What is the Return on Investment for a Garage Door?
Wondering which project around the house has the best return on your investment? According to Remodeling Magazine’s 2016 Cost Vs. Value Assessment upgrading your garage door is among the top projects this year. With over a 91% return on investment replacing your garage door basically pays for itself.
So let’s break it down. What does return on investment mean? Return on investment or ROI for short is defined as, “a percentage and is typically used for personal financial decisions, to compare a company’s profitability or to compare the efficiency of different investments.” (InvestingAnswers.com) In more of a mathematical sense it is: ROI = (Net Profit / Cost of Investment) x 100.
How does this benefit me? Well for starters the larger the ROI the more money you retain. For instance if you spent $1,652 dollars on a new garage door this year with a 91.5% ROI you would retain $1,512 dollars! Below is part of the table from the 2016 Cost vs. Value Assessment. It shows some of the more common home improvement projects.
Still not convinced that updating your current garage door is worth it? Here are some additional reasons to consider replacing that old outdated garage door.
- Consider the curb appeal a new garage door adds to your home. Check out our design center here and see the difference on your own home! In our design center you can take a photo of your home and easily photoshop different garage doors on to see which best suits your home.
- By replacing an old uninsulated or poorly insulated door could save you thousands of dollars in heat over the life of your garage door. Just think about how much heat is escaping from your garage right now!
- Another benefit of having a new garage door is there is virtually no maintenance. You will not only save time and money on costly repairs but also have the peace of mind that it is backed up by a warranty.
- Lastly, but probably most important of the reasons to upgrade your garage door is for your own personal safety. Garage doors and garage door openers have come a long way since the first were around. With newer safety precautions like photoeyes on garage door openers and newer counterbalance systems you can rest assured your garage door will be the safest one around.
With such a large ROI when you update your garage door, there is nothing stopping every homeowner from making the cost effective decision to replace their outdated garage door. Call your local Overhead Door Company to further discuss all your garage door options.