Will installing new siding really add value to your home?
Remodel Magazine’s 2015 Cost vs Value Report states that mid-size vinyl siding remodeling raises home value by 73% of the cost of the project. The home’s value becomes even higher than this average when the quality of installation includes architectural detail and lends itself to improved curb-appeal. Additionally, The National Association of Realtors states that re-siding consistently increases resale value.
YES, installing new siding will increase your home value.
Remodeling projects are important to homeowners. Harvard’s Joint Center for Housing Studies states that more than 1 million homeowners have spent at least $10,000 on remodeling in the past 15 years. It’s a great feeling to improve the space where you live, and certainly a win-win if you can increase your home’s value in the process.
Wondering how much a vinyl remodel will cost? Remodeling 1,250 square feet with vinyl will cost an estimated $11,475 and resale $8,975! Given that siding resale values have been constant in recent years, 71.5% for 2011-2012, 72.9% for 2012-2013, and 72.4% for 2014; re-siding will likely remain a smart investment moving forward.
What else does siding offer?
Vinyl siding is inexpensive and has great resale, what else? To passerbyers and guests from out of town, new siding can improve curb-appeal enough to look like an entirely new house! Another big benefit: With the addition of foam backing, siding will lower energy costs with great thermal protection, creating a warmer home in the winter and a cooler home in the summer.
Lastly, vinyl siding is durable and comes with a lifetime material warranty that includes protection against fading and discoloration. Search for a company that offers a lifetime labor warranty as well to further protect your investment. When it comes to maintenance on your own, vinyl siding is mold and mildew resistant, and won’t dent or peel when cleaned.
Check out vinyl siding cleaning tips in our June blog.
Authored by Herb Schoen, President & CEO of Garfield 12323, The Home Corporation