Does New Siding Increase Property Value?

Whether you are building or renovating your home, every part has a specific function and purpose. Interestingly, some of the most ignored elements are multifunctional and shouldn’t be neglected. For instance, wall siding is important for various reasons. If poorly installed or maintained, siding can cause several structural problems, such as mold growth and foundation issues.

On the other hand, properly installed wall siding improves curb appeal and attracts more customers. However, renovating the siding is expensive. You should also choose the best contractors, such as Landmark roofing, and the right materials for quality results. If you aren’t sure whether you should install new siding in your old home, read on!

How Does New Siding Boost Home Value?

Investing in siding renovation or replacement improves property value in the following ways:

1.Enhances Curb Appeal

Improved curb appeal is probably the main reason you should update your wall siding. If your current siding is old, faded, or has cracks and dents, you should consider a complete overhaul of the siding before listing your home for sale. While home improvement projects, such as roofing, bathroom, and kitchen renovation, are important, they don’t have the same impact on property appearance as new siding.

Upgrading your wall siding can convert your home from the ugliest to the most appealing in your neighborhood. Improving curb appeal is especially important because potential buyers quote prices based on their first impression of the house. Visually appealing and well-kempt homes often fetch better prices.

2.Improves Energy Efficiency

Adding new siding also significantly improves your home’s energy efficiency, making it attractive to potential buyers. Besides improving curb appeal, siding also protects your home from harsh weather conditions. Without proper insulation, your home becomes prone to climatic fluctuations, making it difficult to maintain comfortable indoor temperatures, especially during summer and winter.

Like insulation, siding acts as a protective layer, protecting your home from heavy rains, strong winds, and snow. This ensures that your HVAC units don’t strain to maintain indoor temperatures and air quality.

3.Low Maintenance

Homebuyers are naturally attracted to low-maintenance homes, especially after spending millions to purchase the house. However, ensuring that your wall is low maintenance requires a careful selection of siding options. For instance, homes with cedar siding are certainly beautiful but very difficult and costly to maintain. Vinyl siding is a popular choice for most homeowners in the U.S. Unlike other products; vinyl has low-cost maintenance requirements.

How Much Can Homeowners Recoup from New Siding?

Before you invest heavily in new wall siding, you should inspect it to determine if the deteriorating panels should be replaced or repaired. Minor unresolved issues can expose your home to insects, air, and water damage. While you can solve minor repair issues, you should hire pros to repair expensive damages.

A fresh coat of paint might be all you need if your siding isn't extensively damaged. The cost of painting your home’s exterior varies depending on property size and the type of siding installed. Nonetheless, HomeLight Top Agent Insights says that homeowners can recoup up to 152% ROI on fresh paints.

Conversely, if your home’s exterior requires more than simple paint, you should budget for a professional makeover. According to a HomeAdvisor report, installing new siding costs between $5,000 and $17,000. However, the high price tag shouldn’t deter your efforts to improve your curb appeal, as you can recoup these expenses in resale value. For instance, siding according to NAR and NARI reports, homeowners recoup 82% and 86% ROI in vinyl and fiber cement.

That aside, new wall siding makes your home energy efficient, which lowers utility bills in the long term. You also get a chance to resolve most underlying problems lurking in your old siding, like dry rot, mold, and insect infestation, before they worsen.

How to Choose the Best Siding to Increase Property Value

With multiple siding material options, which include vinyl, engineered wood, aluminum, faux or manufactured stone, and stucco, choosing the right siding material that increases resale value can prove challenging. Ideally, you should focus on siding material that attracts potential buyers and has reasonable ROI. Below are a few tips to consider when choosing the best siding that increases home value:

• The existing siding – Choosing a similar siding material to the current siding is cost-saving and eliminates the need for extensive renovation. Replacing stucco with vinyl siding or any other material requires that you make radical changes.
  
   
• Climatic conditions – Durability of siding materials highly depends on weather conditions, making it necessary to consider the general climate of your region. Avoid stucco or wood siding if your neighborhood receives a lot of rain. Engineered wood and steel are best for regions with harsh weather conditions.
  
   
• Choose colors that maximize resale value – The general appearance of your home’s exterior, especially the color of your siding, is the first thing potential buyers notice. Avoid bright colors and, instead, use gray and neutral tones. Your siding color choice should also complement your property’s architectural style.
  
   
• Neighborhood – You should also consider neighboring properties when choosing siding material. While your house should be visually appealing, it shouldn’t be the odd one. For instance, if most properties in your neighborhood have brick siding, modern steel siding isn't a good choice. Choose a material that blends with surrounding homes.
  
   
• Consult real estate agents for trends – Consult your local real estate agent for the latest trends in siding materials and colors that appeal to buyers. The agent can offer insights on the best siding material and color choices that increase curb appeal and resale value.

Endnote

Installing new siding certainly increases property value. However, you can only get the most value from this and any other home improvement project by choosing the right contractor. You should search online, ask friends and family members for recommendations, check reviews and complaints, and vet cautiously. Hire licensed contractors with proven experience.