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Are you looking for a cost effective improvement to add value to your house?
The article reminds us that Remodeling Magazine has named garage door replacements as a top 5 return on investments for the 7th year in a row since the survey began. The magazine’s 2017 Cost Vs Value Report list compares the average cost of 29 popular home improvement projects with the value of return towards resale.
How much of a return on value? The survey shows that homeowners can expect up to 85 percent returns on their investment. Some markets even show an increased value of up to 115 percent!
“With the housing market as competitive as it is, making a great first impression to buyers by updating an outdated garage door is one of the easiest and most cost effective ways to boost resale value,”
-Heather Meiner, Brand Manager for Overhead Door
So don’t just take our word for it, research shows that curb appeal updates like garage doors are the best bet for your hard earned bucks.
Interested in getting a free estimate on garage doors?
We encourage you to check out this link for a quick and informative response.
BuilderOnline.com is watchful of the Cost vs. Value Report from Remodeling Magazine, their sister publication. These trends in remodeling projects are often tied to local real estate market conditions.
Their research unearthed that nearly 60% of homeowners begin a remodeling project within six months of moving in. We recommend taking a look at options for a new garage door! The 2016 Cost Vs. Value Report shows that mid-range garage door remodels held 91.5% of their value, and upscale garage door remodels retained 90.1% of their investment at resale.
In fact, in the list of mid-range home improvements, a new garage door replacement was the THIRD most valuable project. And for upscale projects, it was THE MOST valuable return. (Click the images below to see an enlarged version.)
Remodeling Magazine recently published their Cost Versus Value Report for 2016. In it, they compare the average cost of a number of remodeling projects with the value retained at resale in 100 US markets. They also list the difference between projects on a mid-range scale and upscale level.
Garage Door Replacement
According to their national data, Garage Door Replacement projects in the mid-range scale cost an average of $1,652. Of that investment, $1,512 is recovered at resale, making the return on the investment a major 91.5%.
In an upscale project Garage Door Replacement projects cost $3,140, of which $2,830 is recouped at resale. That’s another return just over 90%.
These numbers indicate that a new garage door can positively impact the sale of a home and indicate that they are well worth the investment of time and money to obtain.
(Note: you can also break down the trends into nine predefined regions other levels of detail.)
For more information about the Cost Vs. Value Report, watch this 2-minute video also published by Remodeling Magazine.