It’s always difficult seeing the light at the end of the tunnel when thinking about home improvement projects. We understand that a new deck or garage door will look nice, but it’s not always obvious how much return on investment (ROI) you get in the long run.
If you are thinking about replacing, renovating or upgrading your residential garage door, the Door Company can provide some insight into what your ROI will be for that project.
Maintain and Gain
It’s not all about resale value. Maintenance and regular repairs on a house is a given if you want to feel comfortable and safe. However, as the time nears that you want to sell your house, each repair and home renovation project can be seen as an investment.
Return on Investment Formula:
(Current Value of Investment – Cost of Investment) / Cost of Investment = ROI(%)
If you aren’t a numbers person, ROI for home improvement boils down to making sure that you are not spending way more on a renovation than you plan to make back on resale. Some people do this for a living and they are called “house flippers” or “fix and flip” investors. They buy dilapidated houses, fix them up and then resell them at a higher value.
For you, it works similarly. You invest money into your house and, when it’s sold, you hope to make more than you spent on renovations. Renovations can be key to you turning a profit on your home. With all the remodeling projects that are touted by professionals, why are we talking about garage doors in this article?
Garage Doors are #1
Installing a new garage door is the #1 home improvement project in terms of ROI. Did you expect that? We did! Your garage door has many important roles that often go unnoticed including keeping your home energy efficient and protecting the inside of your home from people you want to keep out. That being said, the reason that your garage door is the number one home project investment at 97.5% ROI is due to one main thing: curb appeal.
The structure of a house is its true value, but sometimes a beautiful exterior can tantalize any prospective buyer. First impressions are everything. An ugly exterior of a house would need an interior that really blows someone away to get past that first impression. Starting off with a “wow moment” can put every prospective buyer in the palm of your hands and a new garage door can help with that.
Want a New Garage Door Installed?
Sometimes cold, hard numbers and logic don’t appeal to everyone. Some of you might just want a new garage door because your old one is breaking down or you feel that the look of the house needs a boost. Regardless of why you would like to purchase a new garage door, The Door Company is here for you. Contact us to get started on your new garage door project today!