As with any home improvement project, garage door prices vary widely. If your garage door is damaged or broken and needs replacing, it’s important to know the average garage door replacement cost. There are a number of factors that will impact your final price tag, from door size to the type of garage door opener and architectural elements of the home. With a little research, though, you can find tips on how to save and some smart financing options available for garage door projects. Armed with some knowledge, you should be able to make a plan and move forward on getting new garage doors for your home.
Average cost of garage doors
The National Association of the Remodeling Industry estimated that the average cost of replacing a garage door was about $2,100 as of 2019. However, the actual cost of the project may vary because several different factors go into determining the garage door installation cost, including:
Location: Your new garage door cost will vary according to where you live. The general rule is that the more expensive the cost of living is in your area, the more expensive a home renovation project will be.
Removal and disposal: The removal and disposal of your old garage door is typically included in quotes for the cost to replace a garage door. However, you may see it listed as an additional surcharge on top of the installation costs on your estimate.
Resizing the opening: Your contractor may need to resize the opening if your new garage door is a different size than your old one, which can add to the overall cost. As a rule of thumb, make sure your replacement is the same size as your current garage door if you want to keep the cost down.
Materials used: Garage doors come in a variety of different materials, including steel, aluminum, wood, composite wood, fiberglass and vinyl. Each one has a different price point and the material you choose to use will have an effect on the overall cost.
Hardware replacement: Most hardware replacement costs are included in any quotes you receive, but just know that if any springs, hinges or bolts need to be replaced to accommodate your new garage door there will likely be an additional charge.
Tips to save on garage door replcaement and installation
You may be wondering what you can do to save money when replacing garage doors. Luckily, there are a few things that you can do to keep the cost as affordable as possible, including:
Choose a basic door
Garage doors come in a wide variety of materials and finishes and your choice of materials can have a substantial impact on how much you pay for the replacement and installation. If saving money is your main goal you should pass on buying higher-end options, like windowed or fiberglass garage doors , and choose a basic option in a standard size instead.
Pass on special features
Almost anything in your home can include smart home technology, including your garage doors. You may be given the option to control your garage door with your smartphone or bluetooth, but opting for these technologies will add to your final price tag. Choosing a manual garage door over an electronic one will also help you save money.
Get the warranty
No one likes to think about their new purchase breaking or needing repairs, but it happens, and in the long run a warranty can save you a lot of money. While the warranty may cost more upfront, you’ll be covered if something happens.
Reasons to invest in a new garage door
There are a couple of good reasons for investing in a new garage door. Replacing your garage door is a great way to pump up your home’s curb appeal, which will help with resale value should you decide to move. This home improvement project also has a great return on investment. A survey by the National Association of Realtors (NAR) found that homeowners were able to recoup 95% of the overall cost of replacing their garage doors.
There are supplementary benefits to completing this project as well. For example, if you replace a poorly insulated garage door with one that has better insulation, you may find that you’ll save on your heating and cooling costs. Upgrading to a newer model garage door may ultimately save you on home maintenance costs as well.
Garage door financing options
The cost of replacing your garage doors can be significant. Luckily, you have some great financing options at your disposal if you aren’t prepared to pay for the project out of pocket.
If you haven’t built much equity in your home, a personal loan may be your best option. With a personal loan, you won’t be borrowing against the value of your home. Approval will be heavily dependent on your credit score and income instead.
Personal loans are installment loans, which means that you borrow a lump-sum fixed amount of money and you make set payments on the loan over a period of time until the loan is paid off in full. This type of loan is usually unsecured, which means you won’t have to put up any property as collateral, but you will have to meet the restrictions of the lender, which generally means having a higher credit score and income.
If you can qualify, personal loans are a good way to finance a garage door replacement because this type of loan can be taken out for any reason. Be aware, though, that the interest rates are often higher than you’ll get with other financing options.
Home equity loan
A home equity loan works similarly to a personal loan in that you’ll receive a lump sum of money and be expected to pay it back over time at a fixed interest rate. The difference is that with a home equity loan you’ll borrow against the equity that you have built up in your home. This type of loan is sometimes referred to as a second mortgage because it functions much in the same way a home loan does.
Garage door prices are often fixed. You won’t need ongoing financing to pay for it, which makes a home equity loan a good option at an affordable interest rate. That said, keep in mind that while your interest rate will likely be lower than you’d get with a personal loan, your home will be used as collateral. If you decide not to pay back what you borrowed, your home could be at risk.
Home equity line of credit
A home equity line of credit works more like a credit card than a fixed loan. With a HELOC, you’ll be given access to a line of credit equal to a percentage of your home’s equity and can borrow against it for a set period of time — usually 10 years.
During that time — which is called the draw period — you’ll typically only be required to make payments on the interest. After the draw period is over you’ll be expected to make payments on both the principal and the interest.
A HELOC is a smart choice if you are interested in taking on more renovation projects than just the garage door because you can borrow from it as needed over a long period of time and will only be required to pay on the interest during the draw period.