Replacing your siding is one of the most cost-effective ways to increase curb appeal and property value. We’ll look at the numbers.
Whether you’re planning to stay put for a while or place your home on the market, household repairs and upgrades present trade-offs. From the standpoint of curb appeal and property value, how should you prioritize a siding replacement? For instance, could installing a new deck make more sense?
Clearly, the answer varies according to your situation. But fortunately, there’s national and regional data to help you reason through the financial angle and make a more informed go/no-go decision.
For this discussion to be well-rounded, we need to stress two points up front:
1) Financial returns vary based on your situation. The impact of a siding replacement on your home’s value might be much higher or lower than average. It just depends on how badly it’s needed, the quality of work, and the project cost.
2) Procrastination can be the most expensive option of all. If you delay a kitchen remodel for a year, you might end up paying a marginally higher price based on the cost of materials and labor. If you delay a siding replacement for a year, and you have an unidentified leak, you could end up with extensive damage due to mold, rot and pests.
Home renovations have tangible (financial and efficiency) considerations, as well as intangible (quality of life) considerations. Curb appeal isn’t just about property value. The added pride in your home’s appearance, the sense of comfort you feel drinking a beer on your front porch, or simple necessity are all compelling considerations.
For now, let’s look at the numbers:
Remodeling Magazine publishes a Cost vs. Value Report each year, comparing the average price of various home renovations to the impact they have on resale value. Siding replacements are consistently rated among the most cost-effective. Here’s the average value added for siding replacement in the mid-Atlantic region, which includes the areas we service:
Vinyl siding replacements increase home value by an average of $11,249.
Fiber-cement siding replacements increase home value by an average of $14,966.
Our customers in the Northeast Market tend to see the appraised value of their homes increase by much higher figures, commonly in the $20 – $30k range.
Not too shabby! Plus, you have one less thing to haggle over with prospective buyers.
Timing, financing and other considerations:
From a purely financial standpoint, the case for a siding replacement (assuming it’s at least beginning to show signs of wear) is the strongest when you’re planning to sell. The faster you get your money back, the more manageable the investment. But if your siding is simply detracting from your pride and comfort, don’t be resigned to the situation. You may be pleasantly surprised by the low-interest and interest-free financing options available to you (more on that below).
Most importantly, severely worn siding can create hazards that aren’t just aesthetic: mold, pests, and rot, to name a few. The most urgent siding job is one that prevents damage from compounding.
Thanks to options like Wells Fargo home improvement lending, you don’t need a ton of equity to secure low-interest or interest-free financing. We’ve helped many homeowners with this.
And if you take advantage of cash-out refinancing or our interest-free financing option, you could enjoy those returns before you’ve even paid for the project, making it all the more sensible and affordable.
At B&B Siding, we offer 12 months of interest free financing through Wells Fargo. Zero interest financing can greatly cushion the impact of any eligible home improvement project.
Contact B&B Siding today for a quote.
Alternatives to re-siding.
Superficial measures such as touch-ups, manual cleaning or power washing can do the trick under the right circumstances, for instance:
Your siding looks dingy but isn’t really deteriorating
You’re in a strong seller’s market
You’re in a hurry to sell
You’re reluctant to make a large expenditure
What’s right for most people isn’t necessarily right for you. We respect that.
(By the way, if you live in Staten Island and are due for a power washing or gutter cleaning, call Dennis at Colonel Clean Pressure Washing & Maintenance Systems. He’s a reliable contractor and we gain nothing by referring people to him.)
Love the house you live in.
The decision to replace your siding is about pride of ownership, home value, timing, household finances and comfort. In most cases, it will add greater value than alternative home improvement projects.
At B&B Siding, we would never try to push someone into a decision that wasn’t right for his or her situation. You should do what makes sense according to your tastes and priorities. But if you’re on the fence about replacing your siding, odds are it’s the right call to move forward.
Love the house you live in, and get a great deal when you sell.