Why a new garage door is a good investment.August 6th, 2011 | Posted in Entry Doors, Garage Doors
The findings of a Remodeling 2010-11 Cost vs. Value Report (www.costvsvalue.com) show that entry door and garage door replacement projects not only deliver instant gratification in terms of a home’s curb appeal, the projects yield the biggest return-on-investment when it comes to recouping cost at resale.
In fact, midrange entry door and garage door replacement top the list of home improvements, netting the number 1 and number 2 spots respectively, in the national average.
Small, inexpensive changes that make a big impact – like updated garage doors – bring more reliable returns. The report indicates that, on average, spending $1,291 on a garage door can yield a $1,083 ROI – nearly 84 percent.
Entry doors also made the worth-the-money cut as the report showed spending $1,218 on a steel entry door could pay for itself with a 102 percent return. A fiberglass entry door or grand entrance generates between a 60 to 70 percent ROI, depending on the geographic region.
This is the first year Remodeling magazine has included garage door replacement projects on both its midrange and upscale project lists. Both projects rank high in their respective categories, for two main reasons: they are among the least expensive projects in the survey, and they improve curb appeal in a way that can affect a potential buyer’s first impression and, consequently, a home’s resale value.
“Many buyers judge a house by its exterior,” says Marty Dewald, a real estate veteran with a 21-year track record as a top producer for Comey and Shepherd in Southwest Ohio. “A remodeled kitchen and bath can help sell a home, but curb appeal is what gets buyers through the door. If they don’t like what they see from the street, chances are they won’t waste time going inside.”
In a separate survey conducted by Stratamark Research and Clopay Building Products, a leading manufacturer of residential garage doors and entry door systems, real estate agents nationwide said replacing garage doors on a home can increase the asking price by four percent.
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