Does New Siding Increase Home Value?October 1, 2012
The value of your house is most often not the price you will be getting for it. What you get for your house is based on the buyers’ first impression of your house and in a down market a good first impression can have your buyer offering your asking price. And the first thing that your buyer will see as they walk up the driveway to your house is its exterior. If your siding is obviously in disrepair you are turning off your buyers at their first glance of the house. In most cases this means that no matter how well inside looks they will still be thinking about how they will have to replace siding when they purchase the house and so they will want to go in with a lower offer to recoup that possible expense if they make an offer any at all.
So if you want to increase the chances of selling your house, you may need to replace the siding. Even if it doesn’t add to the amount of money you receive for selling your house it could be the difference with your house getting sold or staying on the market for years.
Replacing your current dingy siding can help to increase the value of your home significantly. In the Cost vs. Value Report of 2009 – 2010 data showed that an average siding replacement that costs roughly $10,000 could bring a return of roughly $8,000 which is an 80% recoup in cost. If you choose an upscale type of siding you could get a return that is slightly higher as well. What does this mean for you? You could get your money back when you sell your home after replacing or installing new siding.
The Benefits of New Siding
New siding on a home does a lot for the curb appeal of the home but it also has other benefits as well. It also adds value and adds beauty to your home as well. There are also the benefits of it being energy efficient if you choose insulated vinyl siding which will be a real money saver over the years. This type of siding is installed with a thick insulation sheath underneath the siding (between the home and the siding). This is great for keeping the interiors of your home warmer in winter and cooler in the summer. Energy efficient siding is said to have the ability to reduce energy costs as much as up to 30% and energy efficient homes sell at higher prices because consumers are looking for ways to save their money after spending so much on a home.
Improving Style with New Siding
Replacing your old siding or adding new siding is also a way to change the look of your home or the style. When shopping for siding you will find a number of options for different styles and colors. This provides you with a great opportunity to make your house stand out from the rest of houses in the neighborhood just ensure that this is done in a good way. When choosing vinyl siding for instance you don’t have to worry about the color that you choose since this type of siding is very low maintenance so you won’t have to worry about painting or retouching any time soon.
You can benefit in the future from adding siding to your home even if your home doesn’t sell. By choosing a low to no maintenance siding type you can look forward to a future with no maintenance costs. Many sellers of siding materials will also offer lifetime warranties as well against certain occurrences so you can be confident in purchasing. If you find the cost a bit too high you will be happy to know that most sellers offer financing so there is really nothing standing in your way of getting your new siding for your home. Get it now and start to reap the benefits even before you try to sell your home.