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Remodeling magazine issued its 2024 Cost. vs. Value report, and garage door replacement took the number one spot as the home improvement project with the biggest ROI at resale -– it also pays for itself two times over!
According to this year’s findings, a $4,513 investment in a new garage door will net $8,751 or a 194% return on average, nationwide.
Curb appeal projects usually perform well in the annual rankings because of the impact they have on a buyer’s first impression.
However, this “hot return” is the highest in the history of the Cost vs. Value report, which the publisher Zonda attributes to the unique market for existing homes.
In an article analyzing the data, Todd Tomalak, a principal of Zonda Advisory stated that “the housing market favors move-up buyers, which are more discerning than first-time buyers. A new garage door could be the thing that makes one house stand out against all the others, making the home worth a higher price.”
Real estate experts say focusing on curb appeal not only gets homeowners the biggest bang for their buck, projects like installing a new garage door require minimal prep and can be done in less than a day when they hire a professional garage door dealer.
In a separate study, garage door manufacturer Clopay queried agents on the impact of a new garage door on a home’s list price. Results showed it could increase it anywhere from one to four percent.
Read the full Cost vs. Value report at https://www.remodeling.hw.net/cost-vs-value/2024/.
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