 percent ROI for homeowners. Not only is a mid-range garage door replacement one of the most affordable home improvement projects in this category, but it provides the third highest value for homeowners.
"With a wide selection of models and materials, the possibilities to upgrade your garage door and reflect your aesthetic preferences are limitless," continued Dachowicz. "Our distributors are ready to help you enhance your home's curb appeal and elevated the look of your home, all while staying within budget."
Replacing a mid-range garage door proves to be an excellent investment, costing around $1,652, far less than other popular home improvement projects, like a basement remodel ($68,490) or a major remodeling project like a second-story addition ($171,056).
Now in it's 29th year, the Cost vs. Value survey determined the ROI for garage door replacement by evaluating the $1,652 cost on average to replace a basic garage door with a mid-range door model. The survey found the value that replacement at home sale to be $1,512 or 91.5 percent ROI, an increase over last year's 88.4 percent ROI.
The Cost vs. Value report is conducted in partnership with the National Association of Realtors. Hanley Wood, publisher of Remodeling magazine, asks NAR members nationwide to evaluate a variety of home remodeling jobs and the ROI homeowners could expect to receive when they sell their homes. The study, available at www.costvsvalue.com, details both the national average value returned for common renovation projects, as well as the expected ROI in nine U.S. regions and 101 U.S. cities. For access to detailed renovation data on the go, an Phone app is also available through the Apple iTunes store. View official Overhead Door Press Release for 2016 Cost vs. Value.
Published: June 1, 2016