Getting Ready to sell your Home? Replacing your overhead garage door offers your best ROI
When it comes to home improvement projects, there are countless options to choose from. From updating your kitchen to adding a new deck, the possibilities are endless. But how do you know which projects will give you the best return on your investment (ROI)? You might be surprised to learn that your hard-working, humble garage door tops the list.
According to Remodelling Magazine, a leading housing industry journal, a new garage door can recoup up to 193.9% of your initial investment. This means that if you spend $4000 to replace your faded and noisy garage door, the resale value of your home could increase by as much as $7756! And while this finding is based on US national averages (data for Canada is not available), comparable cities to Winnipeg from the US Midwest (like Fargo, ND), report an average ROI of 158.4%.
Replacing your overhead garage door is the best investment you can make to increase the resale value of your home. Using the US West North Central project data as a comparison to Manitoba, for every $1000 spent on a garage door replacement, home resale value increases by $1584. Compare this to remodeling a kitchen. For every $1000 spent on a new kitchen, expect a return of only $833. Vinyl windows? For every $1000 spent, only $648 is recouped. Every project Remodelling Magazine looked at, from bathroom additions to roof re-shingling to vinyl siding replacement failed to recoup as much as replacing an overhead garage door.
There’s also project cost to consider. On average, replacing an overhead garage door will cost $3000 to $5000 depending on the material and style you choose. Compare this to other common renovations like a kitchen remodel, which can cost upwards of $30,000 or a bathroom remodel, which can cost around $20,000. Even a relatively simple installation like new windows will cost $15,000.
Finally, many projects take weeks to complete. If you’re in a rush to sell, you can’t wait around for your contractor or worse, your brother-in-law to finish the project. Assuming the door you want is in stock, an overhead garage door can be installed in less than a week.
So why does replacing an overhead garage door have such a high ROI? One reason is that it improves the curb appeal of your home, making it more attractive to potential buyers. Additionally, a new garage door can improve energy efficiency and security, which are important factors for many homeowners.
While replacing an overhead garage door may not be the most glamorous home improvement project, it is certainly a cost-effective way to increase the value of your home. So if you're looking to make a smart investment in your property, consider replacing your garage door. Who knew such a simple change could have such a big impact?
To learn more about which home remodeling projects deliver the best return on investment visit Remodelling Magazine’s 2024 Cost vs Value Report.
Contact us to find the best garage door to maximize the resale value of your home or check out our lineup of overhead garage doors here.