Calculating Your Door Replacement ROI
Installing a new door is a simple, low-cost upgrade that can provide homeowners with a high return on investment (ROI). In this article, we’ll walk you through everything you need to know to calculate your door replacement ROI.
Cost of Door Replacement
The first part of calculating your door replacement ROI is understanding how much it costs to replace your existing door as well as the type of new door you choose.
On average, the cost of a door replacement project ranges between $500 and $1,800, with the national average hovering around $1,100. This figure is largely dependent on the type of door you select for your project.
The three most common exterior door materials are steel, fiberglass, and wood:
- Stronger than most other materials
- Energy-efficient thanks to core insulation
- Require little maintenance
Steel doors cost on average $500 to $1,250 to install and provide an average ROI of 65%.
- Easy to install
- Extremely durable
- Low maintenance
- Available in different wood grain textures
Fiberglass doors cost on average $250 to $2,000 to install and provide an average ROI of 61%.
- Heavy and sturdy
- Secure and dent-resistant
- Available with or without glass features
- Highly customizable
- A wide range of woods to fit any budget
- Require regular maintenance
Wood doors cost on average $150 to $5,000 to install and provide an average ROI of 55%.
If your home needs other upgrades, such as a new door frame, this will increase your project cost. You’ll also want to consider the cost of locking systems (such as smart locks).
Other Considerations for Your Door Replacement ROI
Before calculating your potential door replacement ROI, you’ll also want to consider:
- Your home’s value. An improved facade might not make as much of an impact if the home is in need of other major exterior renovations such as new siding, a new roof, or improved landscaping.
- Market demand. If you plan to sell your home in the immediate future, consider market demand. In other words, if your renovation goal is to generate buyer interest or increase the selling price, talk to your realtor about homebuyer demand related to door replacements. For example, different colors might be in high demand and could add more to the home’s value.
- Your overall budget. This is often the most important piece of any renovation puzzle. An elaborate wooden door with glass facade accents might offer the most curb (and personal) appeal, but that doesn’t always make it the soundest financial decision.
Does a Door Replacement Boost Home Value?
Whether you’re considering putting your home on the market in the near future or plan to make it your forever home, a door replacement will almost certainly add value.
Firstly, a new door will help improve your curb appeal and provide your home with a refreshed facade. This alone can add up to thousands of dollars to your home’s value.
Secondly, a new door can improve your home’s energy efficiency by reducing the amount of air lost to the outside and preventing drafts from entering the home. Especially when combined with newer windows, you can expect to see reduced utility bills.
If you’re newer to DIY jobs, this one may be best left to the pros. You want your new door to fit tightly in the frame. The pros at Modernize can help connect you with trusted, local contractors who will both help you build the home entry of your dreams and maximize your door replacement ROI.