The Cost Vs. Value 2024 proves curb appeal is still the highest value for home improvement. The quest for the highest return on investment (ROI) for home improvement projects often leads homeowners to prioritize cost-effective renovations. Among these, garage door replacements top the list with an unprecedented 194% average ROI nationally, making them the most lucrative and high-value project for homeowners aiming to increase their property investment.
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Thermacore Model 5740, Flush Design, Cedar Plank Finish, Clear Long Vertical and Horizontal Window
This year’s report finds that exterior improvement projects continue to provide home sellers with the most significant ROI. Eight out of the top 10 projects with the highest ROI were exterior improvement projects—a result that proves consistent in the CVV report, owing to values defined by real estate professionals, who tend to place a high value on a home’s curb appeal in establishing a home’s selling price.
Cost Vs. Value 2024 Report
The Cost vs. Value report is an annual roundup of remodeling statistics presented by Remodeling Magazine. It aims to help homeowners, home buyers, and investors understand the initial remodeling cost and return on investment (ROI) of different renovation projects.
Why Garage Doors?
Why does replacing a garage door yield such high returns? The answer lies in its substantial impact on a home’s first impression. A new garage door can significantly enhance a home’s aesthetic appeal and perceived value, making it stand out in a competitive market. Todd Tomalak, a principal of Zonda Advisory, notes, “A new garage door can be the defining feature that differentiates a home in the eyes of move-up buyers—who are notably more discerning than first-time buyers.”
Garage Door Replacement = Long-Term Value
The value of a new garage door extends beyond just curb appeal. It also encompasses improved functionality, enhanced security, and increased energy efficiency, all critical considerations for today’s homeowners. These functional benefits contribute to the overall valuation boost provided by a new garage door installation.
A Cost-Effective Solution for Home Improvements
For home improvement professionals, the CVV report is more than just a tool to estimate potential resale value—it’s a conversation starter with clients about the value of their investments. It helps remodelers articulate the tangible benefits of home improvement projects, particularly those that may not immediately appear lucrative but offer significant returns. By focusing first on potential ROI, professionals can guide homeowners through decision-making, emphasizing the aesthetic and functional upgrades that a new garage door provides.
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Envy, Frameless Design, Mirrored Gray Glass
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Traditional Steel, Long Panel Design, Black Finish, Clear Long Windows
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With garage door and steel entry door replacement taking positions 1 and 2, their values result in ROIs of almost 200% and an average ROI for the manufactured stone veneer project of over 150%. These “hot returns” are the highest in the history of the Cost vs. Value report and can be attributed to the unique housing market for existing homes.
“There has been a strong home market shift favoring move-up buyers. A new garage door or new entry door can make a pronounced difference and it could be the thing that makes one house stand out against all the others.
Top 10 projects – Cost Vs. Value 2024
Remodeling Project
Garage Door Replacement
Entry Door Replacement
Manufactured Stone Veneer
Grand Entrance Upscale | Fiberglass
Minor Kitchen Remodel
Siding Replacement | Fiber-cement
Deck Addition | Wood
Siding Replacement | Vinyl
Bathroom Remodel Mid-Range
Deck Addition | Composite
Job Cost
$4,513
$2,355
$11,287
$11,353
$27,492
$20,619
$17,615
$17,410
$25,251
$24,206
Value at Sale
$8,751
$4,430
$17,29
$11,054
$26,406
$18,230
$14,596
$13,957
$18,613
$16,498
Cost Recouped
194%
188%
153%
97%
96%
88%
83%
80%
74%
68%
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