As a homeowner, you want to make home improvements that pay off. Here’s a tip: replacing your garage door is the best investment you can make in 2024.
According to the Remodeling 2024 Cost vs. Value Report (www.costvsvalue.com), replacing your garage door yields a remarkable 194% return on investment on average nationwide. In simpler terms, for every dollar you spend on a new garage door, you can expect to recoup nearly two dollars at resale.
For 37 years, the Cost Vs Value Report has been comparing the cost of 23 popular home remodeling projects to their resale value.
It’s a simple, easy-to-use resource that helps homeowners and professionals understand which home improvement projects will give them the best return on investment.
By choosing a garage door replacement, you’ll be getting the highest return on investment of any home improvement project this year. Plus, it’s a quick and easy update that can totally transform the look of your home. So why wait? Give your home a boost with a new garage door!
How The Report Calculates Costs and Value
The 2024 Cost vs. Value Report provides a comprehensive analysis of the costs and values of various remodeling projects. Here’s a breakdown of how the report’s authors, Zonda Media, calculated the costs and values:
Calculating Costs
To estimate the costs of each project, the report’s authors started by creating a price index for each project category. This involved analyzing data from reputable sources such as the Bureau of Labor Statistics and the U.S. Bureau of Economic Analysis.
They also factored in changes in average wages for installers and overall inflation within the building product categories. By combining these factors, they established a reliable national baseline cost for each project.
Calculating Value
To determine the resale value of each project, the authors turned to the expertise of Realtors. Over 6,000 Realtors participated in an online survey, conducted by Zonda in cooperation with the National Association of Realtors.
The survey presented detailed information about each project, including descriptions, photos, construction costs, and median home prices. The Realtors were then asked to estimate the value that each project would add to the sale price of a home.
They were instructed to focus solely on the project’s characteristics and not consider the homeowner’s motivations for undertaking the project or selling the house.
Why Garage Door Replacements Offer High ROI
So, what makes a garage door replacement so valuable? For one, it’s a relatively affordable upgrade compared to other home improvements. This makes it a practical choice for homeowners who want to add value to their home without spending too much.
A garage door replacement transforms your home’s exterior appearance. It’s a warm welcome for guests and a great way to show off your home’s style.
But the benefits don’t stop there.
A new garage door also offers functional advantages. It keeps your garage warmer in winter and cooler in summer with better insulation. Stronger materials and advanced locks provide increased protection from intruders. Plus, smart home integration lets you control and monitor your garage door remotely.
This means a more comfortable, secure, and convenient living space for you and your family—and a major selling point when you’re ready to move on.
Get a Garage Door Replacement with Riker Home Services
If you’re looking for a home improvement project that will truly pay off, it’s hard to beat a garage door replacement. The numbers don’t lie: this simple upgrade can have a huge impact on your home’s value.
At Riker Home Services, we believe a garage door replacement is more than just a necessary upgrade—it’s a chance to create a warm and inviting entrance to your Plano home. Our team will guide you in finding the perfect garage door for your home’s unique style and your budget.
Ready to open up to a whole new look and feel for your home? Let’s get started. Contact Riker Home Services today to schedule your appointment.
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© 2024 Zonda Media, a Delaware Corporation. Complete data from the Remodeling 2024 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
