New Garage Door As an Investment: Is It a Good One?
If you have a few thousand dollars burning a hole in your pocket, there is no shortage of things you can do with it. You could buy some cryptocurrency, stocks, or maybe even a hot tub for the backyard. There's no doubt that the prospect of investing in a new garage door installation doesn’t sound anywhere near as appealing as any of those options, but is it an investment that makes sense from a financial perspective?
The Short Answer: Absolutely
According to National Association of Realtors data in 2022, having a new garage door installed will cost an average of $2,000 - with an estimated 100% return on investment.
The NAR also says that the presence of a new garage door goes a long way to making a good first impression on potential buyers (super important) and a large number of realtors (16% according to the NAR) recommend that homeowners consider undertaking this project before they list their home.
This data all certainly suggests that a new garage door installation is a good investment. But it makes sense as an investment on more than one front, which is what we’re going to talk about now.
When assessing whether a new garage door installation makes sense, you need to look at it as an investment from both a short-term and a long-term perspective.
Short Term Financial Benefits of a New Garage Door
There Will Likely Be Savings on Energy Bills
This applies more to attached garages than detached garages for obvious reasons. If you look at the energy efficiency of a garage, the garage door is normally the biggest thing a homeowner messes up on. They might have the walls insulated, maybe even seal the door to the house. But if the garage door is not insulated, none of those things matter too much. The garage will be a magnet for hot air in the summer and cold air during the wintertime, and that will filter through into the interior of your home, causing your energy bills to rise significantly during these parts of the year.
If you call our garage door sales team, we can help you select a new door that is properly insulated and will help you realize these savings year on year. Like this, your investment starts to pay you back the moment you have it installed.
Reduce Future Spend on Garage Door Repair
If your current garage door is something like 10-20 years old it’s quite probable that you need to set money aside every year or two for minor repairs. The moving parts eventually get worn and need replacing, the surface sustains damage from exposure to the elements. Basically, life happens.
If you have a new garage door installed, while you will eventually get to this point again when it ages, for the next few years at least, you’ll remove the need to set aside money for garage door repair. Money that you can invest into other parts of your home instead.
Prevent Potential Losses from Break-Ins
Garages are one of the most highly targeted parts of the home by thieves. There’s a good reason for that. Firstly, they’re often unsupervised. Secondly, they’re often not fitted with an alarm, so if they do get inside, nobody will be alerted. And lastly, older garage doors just aren’t that secure. The ironic thing is that lots of homeowners often store some pretty expensive kit in their garage. If it suddenly disappears, these are losses that you’ll notice in terms of the financial dent they put in your pocket.
A new garage door installation levels up your garage security ten-fold, instantly. It goes from “easy target” to “mission nearly impossible” overnight and goes a long way to protecting you against those potential losses. You might pay less on home insurance too!
Long Term Financial Benefits of a New Garage Door
Increased Home Value
You might not be thinking about selling just now, but you might be in that position one day. And home improvements that increase home value are always attractive for this very reason. As we pointed out a little earlier, you can expect your property’s value to increase by about the same amount as the new door costs you. Essentially, it’s a home improvement that brings immediate financial gain in the short term, that will also allow you to recoup almost all of the initial outlay if you sell up in the long term. Not a bad deal!
You’ll Get More Interest If You Do Put Up the “For Sale” Sign
Your home is only worth what someone is willing to pay. Isn’t that what they say? And it’s only logical that you’re more likely to drive that price up if there’s a bit of competition. As we said earlier, a new garage door is a one-way ticket to making a good impression. It’s a desirable feature that a lot of prospective buyers look for. More interest also means you’re likely to sell your home quicker too.
Talk to Our Garage Door Installation Team Today
With over two decades of experience operating in the Parker and Broomfield area, we offer a wide range of garage door styles at all price points. If you want to explore these options more and get the help of our experienced professionals, call us today at (303) 920-2267.