Any real estate professional will tell you curb appeal is important. If prospective buyers don’t like what they see from the street, they won’t waste time going inside.
A new garage door is an easy upgrade that can boost a home’s curb appeal and asking price, without breaking the bank, and these numbers prove it.
Garage door replacement claimed the top spot in REMODELING magazine’s Cost vs. Value Report*, which ranks home improvement projects by their return on investment (ROI) at resale.
Now in its 31st year, the annual Cost vs. Value Report compares costs for 20 of the most popular professional mid-range and upscale remodeling projects in 100 U.S. markets to how much real estate professionals believe the investment will improve a home’s resale value.
The 2018 report says the approximate $3,470 cost for an upscale garage door replacement delivered an estimated $3,411 when the house sold. That’s a 98.3 percent ROI on average, nationwide.
In 46 of the 100 individual markets, an upscale garage door replacement actually recoups more than 100 percent of its cost.
In January, residential garage door manufacturer Clopay partnered with an independent research firm to conduct its own nationwide survey** to gauge realtor perceptions about the garage door category, and to determine if garage door appearance made a difference in the listing price they would assign to a house. Here’s what they said:
· 70% of Realtors agree that a new garage door helps sell a home faster
· Over 80% of Realtors believe a new garage door can impact home value
Clopay showed realtors before and after images of different homes featuring a variety of garage door styles ranging in price from inexpensive to high-end. Respondents were asked to assign a selling price to each of the houses and were alerted that the only difference in the photos of each house was the garage door.
Realtors estimate that upgrading a garage door can increase the perceived selling price of a home by up to 4%, depending on the style.
With the average U.S. home price estimated at $206,300 in 2017, this can mean an incremental increase of $8,000 to $14,000, just because of the garage door.
GETTING THE BIGGEST BANG FOR YOUR BUCK
For most buyers, a new garage door is typically a once in a lifetime purchase. Whether you are sprucing up your exterior to sell or just giving it cosmetic update, a new garage door that improves your home’s curb appeal is a good investment.
While it’s easy to just swap out the old garage door with a newer version of the same design, do your research to see all of the garage door styles and materials available.
Some of the exciting innovations include faux wood doors that require less upkeep, contemporary garage doors with mid-century modern appeal, and glass garage doors that make your garage feel like additional living space.
*© 2018 Hanley Wood, LLC. Complete data from the Remodeling 2018 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
**From a nationwide survey of Realtors’ estimates of perceived home value based on exterior appearance. Not based on actual home sales. Clopay’s Realtor Home Value Study was commissioned by Clopay Building Products in 2018. An online survey was conducted by Hitchcock Fleming + Associates and Qualtrics, an independent marketing and advertising agency, and internet-based research company, respectively.