Real estate has long been the go-to investment for those looking to build long-term wealth for generations. Let us help you navigate this asset class by signing up for our comprehensive real estate investing guide.
Your garage isn't just a place to use as a dumping ground in the absence of other storage. It's also the place where you'll be housing one of your most expensive possessions: your car. As such, it's important to have garage doors that are functional and don't give you trouble.
But what if your garage doors are worn and wonky? Or what if you're flipping a home whose garage doors have seen better days? Is replacing them worthwhile?
What does it cost to replace garage doors?
Putting in a new garage door costs an average of $2,100, according to the National Association of Realtors (NAR). But that price could vary depending on what your garage looks like. If you have an oversized door to replace, you could end up spending more. And if you have a two-car garage, you’ll probably want to replace both doors at once.
What return on investment will you get?
NARI reports that if you spend $2,100 to install new garage doors, you'll recoup $2,000 when you sell your home. That means you'll get 95% of your investment back, which is a pretty strong number in the grand scheme of home renovations.
Having new garage doors could also make your home easier to sell. In fact, 16% of Realtors have suggested that sellers undertake this project before listing a home. And 2% say that new garage doors have helped them close a sale. Granted, that's not a huge percentage, but when you consider the cost recovery associated with new garage doors, it makes the case that it's a worthwhile upgrade.
Should you replace your garage doors?
Garage doors aren't just functional; they can also add to or detract from your home's curb appeal. If your garage door isn’t in great shape and painting it isn't enough to make it more aesthetically pleasing, then it could be time to swap the door for a new one.
Similarly, if your garage door doesn’t easily open and close, then it's time to invest in a replacement. This especially holds true if you're flipping a house. A prospective buyer is highly unlikely to want a home with a garage door that isn’t reliable, nor will a buyer want a home that looks ugly at first glance because the garage door is all banged up.
Of course, the benefit of replacing your garage door is that you can play around with different materials to see which best blends in with your home's exterior. For example, you may decide that metal garage doors don't align with your taste and choose another material, like wood. You might also consider installing an insulated garage door if you're planning to convert your garage into living space.
Either way, there's a lot to be gained by putting in new garage doors. And since the price tag is relatively low compared to other home renovations, you may find you're able to replace your garage door and take on another home improvement project within a relatively short time frame.
Got $1,000? The 10 Top Investments We’d Make Right Now
Our team of analysts agrees. These 10 real estate plays are the best ways to invest in real estate right now. By signing up to be a member of Real Estate Winners, you’ll get access to our 10 best ideas and new investment ideas every month.
Find out how you can get started with Real Estate Winners by clicking here.