In the past, we have written about how a new garage door increases curb appeal when selling your home. In a competitive real estate market, you want your home to stand out in the crowd. Buyers have a lot of homes to choose from and even something like an old garage door will have buyers moving on. The question many homeowners have is, "Is the cost of a new garage door worth the investment?"
We all know we must make repairs, improvements and upgrades for the purpose of maintaining our home. We also know many of these projects don't really increase the value. Nonetheless, if you take the time to educate yourself, you will find there are some projects worth doing before placing your home on the market. Two separate reports identify a new garage door as one of the top projects for creating value, increasing a home's resale price.
The first is the Remodeling Impact Report created by the National Association of the Remodeling Industry and the National Association of Realtors. The study ranked a new garage door No. 3 for both exterior projects adding value to a home at resale, and No. 3 for having the most appeal to buyers. They report that with an estimated job cost of $2,300, a new garage door recovers $2,000 at the time of a sale. This is an 87 percent return on investment.
Moreover, Remodeling magazine's 2016 Cost vs. Value report discovered similar results. This study is more focused on the cost of the project rather than the increase in home sale price. However, they found a "midscale garage door replacement" received a 91.5 percent return on investment, and ranked it as their No. 3 overall home improvement for cost vs. value. They also ranked an "upscale garage door" at No. 5 with a 90.1 percent cost vs. value ratio.
Overall, a new garage door is a small investment with a big return. This is especially true if your old one is causing buyers to take a pass. If you would like to talk more about a new garage door, or would like a free estimate, give us a call today!