How Garage Doors Can Give You a Great Return on Your Investment
Remember the portrayal of Duckburg’s richest citizen, Scrooge McDuck? Scrooge McDuck earned his first dime and turned it into a billion dollar fortune. His favourite past time? Diving in and out of piles of gold coins in his money vault. He owns a sprawling mansion in Duckburg that stretches out from one end of the city to the other, and he is a savvy investor who can squeeze a profit out of any situation. Our pop culture and media landscape is peppered with oddball figures like McDuck and his vault of gold coins. Tony Stark, Richie Rich, Mr. Burns, Henry F. Potter, and Gordon Gekko are all examples of rich investors who made it to the top with their incredible market smarts and intelligence. We often think of investing as being way beyond our means, and few people ever go out of their way to correct us. By the time we get of age to purchase property and acquire the means to do so, our knowledge of property investment is sorely lacking. For instance, did you know that residential garage doors can be the key to making money on a property you will later sell? Here’s an in depth look at how residential renovations to your garage can end up paying off in the long run. You may never have a vault full of gold coins, but you may be able to create a healthy nest egg for retirement. Here’s how garage doors can help add some value to your future.
Why Property is the Hot Investment Topic for Financial Experts
If you look at any financial report, you’ll see that people are very interested in property investments and how to make the most of them. The reason that this topic is getting so much attention and interest is because of our economic context. If you ever watched the news a few years ago, you likely saw the United States housing bubble happen. The housing market absolutely crashed in America, leading to a catastrophic change in the US economy. House prices peaked in early 2007, and began to decline by the end of the year, until the eventual bottoming out in 2012. The biggest shake up occurred in December of 2008, where the price dropped rapidly. The housing market bubble caused a credit crisis and is considered to be at the root of the Great Recession. Since America is an economic giant, the effects of this rippled up into Canada as well. It is only recently that the markets are calming down and recovering, and the property market is now a very interesting place for smart investors.
Let’s Take a Look at the Greater Toronto Area Housing Market
Take a glance at real estate listings and new properties and one word will jump out again and again: condos. New condos are being built every day, and these luxury buildings offer a great lifestyle for most people. However, the issue is that there are just more condos being built than will realistically be lived in. In addition, many of them are in a less than ideal location. This means that even though condos are currently hogging the spotlight, residential homes are far more interesting for a long term investment. Condo costs are starting to dip, but home resale values are on the rise.
Turning a Residential Home into a Long Term Investment
We’ve all heard the term ‘fixer upper’ in regards to houses, and we all know that it’s important to spend time re-tiling the bathroom and painting the walls. However, there’s one thing you can do to spike the value of your home that you may not have anticipated. Installing residential garage doors is one of the most reliable ways to get a larger return on your investment. A garage door, or a garage door repair, can give a 75%+ return on value as soon as its installed. Further upgrades only raise the value higher. To give an idea of how strong this is, consider that renovating the kitchens and bathrooms (which are one of the biggest selling points of a home) only give a 50-60% return on value. Residential garage doors that have been installed and insulated properly also cause energy bills to drop, giving future homeowners a big incentive to pick your property among the competition. As an extra bonus, the urban sprawl of the Greater Toronto Area necessitates commutes for many professionals. These professionals will be looking for a home with a properly outfitted garage. Finally, it’s important to remember that the garage door is a focal point that draws the eye. A beat up, old looking door will dull a buyer’s interest and make them move onto another property.
Hire Contractors to Take Care of the Job for the Best Results
Before you grab the monkey wrench and roll up your sleeves, stop and consider this: Trying to perform garage door repairs as a DIY can turn into a major disaster. While you want to improve on your home investment and make some extra green, messing up repairs on a garage door can lead to huge costs. Savvy investors know that paying contractors is a far smarter decision than picking up the tools yourself and giving it a go.
Looking at a residential home and planning to turn it into a long term investment? You should have a team on your side, including experienced and dedicated residential garage doors experts. At McKee-Horrigan Inc., we’ve been fixing up garage doors and making homes in the Greater Toronto Area shine for decades. Give us a call at 1 888 244 4171, or shoot us an e-mail for a free quote and a conversation about your project.