A home’s resale value is a major consideration for every homeowner in America. You can take major renovation projects or focus on simpler ones. One of the ways you can improve your home’s resale value is a garage door installation.
A garage door return on investment is a great deal of good because it contributes greatly to the curb appeal of your home. In fact, home improvement projects that have been shown to contribute a great deal of return on investment and in attracting potential buyers relate to improving the exterior of a home.
In 2018, the Cost vs. Value report declared that an upscale garage door replacement soared to the top spot among all remodeling projects delivering an estimated 98.3 percent return on investment (ROI). This means that no other remodeling project delivers greater value because your upscaled garage door virtually pays for itself.
Key Statistics for Garage Doors
- In the 2020 Remodeling Magazine’s Cost vs. Value Report that focused on ROI at the time of sale, upgrading a garage door ranked number two compared to 21 other home remodeling projects.
- In the 2020 National Average ROI of upgrading a garage door, 94.5% cost was recouped.
- You can get up to a 4% increase in a home’s perceived selling price with a garage door upgrade. An $8,000 bump on a $200,000 home.
- It is the lowest cost remodeling project with the biggest effect on a home’s curb appeal. At a cost of only $3,470 for an upscale garage door, the cost is 74% less than the average exterior project which is $13,197.
- In nine regional markets, an upscale garage door project averaged with four other projects with more than a 100% return. An average of 120% of garage door ROI was even observed in the Pacific Region (California, Oregon, Washington, Hawaii, Alaska).
- In 46 of 100 individual markets, upscale garage door replacements recover more than 100% of its cost.
Exterior Projects Deliver More Value
A garage door gives a great first impression to home buyers. It improves your home’s beauty and functionality. Hence, an update on your garage door will also function as an aesthetic upgrade. This will help increase the potential buyer’s decision to buy your home when you sell it in the future.
10 of the 13 highest-scoring home remodeling projects are for exterior work—attractive landscaping, architectural style, the front entry door, and the garage door. This is the primary reason that a new garage door return on investment is high.
Insulated Garage Doors Make Your Home More Energy-Efficient
You can get the most energy savings over time when you upgrade to an insulated garage door or install one with such features. This will help increase the energy efficiency of your home by keeping out warm air during the summer months and cold air during the winter. This ensures that you will definitely benefit from your garage door’s return on investment with insulation.
An insulated garage door that has a steadier temperature throughout the year will help maintain the temperature inside your garage so you don’t have to adjust your thermostat. You can also add extra weatherstripping and air sealing to keep air controlled inside.
Adding Garage Door Windows to Enhance Curb Appeal
Aside from the benefit of cutting down on your monthly energy bill with garage door windows because you rely on natural light instead of electricity, it is also a good way to enhance the look of your home. This will help increase the resale value of your home and add to your garage door return on investment.
The several benefits that you get from adding windows to your garage door include:
The Best Cost-to-Value Ratio
It has been mentioned earlier that upscaling your garage door is the lowest cost remodeling project you can do for your home. If you want to stick with a simple and lower cost home improvement project that will provide the best cost-to-value ratio, a garage door upscale is one of the best options. You get this benefit along with a high garage door return on investment. What more can you be looking for?