May 20, 2022 by Team HomeServ
Does a new garage door increase home value? It's a question every homeowner should ask before replacing a garage door — or doing any other home improvement project, for that matter.
Most home improvement projects add some value, but looking at the return on investment may help you decide if the money you want to spend on a new garage door is worth it.
Does a New Garage Door Increase Home Value?
Most home upgrades, including a new garage door, increase your home's value at least a little. According to Remodeling's National Cost vs. Value Report for 2023, replacing a garage door gives you a 102.7% ROI.
To put it another way, if you spend the average of $4,302 (CAD 5,863) to replace your garage door, it can increase the total resale price of your home by $4,418 (CAD 6,021)— which means you'll get your money back, plus a modest profit.
Many other home improvement projects have a much lower ROI. For example, a minor kitchen remodel has an 85.7% ROI, and a roof replacement has a 61.1% ROI.
Should I Replace My Garage Door?
If your garage door is old or damaged, replacing it can be a good move. The garage door is a main focal point of your home's exterior, so it can affect the overall look. If it's dented or outdated, it can make your entire home look worn down and decrease the overall value. If your current garage door doesn't work well, replacing it now can improve your life as well.
However, if your current garage door is newer, looks nice, works well and fits with the style of your home, it might not be worth the investment to replace it. Consider the current condition of the door and the benefits you would get by replacing it if you're not sure if you should upgrade.
Do Insulated Garage Doors Add Value?
Like any garage door, an insulated model will add value to your home, especially if your old one was outdated and had no insulation. The insulation itself might not make much difference in your ROI, but a higher-quality and higher-priced door can increase the value of your home more than a cheap one.