Whether you plan on selling your home down the road or are just moving to a new place, it can be difficult to decide when to invest in a siding, decking, roofing or interior remodeling project. Depending on the project, a remodeling effort can pay you back in more than improved aesthetics and curb-appeal. It can add value to your home that far outweighs the initial cost.
According to Remodeling Magazine’s 2019 Cost vs. Value Report, siding rises to the top of the value scale among exterior remodeling projects, recouping more than 75% of its costs. In other words, if you spend $16,036 for a mid-range siding replacement, you’ll receive a return of $12,119.
A composite decking project gives you a return of almost 70%. That means a decking project that costs $19,150 will add approximately $13,232 in value to your home.
Other home remodeling projects with a greater than 70% return on your investment include an entry door replacement (74%), minor kitchen remodel (80%) and window replacement (73% for vinyl windows). A garage door replacement delivers an amazingly high return of 97.5%!
The cost of large remodeling projects can be intimidating, but the positive effect on the value of your home is encouraging. For homeowners about to embark on an exterior remodeling project, Steve Booz, Royal® Building Products Vice President of Marketing, offers these tips:
“Planning is key. First, find a qualified remodeling contractor. Siding is for sure not a DIY project. The fact that siding is key to the water management system of your home and requires working from heights makes this is a ‘must do properly’ task. So it makes sense to leave siding installation to the pros.
Decking can be a DIY project, but requires plenty of experience and knowledge. For example, understanding local code and permitting requirements is crucial. To make sure everything goes according to plan, we recommend a qualified decking contractor.
While you’re finding the right contractor for your project, use online resources like the Royal® HomePlay™ tool to see what siding products will look like on your home. That way you can adjust styles, colors and materials and make choices as often as you need before making your purchase.”