News & Trends
Homeowners who upgrade their basic garage doors can realize an astounding 84 percent return on investment (ROI) on average, a national study on remodeling costs and value has found.
At a time when homeowners are looking to reap the most bang for their buck, a study released in November by Remodeling magazine confirms that replacement of a basic garage door with a mid-range or upscale model is one of the best-value buys that can be made. At 84 percent on average, the improvement ranks higher than a kitchen or bath remodel.
“Depending on the house, a front-facing garage door can comprise up to 30 percent or more of a home’s view from the curb,” says Preston Bowen, senior vice president of sales and marketing at Overhead Door Corporation. “That means by choosing to upgrade, a homeowner can achieve a dramatic improvement to their property’s curb appeal and a tremendous value at the same time.”
Dallas-based Overhead Door, one of the nation’s leading manufacturers of overhead doors and openers for residential, commercial and industrial construction applications, commissioned Remodeling magazine to include garage doors for the first time in its 2010-2011 Cost vs. Value Report. The results of the annual report confirm what those in the garage door industry have for years believed to be true – replacement of a standard garage door with a mid-range or upscale model is one of the quickest and most valuable investments a homeowner can make.
This year’s survey evaluated a typical $1,300 cost to replace a basic garage door with a mid-range model and determined the value of that replacement at sale to be $1,100. This equates to an 84 percent ROI and is the second highest rated project a homeowner can undertake, according to the study. A typical $3,500 cost to replace a mid-range model with an upscale one had an estimated value at sale of $2,500 — a 70 percent ROI.
While the aforementioned numbers are for the national average, the survey also found that in some markets – Charleston, W. V., Honolulu, Providence, R.I., and San Francisco – the value of a replacement at sale is projected to be more than 100 percent.
“Return on investment is always important to homeowners, but especially so when facing a challenging real estate market,” Bowen says. “Choosing to replace a basic or outdated garage door is now one of the best investments a homeowner can make.”