Findings in REMODELING magazine’s 2018 Price vs. Value Report reveal that replacing a garage door not only improves a home’s curb appeal, but the project also creates the best return-on-investment (ROI) as it comes to recouping the cost.
In 46 of the 100 person markets, an upscale garage door replacement really recoups greater than 100 percent of its cost.
Now in its 31st year, the yearly Cost vs. Value Report compares costs for 20 of the most popular professional midsize and upscale remodeling projects from 100 U.S. markets to just how much property professionals believe the investment will enhance a home’s resale value.
The typical revival nationwide for its 20 jobs in the 2018 Report ranges from as high as 98.3% to as low as 47.6 percent, depending on the type of project.
The 3 projects with the highest year-over-year increase in value will be”curb appeal” jobs – work that may be observed from the street: garage door replacement (up 18.6percent ), timber deck additions (up 17.7percent ) and manufactured stone veneer installation (up 15.7percent ).
Garage door replacement ranks high because it is relatively inexpensive, yet it has a substantial impact on a home’s curb appeal and perceived worth, particularly if there are multiple doors facing the road. Realtors state, if shoppers do not like what they see in the curb, odds are they won’t waste time moving indoors.
Garage door replacement tops the list of home improvement with the best return on investment in resale value, but homeowners hoping to have the biggest bang for their buck need to commit their upgrade dollars wisely by picking a design that is suitable for the architectural style and cost point of their home.
In January, residential garage door manufacturer Clopay partnered with an independent research firm to conduct a nationwide poll to gauge real estate perceptions about the garage door category, and to establish if garage door look made a difference in the record cost they would assign to a house. Here Is What they said:
- 70 percent of Realtors agree a new garage door helps sell a home quicker.
- More than 80% of Realtors believe a brand new garage door can impact the home’s worth.
Realtors saw before and after images of different homes featuring a variety of garage door styles ranging in price from cheap to high-end. Respondents were requested to assign a selling price to each of those homes and were alerted that the sole difference from the photos of every house was the garage door. Respondents were asked to assign a selling cost to each of the homes and have been alerted that the sole difference from the photos of every house was the garage door.
Realtors estimate that updating a garage door may increase the perceived selling price of a house by around 4 percent, based on the design. Together with the average U.S. home price estimated at $206,300 in 2017, this may mean that an incremental increase of $8,000 to $14,000, simply due to the garage door.
Like flooring, countertops, cabinets, and appliances, garage doors have evolved from functional to fashionable. Homebuyers see wider garage door layouts on TV, on display houses, and in new residential developments and they expect their house to be on-trend.
Employing a design specialist is one approach to find the right look. Another alternative is using an online visualization tool like Clopay’s Door Imagination System. Homeowners upload a digital photo of their residence to Clopay’s site to try on and customize some of their garage door styles the company offers until they find the ideal fit. Click here for Colorado Garage Door Pros
“Seeing the impact different garage door layouts have on their home gives buyers more confidence in their decision, better curb appeal, and the potential for a better return on investment longterm,” says Pat Lohse, vice president of advertising for Clopay.