Published on: April 7, 2022
The housing market is booming. The demand for housing is at a record high due to the extremely low inventory. According to National Association of Realtors, the average home receives 4.8 offers with 48% of offers being over list price. Homes on average spend only 18 days on the market with 25% of residential sales being in cash. In 2022, an estimated 6.9 million homes will be sold with prices up 6.2% since last year! Low housing inventory, sales above asking price, and a low average time on the market mean it is a seller’s market. Maybe you were looking to move but are finding the house hunt impossible. If you are looking to sell your home and receive the highest offer, now is an ideal time to act. However, many homes are dated and need some minor work or repairs to generate an offer. Some simple home improvement tasks can improve the ROI on your home.
What is ROI?
Return on investment (ROI) is the metric used to evaluate the profitability of an investment. ROI is calculated by dividing the benefit (or return) of an investment by the cost of the investment. The higher the ROI, the better the return. It is important to note that the average home renovations provide a 70% ROI. This would mean if you spent $1,000 on a project, it would only lead to you receiving an additional $700 on the sale price. When you renovate your home, you choose to put work into an asset that is appreciating in value.
What is the best ROI home improvement?
The Remodeling Cost vs. Value Report is the best tool to target the optimal home improvement project that will generate the best return on your investment. The 2021 report shows garage door replacement as best ROI project. The national average cost to replace a garage door is $3,907 with a resale value of $3,663 – meaning you recoup 93.8% of the cost. This is much higher than the average home renovation ROI of 70%!
Curb appeal does indeed increase the value of your home. If you have an old garage door which is an eyesore, it may be time to replace the door. A study done by Michigan State University found that a home with curb appeal can increase the perceived home value by 5-11%! If potential buyers do not desire to step foot in your garage, they probably will not want to enter the rest of your home. Often times the garage is the largest and most accessed point in your home, so make it appealing and reap the benefits.
What about the garage door opener?
If you choose to replace your garage door, it is also beneficial to replace your garage door opener. Maybe your current garage door opener is glitchy, loud, or just dated. The average garage door opener lasts 15 years. Modern garage door openers offer many additional safety features and options that were never heard of in the past such as:
- Battery Backup Options: Open your garage door even when the power goes out. Many Genie garage door openers feature integrated battery backup functions which allow you to operate your garage door automatically (with your remote or keypad) in case of a power outage.
- Smart Home Connectivity: Did you know you can control your garage door from your phone? Genie garage door openers featuring Aladdin Connect smartphone capabilities allow you to monitor and control that status of your garage door – straight from your smartphone! Simply use the FREE Aladdin Connect app to open or close your garage door. You can also create rules to tell your door at what time to close. Setup virtual keys to allow friends or relative to access your garage.
- Integrated LED Lighting: Have you ever tried to change a garage door opener’s lightbulb? It is tricky and can be potentially dangerous. Purchase a Genie garage door opener with integrated LED lighting to provide maximum lighting and convenience for your garage.
- Quiet Operation: Garage door openers in the past used to be loud and clunky. Genie belt drive openers are known for their quiet and smooth operation and are ideal for garages close to living spaces.
- Safety Features: Genie garage door openers feature many safety features including Intellicode® Access Security System which changes the code of your Genie remote every time you use it, thus prevent unauthorized entry. Safe-T-Beams® safety sensors are included with every Genie opener. The sensors ensure that the garage door reverses closing if any obstruction is sensed, keeping your family safe.
If you are looking for a professional Genie dealer to install a new garage door opener for you – start with our Dealer Locator to find a dealer near you. Find the perfect Genie garage door for your needs using the Product Selector tool found here.
Some featured Genie DIY/Retail garage door openers, ideal for your garage renovation:
- Model 1035 – This budget friendly opener includes a strong and reliable chain drive, 1-button remote, and wall push button. This opener gives you all the basics you need while ensuring superior performance.
- Model 3053- This quiet Genie belt drive garage door opener features built-in Aladdin Connect smartphone capabilities to control your garage door from your phone! The accessories include 2-3 button remotes and a keypad for added convenience.
- Model 7155L- This Genie garage door openers has all the bells and whistles. Integrated battery backup and Wi-Fi, LED lighting, 2-3 button remotes, and a keypad ensure your ever need is covered. This is our most feature-packed opener!