Americans are big fans of home remodeling and renovation projects. In fact, homeowners spend over $300 billion each year on modernizing and modifying their properties. These projects range from small scale jobs, such as repainting a room, to larger scale projects, such as replacing the roof.
When it comes to deciding which project to tackle, a few different factors come into play. Your available budget is a big factor and will determine how large a job you can realistically take on. It's also important to consider what advantages you'll gain from the project, whether it's a project that will increase the equity in your home or whether it's strictly necessary.
If you have an older style home, then replacing the siding is a mid-priced project that ticks all of these boxes. With an average spend of around $9,000, it's affordable and will provide many measurable benefits for your home. Here are four reasons why replacing your home's siding is a smart financial decision.
- You'll Add Value to Your Home
How much value a particular remodeling or renovation project will add to a property is called an ROI, which stands for Return on Investment. For example, if the ROI on a project is 50% and you spend $10,000, then you can expect to increase your property's value by $5,000.
Replacing siding has a high expected ROI of almost 80%, which makes it one of the most financially sound home renovation projects that you can invest in. With the equity added to your home, the actual cost of siding replacement is less than 25% of the project value.
Replacing the siding also has the benefit of adding curb appeal, which is very important when it comes to resale. First appearances are vital in the real estate business. It doesn't matter how amazing and expensive your kitchen or bathroom are. Many prospective buyers won't even enter your home to view it if your exterior and siding are old, damaged, or dated.
Modernizing and repairing your siding is also an effective way to broaden your potential market when selling. Although some people may look past a shabby and old-fashioned exterior, many others will just see a home that needs a lot of expensive work. Often, they'll assume the interior is in a similar condition.
- You’ll Benefit From Increased Insulation
Many older homes were built before homeowners understood the benefits of effective insulation. These days, people are far more aware of the greater levels of comfort, the reduction of energy consumption, and the lower heating and cooling bills that good quality insulation provides.
Replacing your home's siding is a great way to up your insulation’s efficiency and reduce the transfer of heat and cold from the interior to the exterior. Many modern siding materials have insulation incorporated into their design. If you're using a material that doesn't contain insulation, then your building contractor can add in a layer of insulation before fitting the siding.
The most important thing to look for with insulated siding panels or separate insulation materials is a high R-value. The R-value is a rating of how effectively a material can block heat transfer from one side to the other. The higher the R-value you achieve with your siding and insulation, the more effective your home will be in retaining warmth in winter and reflecting heat in summer.
- You'll Reduce Home Maintenance and Repair Bills
As well as making your home look attractive, siding plays an important role in protecting your home. It's your home’s equivalent of your skin on your body, and siding provides protection against external elements. If your siding is damaged, is poor quality, or isn't securely attached, the structure of your home may become compromised.
Water damage is a major problem when siding isn't doing its job properly. Water can wreak havoc on timber, plasterboard, and electrical wiring. This exposure can mean big problems with big repair bills. It's cheaper and safer, in the long run, to replace the siding before it allows water or moisture to permeate and trouble.
Old or damaged siding can also be bad news for your home during storm season. Even a tiny crack or gap may allow the wind to peel siding away from the side of your home. This kind of damage can cause a domino effect, peeling many siding panels off. The panels can also become projectiles that could damage surrounding structures. Siding that has been securely and accurately fitted and is air-tight can prevent this issue from occurring.
The team at D.S. Bahr Construction Inc. has extensive experience with all manner of home remodeling and renovation projects including the supply and installation of new siding. Contact us to discuss the plans for your siding project and to find out what materials and styles will be the best option for your home.