Quality exterior siding not only protects your home from the elements, it can increase its value as well. Unfortunately with all of the wear and tear it receives, it can wear down and become unattractive. But before you start calling contractors, find out how much you will spend on this project and understand the approximate value.
Cost versus value: why it matters
Any time you improve your home, you do so to enjoy your home more, add safety or to add value. Regardless of your motivation, the goal is to get a positive amount in value back on your home. The cost versus value assess how much you spend on the project versus how much in value you add to your property. Not all projects yield a 100% return, but there are some projects that can add a positive value.
Vinyl siding replacement
According to Remodeling Magazine, a low end vinyl siding project will run you about $11,849 in New York (compared to the national average of $11,475). The estimated value on this project is $8,148, which means you recoup about 69% of the total project cost.
Upscale vinyl siding replacement
Upscale projects mean they cost more, use better quality products, and may (or may not) have a higher perceived value. Remodeling Magazine offers two types of upscale vinyl siding: fiber-cement or foam-backed vinyl. In New York, foam-backed vinyl averages $14,631 in replacement costs. You will add $10,090 back in value or 69%. For fiber-cement, you can expect to spend $13,818 and return $10,559 or 76% in value.
What it all means
If you are replacing the value to sell, then you want a maximum return, which means using an upscale fiber cement replacement. If, however, you are going to replace the vinyl and you’re worried about costs, plain vinyl is more affordable and yields the same value return as foam-backed vinyl.
Only you can decide what replacement is more economical for your home. While prices may vary, these are a good starting point for planning your project so you can determine whether or not it is worth the cost.
Top image credit: McKeel Custom Painting