In parts of North America, real estate markets are booming. For many home buyers, their dream is to own a single family detached home. Current homeowners who want to take advantage of high property prices are doing everything they can to improve their homes to get the best offers. They shouldn’t overlook garage doors, though. Garage doors represent an opportunity to boost your home’s resale value - read on to learn why.
How Much Can a New Garage Door Add to My Home?
In 2014, US News & World Report published the results of a study that showed how much value certain renovation projects can add to your home. New garage doors had a return on investment of over 83%.
The article on the study results noted that some renovation projects will fare better in certain regions in the US. However, garage doors boost home values across the nation. No matter where you live, they will help your home sell for more money.
Why does the humble garage door have such a great impact? There are several reasons.
Higher Curb Appeal
Your garage door takes up about 40% of your home’s facade. It’s one of the first things people see when they drive up to your property. What kind of impression do you want them to get when they see it?
Old garage doors with peeling paint or rust stains turn off buyers. They might not be willing to pay your asking price if they think that the home needs work. On the other hand, a new garage door (made of materials that don’t require much maintenance and last for years) make buyers think that the home is in good condition, and they’ll raise their offers accordingly.
Greater Energy Efficiency
Humans’ impact on their environment has become top of mind for many people. They seek to reduce their footprint as much as possible, and that includes inside their homes.
New types of garage doors are much more energy efficient than models of years past. They’re better insulated, so they keep heating and cooling bills low. Aside from the benefit of being better for the planet, most people want to save money. So, an energy-efficient garage door is a great selling point for a home.
In addition to being environmentally friendly, new garage doors are made of materials that require less maintenance than older models. And that’s an attractive proposition for home buyers.
Homes require enough upkeep as it is. Who wants to spend more money on taking care of something, especially when it’s as large as a garage door?
A home’s value is always top of mind for sellers. But even if you’re not preparing to put your home on the market, it’s never too early to consider what projects would make your home sell for more money.
Also, value is more than just money. It’s about the enjoyment you derive from your home. A new garage door can improve your home’s appearance and lower your maintenance costs, which will make it a joy to own.