Whether it’s due to weather, accident, or simply wear and tear, you can certainly see the effects that time has on your garage door, which is one of the most important and vulnerable entrances to your home. If your garage door is looking a little worse for wear, it could pose a threat to you and your family, making your home less safe and hence more vulnerable to burglars and vandals.
As such, you may be wondering whether you should repair or replace your garage door in 2020. Many homeowners opt to replace their home’s garage door with a brand new one, but sometimes, this is not a cost-effective solution, and some of us homeowners, cannot afford a brand-new garage door. Other times, the choice to replace a garage door just might not be sensible, and hiring a garage door repair service could give you the same (or similar results) for a much lower cost.
The housing market is looking a little dicey, at least according to Zillow research which states that home value growth is slowing in recent years. With even more sources reporting that an economic slowdown is on the horizon, plenty of homeowners are concerned about the possibility of another housing market crash like the one we saw just over 10 years ago. As a result, sensible homeowners need to make sensible and well-informed decisions about where they invest their money.
The state of the economy
There are lots of reasons why the economy is taking a recent downturn, causing homeowners to become worried about the present and future value of their homes. The Washington Post cites rising home prices and mortgage rates as the main culprit behind the slowing economy, stating that global trade tensions, the recent government shutdown, and volatility in the stock market have also played a factor in the uncertain future of the economy.
The government shutdown which occurred in 2013 had a negative effect on the housing market. However, the recent government shutdown, under president Trump administration, was the longest government shutdown in US history, clocking in at 35 days. Any kind of uncertainty always makes investors and their markets cautious, and it appears that the president’s tendency to be unpredictable has made investors rightfully worried about the value of their stock.
However, it’s not all bad news, with real estate experts anticipating that the housing market will simply slow down but not come to a stop completely. It is estimated that the prices of houses and mortgage rates will moderate rather than start to rapidly decline. According to Doug G. Duncan, the chief economist at Fannie Mae:
If mortgage rates trend sideways next year, as we anticipate, and home price appreciation continues to moderate, improving affordability should breathe some life into the housing market.”
Nonetheless, not all experts share their position. For example, a recent report by Yahoo! News indicated that shares of home-builder stocks have been hammered hard recently, having somewhat of a knock on effect. The sales of existing homes and new homes has also sharply declined, and the pace of home price appreciation has slowed down consistently month after month for the past 6 months.
In addition to all this, mortgage rates are at a 7 year high and there is a lack of affordable housing for poorer communities which is putting a lot of stress on the housing market, whether you’re a homeowner or a tenant. If you happen to be living in a state such as California, which is known for its sky-high property prices, these effects are even more obvious.
For example, a recent article from Forbes highlighted the ridiculousness of the situation with different states’ housing markets by comparing the prices of homes in different cities in Texas and California. The article reads:
When comparing San Francisco to, say, San Antonio, the difference in home prices is absurd. With an average list price of $237,500, San Antonio offers you six single-family homes for the price of one in San Francisco.”
As was the case all those not-too-distant years ago, it seems that America’s housing market and economy in general have become a little unpredictable. With the Commander in Chief being a controversial figure who is generally regarded as unpredictable and incompetent on the world stage, foreign and local investors are likely to be much more cautious and careful when dealing with the US economy in the near future. We saw a glimpse of this with the effects of the government shutdown recently.
Now how garage doors fit in? If homeowners with damaged or malfunctioned garage doors are approaching a time in their lives when it may be sensible to put money to one side, should they repair or replace their garage door when it becomes worn out or damaged? There are many garage door repair services out there to help you repair your garage door, but what do the numbers say when it comes to the financials?
Raising your home’s value
Although you might not think it, a strong garage door is one of your home’s best investments, helping to raise your home’s value and desirability. A report from Garage Wow Now, for example, found that garage doors were #3 when it comes to home improvements which recouped their initial costs when a home was sold at an increased value. It was actually found that realtors increase to list price of a home by 1 to 4 percent if it has a sturdy and reliable garage door.
For instance, if you have a home worth $500,000 and you spend a few grand on a garage door, you could increase your home’s overall list price by up to $20,000 depending on the quality and construction of the garage door. Garage door installation is actually one of the most affordable investments you can make to increase the value of your home.
Of course, if you’ve already got a garage door, but it’s just in need of repair, it will be much easier to save money and retain your home’s increased value by getting your door repaired, cleaned, and repainted by a reputable garage door repair service. Nonetheless, it depends on the type of damage which has been sustained by your garage door and how easily it can be patched up.
There are lots of considerations which dictate whether you should replace or repair a garage door, with some types of damage being more repairable than others. For example, cosmetic damage such as cracked panels and chipped paint may bring down your door’s curb appeal, but they’re not major structural problems which affect the everyday practical operation of the door. Cosmetic damage can be caused by little crashes, weather, age, and usually can be repaired by a garage door repair service provider, as replacing a door with cosmetic damage makes no financial sense unless there are additional problems to consider.
On the other hand, if your garage door is suffering from structural damage, it would be wise to replace it. At this point, if you do indeed need to replace your garage door, it might be worth considering your options and how they will affect the price of your home going forward.
Sometimes there are issues with your garage door’s functionality, making it hard to ascertain whether the door needs to be replaced or repaired. For example, if your garage door keeps getting stuck, opening at an unusual speed, or not opening every single time, it would be wise to contact a garage door repair service and get a professional garage door technician to take a look at the problem and see what can be done. Most of the time, you’ll find that it’s cheaper and easier to get your garage door repaired rather than completely replaced, especially if you’re trying to save money when the economy isn’t looking too great for homeowners. In addition to getting professional service teams in, homeowners can also take matters into their own hands by performing some DIY garage door maintenance which can safeguard their garage doors and prolong their overall lifespan.
For example, by painting your garage door with special paints, you are able to fight corrosion, rust, and other signs of aging. There are many special paints and primers you can buy which are designed to breathe new life into your old garage door while simultaneously protecting it from adverse weather and rust, providing you with a cost-effective means of securing your garage door investment without having to fork out cash for a new one.
Sometimes, all your garage door needs is a little wash to keep it clean every now and then, helping to maintain its curb appeal while simultaneously discouraging rusting and other things we definitely don’t want! Garage doors can look especially grubby and dirty following seasons with adverse weather, like winter, so it’s a good idea to regularly repair, maintain, and clean your garage door. After all, the better you look after your garage door, the longer it will last anyway.
Should I Repair or Replace My Garage Door – The bottom line
With the economy slowing down recently, many homeowners are getting nervous about their biggest assets – their homes. If you’re one of the concerned homeowners and you’re having problems with your garage door, we would highly recommend repairing and regularly maintaining your garage door, avoiding the capital-intensive process of buying a brand new garage door if possible.