Will investing in a new garage door increase the value and curb appeal of your home? Absolutely!
A study by Remodeling magazine found that replacing the garage door gives homeowners more return on investment (ROI) than any other home remodeling project. Replacing your garage door improves the appearance of your house, which increases its resale value.
The Remodeling survey compared “typical home-improvement project costs with what those projects contribute to a home’s price at resale.” The 2019 survey calculated the average cost versus value for 22 popular home remodeling projects in nine U.S. regions and 136 U.S. markets. The study revealed that the cost for an upscale garage door replacement was $3,611 and the estimated value at resale was $3,520. This was a 97.5% ROI, which far exceeds the 66% average for other remodeling projects.
According to the report, “the reason for high returns on exterior projects, and especially façade facelifts, stems from the valuations set by the real-estate community.”
Exterior projects give more ROI
One takeaway from the survey was the higher ROI that comes from exterior renovations, as opposed to interior projects. Outside of the garage door, the top projects include:
- Manufactured stone veneer (94.9% ROI)
- Midrange deck addition (75.6% ROI)
- Midrange siding replacement (75.6% ROI)
- Midrange entry door replacement (74.9% ROI)
The only interior project in the survey’s “top six” projects was a midrange minor kitchen remodel, which had 80.5% ROI.
When it comes to maximizing the value of your project, it’s clear that curb appeal is king.
Taking on a home project or renovation can be financially difficult at times, especially during a pandemic. For tips on financing your project(s) during this time, check out the link below!