Will new exterior siding increase resale value?

Photo Credit: AB Renovations

Whether you’re planning on selling your home now or in the future, investing in home improvements will increase both your personal enjoyment of your home and your resale value. Exterior renovations make up 40% of all home renovations, according to Mike Holmes in his article “Where to Put Your Reno Dollars?” and how your home looks will play a major role in how well it sells.

Signs your home needs new siding.

Properly maintaining your home’s exterior could increase your resale value and attract potential buyers, but it also will ensure your home is well protected from the outdoor elements. If your siding is looking worn out or obviously damaged your home could be at risk for rain and snow penetrating through the exterior. Moisture getting into your home can cause more serious and more expensive damage. This isn’t good for you or an interested buyer.

Here are some tell-tale signs you need new siding:

• There is obvious loose, cracked or damaged siding.
• You have peeling paint, loose wall paper or other signs of water damage inside the home.
• You’ve found mold outside or inside the home.
• There has been an increase in your heating and cooling bills.

If this is the case you should contact a siding contractor in Edmonton to inspect your home, make recommendations and install new siding.

The importance of curb appeal

First impressions make all the difference when you’re trying to sell your home. If you want to maximize your home’s value and increase interest among home buyer’s you need to focus on improving your curb appeal.

Your home’s exterior is the first thing home seekers will see, whether in an online listing or when they visit your home. If your siding is worn out or damaged, it will be a huge turn off. Not only will it look bad, it will also make them wonder if you’ve neglected to maintain other parts of the home. Installing new siding will give your home an updated, clean look that shows pride in ownership and a commitment to home maintenance. Not only will great curb appeal attract more buyers to come see your home, it could result in higher offers and a quicker sale. Learn how to install vinyl siding.

Recouping your investment

You can expect to recoup about 77 percent of the cost of a siding replacement at time of resale, according to Remodeling Magazine’s Cost vs. Value Report for 2016. That means that if you spend approximately $14,000 on new siding you can increase your home’s value and its listing price by about $11,000. Keep in mind there are other important returns on your investment to consider. You will attract more qualified buyers and you’ll get more offers close or exceeding your asking price.

The type of siding you choose to install can also be a factor in your home’s increased value. For example, you might receive a better return on investment for installing a high quality fiber-cement siding than you would with traditional vinyl siding. Not all siding is equal, but by doing a little research you can learn more about your siding options and choose the best one for your home and situation. 

A siding replacement will give better protection for your home, improve curb appeal and resale value.  For more information or professional advice on how to get the most for your home, contact your local Edmonton-area real estate agent.