Garage doors and shutters are two of the smartest investments you can make in your home. Not all home improvements are created equal. Some upgrades look fantastic but will drain your wallet without returning any financial gain. Other upgrades may return a significant portion of the original cost to you over time as a result of energy savings, improved resale value and lower maintenance costs. Garage doors and window shutters fall into this latter category – they are a solid investment that will return money to your wallet.
The Energy Savings You’ll Actually See
An insulated garage door serves far more than keeping your garage cool or warm. If your garage has a shared wall with your living space (which applies to nearly every home) that door impacts your home’s heating and cooling costs.
Uninsulated garage doors allow extreme temperatures to swing into your home. During the summer months your garage turns into an oven that transfers its heat into your home’s living space. During the winter months it acts as a cold refrigerator removing the warmth from your home and forcing your HVAC system to work longer hours to correct the issue – thus increasing your utility bills.
High-quality insulated garage doors can eliminate a minimum of 70% of the energy lost through the garage. Most homeowners see a reduction of approximately $200-$400 per year in their utility bills due to the improved energy efficiency. Over the life span of a garage door (approximately 15-20 years) you will save thousands of dollars in energy costs.
Window shutters function similarly. They serve as a thermal barrier that blocks heat in the summer and warmth in the winter. R-values vary by type of shutter; however, even the least expensive shutters will increase the efficiency of your windows by 30-50%. Windows account for the greatest percentage of heat loss in most homes.
Specialty companies such as AllStyle Garage Doors & Window Shutters that specialize in both products can assist you in selecting the right product for your needs and determine the most effective return on investment strategy for your unique circumstances.
What Does This Really Add to Your Home’s Resale Value?
This is where things become fascinating. Recent research indicates that replacing your garage door is one of the top three home improvement projects with the highest Return On Investment (ROI). According to recent studies, you can expect to recapture approximately 90-95% of the cost when selling your home. Often times, you may be able to recapture even more.
Why such high ROI percentages? Curb appeal plays a massive role in determining what a buyer will pay for your home, and the garage door is typically the largest element that a buyer sees on the front of your home. Thus, replacing your garage door changes the overall look of your home. Buyers notice it. Real estate appraisers also notice it.
Window shutters provide value to your home differently. They signify to others that you care about details and take pride in your home. Well-placed shutters will enhance your home’s appearance in photos in online listing sites, create a better first impression during viewings, and attract homebuyers who are seeking turn-key ready homes that won’t require them to make immediate repairs.
However, here is the catch – you do not have to sell your home to enjoy the benefits of these upgrades. Both upgrades will improve your living experience now, and that is worth a lot more than you will ever be able to measure.
Maintenance Costs
While many individuals understand that older garage doors and broken window shutters cost money in ways that are less obvious, many people do not appreciate the full extent of the additional expenses that are associated with having old garage doors and broken window shutters. Garage doors that bind or fail to open correctly require more frequent maintenance visits, and parts on older garage doors tend to fail more frequently. In essence, you are continually paying for ongoing maintenance on a product that should work for you.
When you install a new garage door or set of window shutters, they usually come with a warranty (usually between 5-10 years) that covers the majority of the repair costs that you would incur in the event of a problem. Additionally, modern garage doors and window shutters were manufactured using higher quality materials and engineered to last longer. Therefore, they tend to require less maintenance than older models.
Similarly, cheaper or older window shutters require regular adjustments, replacements, and repairs. High-quality window shutters installed properly can last for decades with very little maintenance required. Therefore, you will avoid wasting money on multiple repairs.
Insurance Benefits and Security
Most people are unaware that insurance companies consider garage doors and security shutters to be part of the risk assessment process. However, they do. As a result, security shutters (especially roller shutters) make breaking into a home far more difficult. Many insurance companies provide discounts for homes that have proper security measures in place. The typical discount provided is 5-10%, however, over several years, the discount can add up.
In addition to insurance discounts, impact-resistant garage doors located in storm prone areas can receive larger discounts. Some insurance companies will provide discounts of 15-20% for homes with rated storm protection. In high-risk areas, this can equate to hundreds of dollars each year in avoided premium costs.
Finally, there is the cost avoidance of repairing or replacing your garage door or windows after a burglary or storm. Preventing a single burglary or protecting your windows from storm damage can easily exceed the total cost of installing new garage doors or window shutters.
Selecting Products That Provide the Greatest Return On Investment
Not all garage doors and window shutters are created equal. The amount of return on investment that you can achieve will depend on the quality of the products that you select.
For garage doors, insulated garage doors in moderate to harsh climates will yield the quickest return on investment through energy savings. In milder climates, energy savings will be less of a factor, but the curb appeal value of a new garage door will still be significant. The material used to manufacture the garage door is also important to the longevity and maintenance costs of the product. Steel and composite garage doors are generally the most durable and will provide the greatest maintenance savings compared to wood garage doors, although wood may provide greater aesthetic value in specific locations.
For window shutters, the determination of which option provides the greatest return on investment will be determined by your personal objectives. If your primary objective is energy efficiency, cellular or plantation shutters with good insulation properties will be your best bet. If your goal is to maximize security, roller shutters will provide the greatest degree of security. Finally, if your primary objective is to maximize the aesthetic value and curb appeal of your home, high-quality timber or composite shutters that compliment your home’s design will provide the greatest return.
The Timeframe for Payback
How long until you actually see the return on investment? The timeframe varies depending upon the specifics of your situation, but here is a general breakdown.
You may need 8-12 years to recapture the cost of your new garage door through energy savings alone. Depending on your climate and utility costs, you may recapture your cost sooner with window shutters. However, if you factor in the cost of maintenance, you may see a quicker return of 6-10 years.
Additionally, if you sell your home before the end of that period, you will likely recapture most of the costs immediately through a higher sales price and faster sale time. In many cases, homes with newer garage doors and quality window shutters sell quickly in competitive markets.
Ultimately, the true return on investment will be based on the combination of lower monthly energy costs, reduced maintenance costs, potential insurance savings, and increased resale value. Once you combine all these elements, most quality installations will begin to generate positive cash flow within 5-7 years and provide value for years beyond that.
Deciding Whether to Invest
Based on the information above, the decision to invest in garage doors or window shutters is relatively simple. They are among the few home improvement projects where you can count on receiving a positive return on investment in one way or another. Rather than focusing on whether to invest, focus on when and how much you will recapture your costs.
