Homeowners would be glad to know that re-siding is one of the best ways to add a substantial amount of resale value to their properties. Adding new vinyl siding to your home can increase the value by approximately 76.7% of the project cost, according to Remodeling Magazine.
However, your choice of re-siding material can be vinyl, fiber cement, or foam-backed vinyl, but the results remain the same – high property value. The reason behind such a drastic increase in the resale value is that re-siding improves the exterior appearance of the house, as well as provides control over energy costs, two things that every buyer looks for during house hunting.
Now that you are convinced, let’s dig deeper into different kinds of re-siding projects:
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Midrange Vinyl Re-siding Project
Vinyl siding first became popular in the 1960s and to this day, remains the most preferred siding material. Neither expensive, nor too cheap, vinyl siding is easily affordable, maintenance-free, highly versatile, and a great source of thermal protection. According to “Remodeling Magazine’s” 2014 Cost vs. Value Report, a midsize vinyl replacement project would cost $11,475/1250 square feet, with a resale value of $8,975.
Vinyl re-siding works with all architectural styles and can be transformed into shingles or horizontal and vertical panels. The best part about vinyl re-siding is that in most cases, it lasts for life.
Upscale Fiber Cement Re-siding Project
Fiber cement siding comes with lots of perks. This material is durable and long-lasting, resistant to moisture and rot, and found unappealing by bugs, pets, woodpeckers, and termites. Fiber cement is also non-combustible and can withstand all sorts of weather. Fiber cement is also semi-flexible which means it provides significant protection but at the same time, maintains flexibility.
According to the Cost vs. Value Report, fiber cement has an average cost of $13,378 for replacing 1,250 square feet of fiber with new primed and painted cement siding. With this upscale project, your resale value is projected at $11,645. This means, your home resale value will increase enough to return 87% of the project cost.
Upscale Foam-Backed Vinyl Re-siding Project
Vinyl siding and foam-backed vinyl siding are the same in every way except one. In vinyl siding, there’s a slight gap between the wall and the vinyl. In Vinyl foam-core siding, this gap is filled by the foamed backside of the vinyl. As a result, the house becomes properly insulated with reduced energy loss. This means fewer energy bills for the residents.
Foam-backed vinyl siding is an upscale project and costs an average of $14,236 to replace 1,250 square feet of existing siding, provided with factory trimming at the corners and the openings. The resale value is estimated at $11,124, and the house value is increased by 78.1% of the project cost.
Does New Siding Increase Home Value After Years of Wear and Tear?
Siding projects are durable but not invincible, and after years of taking hits from all the natural and unnatural disasters, it begins to show signs of wear and tear.
When you are ready to put your property up for sale, you are faced with the big question – will new sidings increase your home resale value or the old and questionable siding enough to get a good deal? Plain as day, the answer is obvious. New sidings elevate the exterior of the property, add to the curb appeal, increase the resale value, and attract buyers.
That said, re-siding is no small business. It takes time, effort, and architectural acumen to get it right. Moreover, you need to make sure that the results are your money’s worth. A huge amount of your money, that is.
To ensure just that, we gathered some insights from the industry experts and successful real estate agents, so that you can pick the right material for your re-siding projects and make the best of your humongous investment.
Choose The Right Siding to Maximize Your Recovered Cost
The last siding you had on your house would suggest the material for the new siding you are about to install. Don’t forget to add the labor cost of approximately $5,000 for the removal of the old siding.
Let’s take a look at the different types of siding and some of their important factors:
Vinyl is one of the most common materials of siding in the US. It is comparatively the most budget-friendly out of all the materials. Other perks of vinyl siding include a variety of options in style, manufacturer, cost, and color. When it comes to downsides, vinyl fades fast, suffers damage from hails or baseballs, and is difficult to patch. The average cost ranges from $2-$7/square ft.
Fiber cement siding is much more durable with its mix of wood, cement, and sand. According to the award-winning expert, Andy Lindus, COO of Lindus Construction, fiber cement is insect-proof when installed accurately. On the downside, fiber cement is not moisture-proof and can be difficult to install.
Steel siding is perhaps one of the most durable materials, which also makes it the priciest. A little hard to dent than its counterparts, steel also lasts the longest, is eco-friendly, and low maintenance. The weakness of the steel material is its weight, which makes it hard to install, and subsequently leads to high labor costs.
Aluminum is quite similar to vinyl save for the fact that it can be painted on. Aluminum is also stronger than vinyl but not as strong or heavy as steel – which makes it easier and cheaper to install. Drawbacks include easy denting and a little higher price.
If the wear and tear on the old aluminum are minimal, then it can easily be painted on for a new and improved look.
The entire cost of the project depends on the siding material, the size of the property, and the existing siding. The average cost ranges from $5,000 to $14,500. Re-siding is an expensive and complex project, and you can only trust reputable and professional services to give you your money’s worth. If your property is located in Halifax, NS then we suggest reaching out to Elite Roofing Halifax for all your roof servicing needs.