Cost vs Value of Replacing Your Garage Door
When you’re performing home renovations, you can be taken aback by the by the amount of money you have to put into them. But, it’s not just the cost of the renovations that you should take into account. It’s also the intrinsic value provided by the improvements made to your home. So, how much of a return on investment will you receive from your projects?
First of all, let’s look at some of the areas ROI comes from with home improvement projects.
Resale
Certain renovations can help to increase the value of your home, so that you can get a better price for it when you sell, recouping back some of the costs of the renovation.
Home equity
Even if you’re not planning on selling your house, you can still benefit from increasing its value through home improvement projects. A higher home value could allow you to take out a home equity loan if you need cash to pay for something else, or pay off debts.
Energy efficiency
Adding insulation to your house or replacing windows and doors with ones that have better insulative properties can help to reduce the amount of energy needed to heat and cool your house. This means lower bill prices all around.
Maintenance costs
If a certain room or feature of your home is constantly in need of repair, then you’ll be spending a lot of money on it. Replacing or improving this money-drain will save you money in the long-run.
The ROI of replacing your garage door
Replacing your garage door is one of the more profitable home improvement projects you can undertake. Reports of a massive 98.3% ROI can be found from reputable online sources, while others claim a slightly more modest 85%. Either way, it’s definitely not something to turn your nose up at.
A new garage door can increase the value of your home as well as improve the insulation and, therefore, the energy efficiency of your garage. If your garage is connected to your home, this can help to keep the hot or cold weather out of your house as well. Plus, a garage door that needs replacing can become extremely costly in maintenance needs.
So, when you’re planning out the budget of your garage door replacement, bear in mind the amount of value you’ll be getting in return from this renovation. For help planning and carrying out your garage door replacement in the Piedmont Triad area, get in touch with Carolina Garage Door.
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