Garage door replacement, window replacement, kitchen remodel, deck addition. Do you have a list of home improvement projects to tackle?
Wondering what home improvement projects offer the greatest return on your investment?
Wonder no more.
Remodeling magazine answered that question for you. Each year it conducts a study and releases a Cost vs. Value Report where home improvement projects are ranked by highest percentage of cost recouped when the home is sold.
The 2020 Cost vs Value report reveals that garage door replacement continues to be a top-ranking investment. In fact, garage door replacement has the second highest payback out of all the home improvement projects – recouping 94.5% of its investment cost upon the sale of a home.
High Return on Investment
Garage door replacement (up-scale) ranked #2 on the list, recovering 94.5% of the cost of the garage door when the home was sold. This means that the approximate $3,695 cost for an upscale garage door replacement gave an estimated resale value of $3,491. (Approximately 22 common household improvement projects were compared in 136 markets across the U.S. in the study.)
That’s a high return on investment!
Replacement vs Remodeling
Look at the 2019 and 2018 key trends. It’s interesting to note that replacement projects – such as door, window, and siding – tend to offer a higher return than remodeling projects – such as kitchens and bathrooms. Exterior replacement projects tend to rank higher in return on investment.
The high rank and greater return on investment for garage door replacement may owe to the fact that the initial cost of garage door replacement is low, averaging $1,000 for a single insulated door with windows. This cost is considerably less than most other home renovations such as kitchen and bathroom remodels.
Curb Appeal and Value
Professional real estate agents agree that curb appeal is crucial to resale value. They know that exterior replacement home improvements boost a home’s curb appeal.
A garage door is typically one of the largest exterior features of the home and commands greater visible space. A garage door in extremely poor condition will be noticed by buyers, who may be turned off of the home as a result. Real estate agents often recommend garage door replacement before listing the property. Replace a worn garage door with a stylish new door and you’ve increased your home’s curb appeal and resale value.
Benefits of Garage Door Replacement
- Increases energy efficiency of your home.
- Adds security to your home.
- Differentiates your home from your neighbour’s.
- Won’t require a fresh coat of paint each year. (Saving you time to tackle the other items that are on your annual to do list.)
Replacing your garage door may just give you the biggest bang for your buck that you’ve been looking for. Contact us today to get started on the home improvement project that offers the highest return on investment. Consider a new garage door for your home and experience the excellent value of a garage door upgrade for yourself. Upright Door Service Inc. offers superior quality garage doors that are built to withstand the elements and prolonged use.
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