Remodeling Magazine’s 2015 "Cost vs. Value" trend report has been released and it is very good news for anyone considering an update of their garage doors. Moving all the way up to number 2 in the survey's indexed rankings, a fresh new garage door is solidly among the top projects that impact home resale value.
Of 35 remodeling improvements included in the annual Cost vs. Value Trend Report by the magazine, the Garage Door Replacement value index increased another 5.7% in ranking over that of 2014. That puts garage doors in the very top tier of investment payback increases, behind only Roofing Replacement. In fact, only 4 other projects improved their ranking as remodeling costs in general have been going up at a slightly faster rate than home prices.
INDEX % INCREASE (2015 Compared To 2014)
Source: Remodeling Magazine Cost vs Value Report 2015
The index expresses resale value as a percentage of cost. In other words, every dollar spent on remodeling projects yields that percentage increase in home resale value. And even though you may not plan to sell your home in the next year, knowing how different projects rank in terms of average payback can be good to know.
Among the top projects to enhance home value
This new information indicates that updating your garage door may be a good decision regardless if you are planning to stay or sell. Outperforming all midrange remodeling projects surveyed except Entry Door Replacement, garage doors now yield an average of 88.4% payback nationally compared to 83.7% in 2014. If you live in a Pacific state such as California, the results were even more dramatic with 110% yield. East South Central states (Alabama, Tennessee, Kentucky and Mississippi) also did well with higher than average payback of 90%.
With home values and resale rates both on the upswing, now is an excellent time to plan replacement of your old garage door and opener. New door styles, window options, safety features and opener technology upgrades provide many opportunities for you to make your garage a key reason why your home could sell before others and at a higher price.
For curb appeal, nothing beats the fresh new look of a Raynor door.
Realtors have long known that garage doors play an important role in property values and overall aesthetics. If prospective home buyers don’t like how a home presents from the street, they are much less likely to take a look inside. An old door with dents, peeling or faded finish and generally outdated appearance is a definite strike against the home’s marketability.
It’s evident: garage doors account for a large percentage of the home’s visual appearance. Make them work their magic for you now as well as later when you plan to sell. By doing so you can enjoy a great new look inside and out along with quieter operation and the peace of mind that a new door and opener can provide with up to date safety features and programming. And just maybe ... it will be such a nice update, you won’t want to sell after all!
Already a Raynor customer?
If you haven’t done so already, please register your warranty and also be familiar with these simple maintenance tips that will help prolong your door system’s life and keep it working safely:
Download the free guide below.
"Garage Door Care & Maintenance"