SOURCE: Overhead Door Corporation

Overhead Door Corporation

December 01, 2010 07:00 ET

Overhead Door Corporation: Garage Door Upgrade a Best Bet for Home Renovation

National Study Finds Garage Door Replacement Yields an Average 84 Percent Return on Investment

DALLAS, TX--(Marketwire - December 1, 2010) - Homeowners who upgrade their basic garage doors can realize an astounding 84 percent return on investment (ROI) on average, a national study on remodeling costs and value has found.

At a time when homeowners are looking to reap the most bang for their buck, a study released today by Remodeling magazine confirms that replacement of a basic garage door with a mid-range or upscale model is one of the best value buys that can be made. At 84 percent on average, the improvement ranks higher than a kitchen or bath remodel.

"Depending on the house, a front-facing garage door can comprise up to 30 percent or more of a home's view from the curb," said Preston Bowen, Senior Vice President of Sales and Marketing at Overhead Door Corporation. "That means by choosing to upgrade, a homeowner can achieve a dramatic improvement to their property's curb appeal and a tremendous value at the same time."

Dallas-based Overhead Door, the nation's leading manufacturer of overhead doors and openers for residential, commercial and industrial construction applications, commissioned Remodeling magazine to include garage doors for the first time in its 2010-2011 Cost vs. Value Report. The results of the annual report confirm what those in the garage door industry have for years believed to be true -- replacement of a standard garage door with a mid-range or upscale model is one of the quickest and most valuable investments a homeowner can make.

This year's survey evaluated a typical $1,300 cost to replace a basic garage door with a mid-range model and determined the value of that replacement at sale to be $1,100. This equates to an 84 percent ROI and is the second highest rated project a homeowner can undertake, according to the study. A typical $3,500 cost to replace a mid-range model with an upscale one had an estimated value at sale of $2,500 -- a 70 percent ROI.

While the aforementioned numbers are for the national average, the survey also found that in some markets -- Charleston, W. Va.; Honolulu, Hawaii; Providence, R.I.; and San Francisco, Calif.; -- the value of a replacement at sale is projected to be more than 100 percent.

"Return on investment is always important to homeowners, but especially so when facing a challenging real estate market," Bowen said. "Choosing to replace a basic or outdated garage door is now one of the best investments a homeowner can make."

Now in its 23rd year, the Cost vs. Value Report is conducted in partnership with the National Association of Realtors. The study asks NAR members nationwide to evaluate a variety of home remodeling jobs and then project the ROI homeowners could expect to receive when they sell their homes.

Hanley Wood, publisher of Remodeling magazine, conducted the survey via e-mail. Surveys contained project descriptions, construction costs and median home price data for each city and were sent to more than 100,000 appraisers, sales agents, and brokers. Survey respondents were asked to use this information to estimate the value that the remodeling projects would add to the house at resale in the current market, assuming that the project was recently completed. For each project, the value data ("cost recouped" in the tables) are aggregated from estimates provided by NAR members.

For more information about upgrading your garage door, visit www.overheaddoor.com.

About Overhead Door Corporation
Overhead Door Corporation, based in Dallas, Texas, is a leading manufacturer of doors and openers for residential, commercial, industrial and transportation applications. There are three divisions of the company, including the Access Systems Division (ASD), the largest, which features the Overhead Door, Wayne-Dalton and Genie brands; Horton Automatics, which includes automatic entrance systems; and TODCO, the largest producer of truck doors for the transportation industry. Overhead Door Corporation created the original overhead garage door in 1921 and the first electric garage door opener in 1926. It now has over 3,500 employees, 24 manufacturing facilities, 79 regional sales centers and over 6,000 distributors and dealers that service national builders, national accounts, architects, general contractors and homeowners, as well as major retailers in the U.S. and Canada. Overhead Door Corporation is a subsidiary of Sanwa Holdings Corporation of Tokyo, Japan. For additional information, visit www.overheaddoor.com.

Contact Information

  • Starla Middlebrooks
    Overhead Door Corp.
    469-549 7252
    Email Contact