For the third year in a row, garage door replacement ranked high on “Remodeling” magazine’s Cost vs. Value Report, a national home-improvement study conducted by publisher Hanley Wood in partnership with the National Association of Realtors (NAR).
The survey found that eight of the top 10 remodeling projects for return on investment (ROI) at resale are those that enhance curb appeal. Among those projects, garage door replacement again ranks high, whether homeowners choose a mid-level or high-end upgrade.
“Regardless of whether a homeowner decides to replace their entry-level garage door with a mid-grade door, or change out their mid-level door for one at a higher price point, garage door replacement takes two of the top three spots for improvements that cost less than $5,000," said Joe Dachowicz, vice president of marketing at Overhead Door Corp., a manufacturer of overhead doors and openers for residential and commercial applications.
At 75.7 percent on average, mid-range garage door replacement is the second-best ranked project for returning value when spending less than $5,000, the 2012-2013 Cost vs. Value survey found. It's also the fourth-highest rated project out of more than 35 projects evaluated, ahead of both bathroom and kitchen remodels. Meanwhile, an upscale garage door replacement delivers a 75.2 percent ROI, making it the third-highest ranked project under $5,000 and the sixth-highest rated home improvement project overall.
The survey's results confirm what industry insiders have known for years, Dachowicz said. "Many homes incorporate a design that places the garage at the front and center of a home's view from the curb. This is why garage door replacement is, and always has been, a great investment. It's a relatively low-cost improvement that makes a dramatic impact on curb appeal."
As in past years, this year's survey determined the ROI for garage door replacement by evaluating the typical $1,500 cost to replace a basic garage door with a mid-range door model. The survey found the value of that replacement at home sale to be $1,132, or 75.7 percent ROI. Meanwhile, the roughly $2,700 cost to replace a mid-range garage door model with an upscale one delivered an estimated value at sale of $2,046, equating to a 75.2 percent return.
"Most busy families use their garage door as the home's primary entrance," Dachowicz said. "Given that, garage door replacement is not only a great way to welcome yourself home every day, but a terrific way to make your home stand apart from your neighbors’."
Now in its 26th year, the Cost vs. Value Report asks NAR members nationwide to evaluate a variety of home remodeling jobs, then project the ROI homeowners could expect to receive when they sell their homes. The study, available at www.costvsvalue.com, details not only the national average value returned on common renovation projects, but the expected ROI in nine U.S. regions and 80 U.S. cities. For access to detailed renovation data on the go, an iPhone-app is also available through the Apple iTunes store.