An outdated garage door may be holding homeowners back from resale—at least that’s what the 2018 Cost vs. Value Report suggests. Collected by Remodeling magazine in partnership with The Farnsworth Group, the annual assessment shares insights into the most-requested remodeling projects of the year, as well as their resale values across the United States.
Remodeling projects are categorized by Midrange and Upscale before offering a breakdown of cost, resale price in 100 U.S. markets, percentage recouped and a comparative shift from the previous year.
In the case of project popularity, the backyard patio, bathroom addition and bathroom remodel scored for top three spots for Midrange. The most common Upscale projects also cited a bathroom addition and bathroom remodel, with a garage door replacement ranking third.
When it comes to home resale, the adage of not judging a book by its cover doesn’t seem to hold true. In general, the survey found that renovations to the home’s exterior generated higher returns than those inside. Of the 21 most common remodeling projects studied, replacing the garage door scored highest in payback, with a 98.3 percent in return value.
Following garage door replacement in recoup value for the Upscale category was vinyl window replacement and wood window replacement at recoups of 74.3 percent and 69.5 percent, respectively. The Midrange category saw increased returns on manufactured stone veneer (97.1 percent), entry door replacements involving steel (91.3 percent), and deck additions in wood (82.8 percent).
General observations of the study show that the cost of projects is increasing faster than their value, as proven by the 56.8 percent average payback in 2017 compared to 57.9 percent in 2016. Increasing material costs and a decreasing amount of skilled labor are a few of the contributing factors. Replacement jobs were also found to reap higher payback value than remodeling projects.
For a further breakdown of projects based on region, view the full 2018 Cost vs. Value Report.