According to Remodeling magazines's 2015 Cost vs. Value survey, replacing a garage door is not only one of the most affordable home improvement projects, but also can nearly pay for itself. The survey makes an annual comparison of popular home renovation projects, and breaks down the results for consumers and homeowners.
According to the survey, the average cost to a replace a mid-range door with an upscale door to be $2,944, and found a $2,429 value of the project at home sale, which equates to an 82.5% return. This makes garage door replacement the second-best remodeling project in terms of return on investment (ROI) in the upscale home improvement category. In the mid-range home improvement category, the results were also positive; the survey revealed a garage door replacement delivers an average 88.4% ROI for homeowners, the third most affordable home improvement project in the category.
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The Cost vs. Value report is conducted in partnership with the National Association of Realtors. Hanley Wood, publisher of Remodeling magazine, asks NAR members nationwide to evaluate a variety of home remodeling jobs and then project the ROI homeowners could expect to receive when they sell their homes. The study, available at www.costvsvalue.com, details both the national average value returned for common renovation projects, as well as the expected ROI in nine U.S. regions and 102 U.S. cities.
Are you planning a major home improvement? Will you replace or upgrade your garage door this next year?