More Proof Garage Door Replacements Have Strong ROI
For the past several years we’ve shared the news that garage door replacement is a high return on investment project for homeowners.
During the past few years the Cost Versus Value Report from Remodeling magazine rated garage door replacements as the top ROI project. Now we have further confirmation that replacing a garage door has strong payback for homeowners.
95% ROI
In late 2019 the National Association of the Remodeling Industry (NARI) and the National Association of Realtors® (NAR) announced the joint release of the 2019 Remodeling Impact Report
.
The report analyzes 20 different types of remodeling projects based on feedback from homeowners regarding their “Joy Score,” a level of happiness the homeowner reports related to the completion of the remodeling project. Plus, the report takes into consideration Realtors® insights related to cost recovery of projects at resale, and thoughts from NAR members regarding remodeling project fees.
Guess what. Once again garage door replacements are rated with a high ROI --- this time of 95%. That’s a very strong cost recovery for investing in a new garage door. And, here’s something else. 16% of Realtors® surveyed say they have suggested a garage door replacement project to homeowners before attempting to sell a home.
Feeling Joy
The homeowners surveyed in the 2019 Remodeling Impact Report said that they had a 66% greater desire to be home since completing their garage door remodeling project. Plus, that same 66% feel a major sense of accomplishment when they think of the project. Overall, the homeowners had a calculated Joy Score of 9.3 out of 10
related to completing the garage door replacement project.
When considering a new garage door, you may be like many of the homeowners surveyed in the study. Almost 50% of them said they wanted a new garage door in order to “upgrade worn-out surfaces, finishes and materials.” And, 31% of the surveyed homeowners view the most important result of the project as beauty and aesthetics. That’s a strong reinforcement that increasing a home’s curb appeal is important to homeowners.
If you’re ready to increase your own satisfaction with your home, think about investing in a new garage door this spring. Whether embracing the project for aesthetic appeal or increased functionality, you can be comfortable in knowing that your garage door replacement project will have strong ROI for your home.
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