Was improving your home’s curb appeal part of your New Year’s Resolutions? Are you seeking a renovation project that will add long-term value, and attract potential buyers, without having to spend a small fortune? Then garage door replacement should be at the top of your list.
Whether you’re putting your house on the market or planning to live in it for the foreseeable future, there are projects that pay off, and then there’s those that don’t. Garage door replacement, according to Remodeling magazine’s Cost vs. Value report for 2016, is one of those projects that are guaranteed to generate the biggest bang for your buck.
According to the report, if you do a midrange garage door replacement that costs an average of $1,652, you can expect to get 91.5% of that back. If you do a upscale garage door replacement, however, that costs an average of $3,140, you’ll recoup marginally less: 90.1%. Both of these values are up from last year.*
The Cost vs. Value report is based on an annual survey conducted by Remodeling magazine that asks realtors in 100 metro markets around the country to estimate what specific home remodeling projects would provide a high return on investment at resale. Generally, the simpler and lower-cost project, the bigger its cost-value ratio.
It’s not surprising that realtors rated exterior projects as some of the most valuable for homeowners. Curb appeal is after all a key factor for visually drawing in more potential buyers or sending a message to your community that you take pride in your property. Whatever your reasons for increasing your home’s curb appeal, garage door replacement will have positive effects on your property value.
*It’s important to note that these values may vary depending on your geographic area.