How do you make your home look better without depleting your budget? An annual study of home improvement projects has found the answer is no further away than your garage.
Remodeling magazine’s 2014 Cost vs. Value survey shows that homeowners who upgrade their garage doors with either mid-range or upscale replacements can expect to see some of the best returns on investment (ROI) among popular home renovation projects. Even better, the survey found that garage door replacement is incredibly economical compared to other projects like family room additions, deck additions and kitchen remodels. For example, the nationwide average cost for an installed, mid-range garage door is just $1,534, while the cost for an upscale door is $2,791. This compares to room, deck and kitchen projects that can run into the tens of thousands of dollars.
Down the road when it comes time to sell, the survey says mid-range garage door replacement will yield an average 83.7 percent return on investment (ROI), while an upscale garage door will deliver an average 82.9 percent ROI. Why so high? Take a look at your home and you’ll see. For many homes, a garage door comprises up to 40 percent of the façade. That means that when you replace an ordinary or old door with a new one, your home becomes the stand-out in your neighborhood.
As in the past, this year’s survey determined the ROI for garage door replacement by evaluating the average 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 $1,283, or 83.7 percent ROI; an increase over last year’s 75.7 percent ROI. In the upscale home improvement category, the survey evaluated the average cost to replace a mid-range door with an upscale door and found a $2,315 value of the project at home sale, which equates to an 82.9 percent return; an increase from last year’s 75.2 percent ROI.
The study details not only the national average value returned on common home remodeling and renovation projects, but also the expected ROI in nine U.S. regions and 101 U.S. cities, so it’s easy to see what ROI you could expect in your city.Thinking of improving the value of your home? Educational and planning resources to jump-start the process can be found at overheaddoorpermianbasin.com
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