Garage Door Upgrade Continues to Return Home Renovation Value ...

Homeowners seeking a renovation project that will add long-term value and attract buyers should consider a face-lift for their garage, a national study on remodeling costs and value has found.

At a time when buyers are evaluating homes based on curb appeal and online photos, the 2011-2012 Cost vs. Value Report released last month by Remodeling magazine confirms that replacement of a basic garage door with a mid-range or upscale model is one of the smartest and best value buys prior to a home sale.

Statistics show that more than 90 percent of home buyers turn to the Internet first in their home searches, often basing their decisions to learn more about a property from the photos they see of a home?s exterior. With large portions of a home?s facade often comprised of a street-facing garage door, it?s no surprise that garage door replacement is, for the second year in a row, rated among the best home renovation projects for returning value at resale.

At 71.9 percent on average, mid-range garage door replacement is a top-five improvement for return on investment (ROI), the Cost vs. Value Report found, ahead of both bathroom and major kitchen remodels. Meanwhile, an upscale garage door replacement delivers a 71.1 percent ROI, making it the second highest-rated upscale improvement.

The survey?s results confirm what industry leaders have been saying for years.??Many homes incorporate a design that places a garage front and center to a home?s view from the curb,? said Joe Dachowicz, Vice President of Marketing at Overhead Door Corporation. ?Because of this, garage door replacement is, and always has been, a great investment because it?s a relatively low-cost improvement that makes a dramatic impact on a home?s curb appeal.?
Along with enhanced curb appeal, garage door replacement can also deliver a boost to energy efficiency, Dachowicz said. Overhead Door?s complete line of Thermacore? insulated steel garage doors feature a continuous layer of foamed-in-place polyurethane insulation sandwiched between two layers of rust-resistant, corrosion-resistant steel. Thermacore? doors also feature in-between section thermal seals and bulb-type bottom weather seals for superior resistance to moisture.

?This year?s Cost vs. Value Report revealed that homeowners continue to look for projects that improve curb appeal and reduce maintenance and operational costs,? Dachowicz said. ?By upgrading an old garage door with an insulated one, homeowners can achieve both goals with one project.?

The 2011-2012 Cost vs. Value survey determined that garage door replacement was a top-five value-returning project after evaluating a typical $1,500 cost to replace a basic garage door with a mid-range garage model. The survey determined the value of that replacement at home sale to be nearly $1,100. This equates to a 71.9 percent ROI and is the fourth-highest rated project a homeowner can undertake, according to the study. Meanwhile, the roughly $3,000 cost to replace a mid-range model with an upscale one had an estimated value at sale of about $2,130, equating to a 71.1 percent return.

Now in its 25th year, the Cost vs. Value Report is conducted in partnership with the National Association of Realtors. Hanley Wood, publisher of Remodeling magazine, asks NAR members nationwide to evaluate a variety of home remodeling jobs and then project the ROI homeowners could expect to receive when they sell their homes. The study details not only the national average value returned on common renovation projects, but the expected ROI in nine U.S. regions and 80 U.S. cities.

See other eligible home improvements, and learn about Stonegate?s Home Improvement Program (HIP) here.

Article source: http://www.marketwatch.com/story/garage-door-upgrade-continues-to-return-home-renovation-value-2012-01-11

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