Unlike your home purchase, which you do expect to grow in value ending in a return on your investment when you sell, you probably know that no home improvements have a guaranteed ROI. However, if all you are focusing on when considering new siding is the siding return on investment when you sell your home, you are missing several ways your siding will provide a financial benefit.
What is the Average Siding Return on Investment?
That’s a fair question, and it’s better than many home improvement projects, especially in the greater Greensboro area. In fact, according to the 2022 Cost vs. Value Report, new fiber cement siding will provide a return of nearly 68%. New vinyl siding has one of the highest returns calculated in the report at 86.5%. These numbers are higher than the national siding return on investment for either type of siding. Only stone veneer has a higher return at just over 95%.
Factor in Your Utility Savings
New siding, especially either that with insulation and therefor an R-value, can help you save money on your heating and cooling costs. If your home doesn’t have an insulative home wrap beneath your existing siding, ask your siding contractor about installing one when you replace yours. Older siding often has cracks or is poorly attached to the home which allows for heat loss/gain. If your home is a dark color now, choosing a lighter color siding can make a difference. Just think about how you feel in a dark shirt rather than a light one on a sunny day.
Use Your HVAC Less and it Will Last Longer
Every time your HVAC system cycles on, it gets closer to the end of its life. If you have a home that’s more energy efficient, your HVAC benefits. It won’t have to work as hard, often or long which will help it last longer. Even if you get just a few more years our of your unit, you’re decreasing the per year operating cost which saves you money.
Although comfort does not provide a monetary return on investment, it should not be overlooked. Homeowners find that once they have new siding, their home is more comfortable. Some find that rooms that felt drafty no longer do so. Others realize that the room that never stayed the same temperature as the rest of the home now does. Finally, you may realize that your new siding helps with sound as well. If your home is quieter, you may sleep better or just enjoy being in your home more.
Thinking About New Siding? Call Cooley Roofing
We can help you understand siding return on investment and the big picture of what you may save with new siding. Call us today at (336) 766-6488 or fill out our contact form for your free estimate for new siding.