Findings in REMODELING Magazine's 2020 Cost vs. Value Report show that replacing a garage door not only improves a home's curb appeal, the project generates the best return-on-investment (ROI) when it comes to recouping cost at resale.
The report indicates that spending $3,695 for an upscale garage door replacement can yield an estimated $3,491 at resale - a 94.5% return on investment.
In 46 of the 100 individual markets, an upscale garage door replacement actually recoups more than 100 percent of its cost.
For 31 years, the annual Cost vs. Value Report has compared costs for 20 of the most popular professional mid-range and upscale remodeling projects in 100 U.S. markets to how much real estate professionals believe the investment will improve a home's resale value.
The average payback nationwide for the 20 projects in the 2018 Report ranges from as high as 98.3% to as low as 47.6%, depending on the type of project.
The three projects with the highest year-over-year increase in value are "curb appeal" projects - work that can be seen from the street: garage door replacement (up 18.6%), wood deck additions (up 17.7%) and manufactured stone veneer installation (up 15.7%).
Garage door replacement ranks high because it is relatively inexpensive, yet it has a significant impact on a home's curb appeal and perceived value, especially if there are multiple doors facing the street. Realtors say, if shoppers don't like what they see from the curb, chances are they won't waste time going inside.
GARAGE DOOR APPEARANCE IMPACTS VALUE
Garage door replacement tops the list of home improvement with the best return on investment at resale, but homeowners hoping to get the biggest bang for their buck need to invest their upgrade dollars wisely by choosing a design that fits the architectural style and price point of their home.
In January, residential garage door manufacturer Clopay partnered with an independent research firm to conduct a nationwide survey to gauge realtor perceptions about the garage door category, and to determine if garage door appearance made a difference in the listing price they would assign to a house. Here's what they said:
70% of Realtors agree that a new garage door helps sell a home faster.
Over 80% of Realtors believe a new garage door can impact home value.
Realtors viewed before and after images of different homes featuring a variety of garage door styles ranging in price from inexpensive to high-end. Respondents were asked to assign a selling price to each of the houses and were alerted that the only difference in the photos of each house was the garage door.. Respondents were asked to assign a selling price to each of the houses and were alerted that the only difference in the photos of each house was the garage door.
Realtors estimate that upgrading a garage door can increase the perceived selling price of a home by up to 4%, depending on the style. With the average U.S. home price estimated at $206,300 in 2017, this can mean an incremental increase of $8,000 to $14,000, just because of the garage door.
Like flooring, cabinets, countertops and appliances, garage doors have evolved from functional to fashionable. Homebuyers see nicer garage door designs on TV, on showcase homes, and in new residential developments and they expect their home to be on trend.
Hiring a design professional is one way to get the right look. Another option is using an online visualization tool like Clopay's Door Imagination System. Homeowners upload a digital photo of their home to Clopay's website to try on and customize any of the garage door styles the company offers until they find the perfect match.
"Seeing the impact different garage door designs have on their home gives buyers more confidence in their decision, better curb appeal, and the potential for a better return on investment long-term," says Pat Lohse, vice president of marketing for Clopay.
Read more about the REMODELING 2020 Cost vs. Value Report to find out the average return on investment for renovation projects in your market.
Source: https://www.clopaydoor.com/pressreleases/2018/03/19/study-shows-garage-door-replacement-pays-you-back-the-most-at-resale
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