The report is in and once again garage door upgrade was ranked as a top remodeling project for return on investment!*
Cost vs. value is a general concept that seeks to strike the right balance between the cost of an action or item and its overall benefit. For example, if an item costs a higher amount yet has little overall value, that cost is not justified.
As an example, let’s compare a small house appliance like a toaster. First, figure out what you want out of this toaster. Do you want a 4-slice holder, but only need 2? Do you want customizable shade options? Is a smaller unit more convenient? Do you want a warranty? How often are you going to use it?
Research a few options and look at their specifications, customer reviews and price. For this example, we will compare two unnamed brands from a department store: Toaster A and Toaster B.
Toaster A is a 2-slice toaster with extra wide slots and a high-lift lever for easy toasting of big or small breads or bagels. There is a slide-out crumb tray for easy cleanup. It has a 750.0 output wattage, weighs 2.36 pounds, is made of plastic, and is small enough to easily fit on a shelf.
Toaster B is a 4-slice toaster and has 7 shade settings for everyone’s preferred crispness as well as an easy pull-out crumb tray for quick clean-up. This toaster also has additional functions such as a defrost and a cancel option outside of the lift lever. It has 850.0-watt outage, weighs 6 pounds and is made of stainless steel. It also comes with a 2-year limited warranty from the manufacturer.
At this point you can check the price, or you might already have. Toaster A retails for $9.99 while Toaster B retails for $39.99. This is where the cost vs. value comes into play. While toaster A is cheaper, it doesn’t come with the extra features and wattage you might want. It also is made of a less durable material and doesn’t come with a manufacturer’s warranty. It’s also important to figure out if you need the 4-slice holder or if it might take up too much space in your kitchen.
It’s important to establish your purpose and goals of a product, even more so with larger, more expensive purchases.
Same process applies to deciding on a garage door or garage door repair service. Compare your options by setting up a list of needs and wants. When checking the price, if one is dramatically lower than all other options or companies, it probably means it’s too good to be true. Look into why that price is so low and don’t be afraid to ask questions.
Things You Need to Know
A garage door replacement gives homeowners a smart, affordable way to add curb appeal and value to their home.
|Project||Return on Investment (ROI)|
|Manufactured Stone Veneer||95.69%|
|Garage Door Replacement||94.5%|
|Minor Kitchen Remodel/Mid-Range||77.6%|
*Based on a nationwide average. Complete data from the Remodeling 2020 Cost vs. Value Report can be downloaded at costvsvalue.com.
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