When renovating your home with the hopes of improving its resale value, replacement siding is among the best ways to boost its value. It not only improves your home’s curb appeal but also immediately recoups a large percentage of its initial cost in resale value.
The ROI for Replacement Siding
The Return on Investment (ROI) for replacement siding depends in part on which replacement siding you choose. The two most common options for replacement siding — vinyl and fiber cement — are among the top ten home renovations for 2024 in terms of cost recouped, according to Remodeling’s Cost vs. Value Report. Here is how the two options compare (plus one bonus veneer to consider):
Fiber Cement Siding
Fiber cement is a very durable siding option, though it is more expensive than other siding options. Despite that, fiber cement replacement siding recoups an average of 88.4% of its cost in home value, making it the best choice for siding replacement if you’re strictly looking at average cost recouped.
Of course, resale value isn’t the only measure of ROI. It’s also worth noting that fiber cement is heavier and more complicated to install than vinyl, making it more expensive upfront. It also does not provide the best insulation compared to other siding options, which could result in higher energy bills during the more extreme months.
Vinyl Siding
Vinyl siding is easy to install and much less expensive than any other siding option, which is why Rolox Home Service is proud to install and promote vinyl replacement siding! Vinyl siding is low maintenance, energy efficient with high-quality insulation, and cost-effective. To top it off, the ROI is excellent, with a recouped cost of 80.2% in home value.
Manufactured Stone Veneer
While this won’t fully replace your siding, replacing a section of your siding with manufactured stone veneer adds beautiful curb appeal and does more than just recoup a portion of the cost. With a cost recouped of 153.2%, installing manufactured stone veneer around the lower third of your siding will boost your home’s value by over $17,000 — that’s around $6,000 more than the average job cost!
If your siding is in good condition or relatively new, manufactured stone veneer is a great way to add value before hitting the housing market.
How to Know if Replacing Your Siding is a Good Investment
While replacing your siding is good for your home’s resale value on average, it’s only beneficial for you if the time to replace is right. Here are some things to consider when deciding whether you should replace your siding:
How Old is Your Existing Siding?
Siding lasts anywhere from 20 to 50 years, but if your siding has entered the 20-year mark, it may be worth replacing, especially if you’re considering selling in the next few years and want to put some equity in your home. Even if your siding still looks to be in good shape, if your heating and cooling bills are skyrocketing, it is likely less effective than it used to be and should be replaced.
Is Your Siding Damaged?
Damaged siding can lead to big challenges as a homeowner, including the deterioration of the shell of your home, water damage, or pest issues. If your siding shows signs of hail damage, for instance, you should prioritize investing in replacement siding to preserve your home.
Are You Planning to Sell Soon?
If you’re planning on selling your home relatively soon, don’t underestimate the value of curb appeal! According to a study published in the Journal of Real Estate Finance and Economics, curb appeal may account for as much as 7% of a house’s sale price, meaning you’re likely to get higher offers if buyers like the look of your home’s exterior. Siding plays a big part in curb appeal, as it covers the majority of your home.
Do You Have Financing Options?
Your financial situation is also an important factor in whether now is the time to replace your siding. Fortunately, there are many financing options available for homeowners looking to renovate, from HELOCs and home equity loans to cash-out refinancing. At Rolox Home Service, we have financing options for any Rolox home improvement project to help you invest in your home and expedite the home-selling process.
Replace Your Old Siding with Rolox Siding!
When you’re ready to choose a siding replacement contractor, Rolox Home Service is here to help homeowners and sellers in Kansas City and Wichita enjoy high-quality vinyl replacement siding. Schedule a quote with us today!
