Have you ever wondered which home improvement projects actually give you the most return on investment (ROI)? While a new backyard patio may sound nice, you may not actually recoup your investment. If you want to maximize your home improvement ROI, focus on the garage.
According to the new 2018 Cost vs. Value Report from Remodeling magazine, an upscale garage door replacement is the best value out of the 21 midrange and upscale remodeling projects evaluated.
Increase the value of your home
It may seem insignificant, but doing an upscale garage door replacement can increase your home’s value when you are ready to resell it. The study says that the approximate cost for the replacement would be $3,470 while value at home resale is $3,411. In other words, the replacement practically pays for itself. It’s the best value of any remodeling project for your home.
So, the amount of money you recoup when replacing your garage door is 98.3 percent. The average amount recouped for the rest of the 21 projects studied is only 69 percent.
Homeowners notice the difference
Many homeowners underestimate the impact a garage door replacement can have on a house’s aesthetic. Yet, the powerful results make sense. When you replace your garage door, you are giving the front of your house a makeover and changing how it is visually perceived. It gives your entire home a facelift.
For three years running, Clopay has run the imagineNation Makeover Contest. Pat Lohse, Clopay’s VP of Marketing, says the contest has demonstrated the impact homeowners have seen from garage door replacement.
“Many entrants write that they love pulling into their driveway at the end of the day and seeing the new door(s),” Lohse said. “Nearly all of them, regardless of the cost of the door, say they wish they had upgraded the look sooner because it has made such a difference.”