Exterior renovation is sometimes necessary, especially when a particular component of the house fails, causing the risk of further failures. Sometimes, however, homeowners decide to perform exterior renovations just to increase the value of the property before selling it. That’s why, in today’s article, we’ll look at what exterior renovations are most cost-effective if you’re planning to upgrade your home to another property in the near future.
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Does Siding Replacement Increase Home Value?
One of the most visible elements of a home’s exterior is wall cladding, alternatively known as siding. The facade performs many important functions, such as thermal insulation, but its undeniable role is also to create an aesthetic image of the entire property. In many cases, siding repair and maintenance will be sufficient, however, if the installation took place many years ago and the structure of the material has been severely damaged by external factors, siding replacement is potentially a better solution.
As you can easily guess, the more expensive the siding, the more your property will gain. Remember, however, that not in every case you will be able to recover the amount you invest in renovation. Depending on the material you choose, the return will be as follows:
- Installing about 300 sqft of manufactured stone veneer statistically involves an expenditure of about $11,000 and allows you to increase the value of your home by about 102.3% of that amount;
- Comprehensive replacement of siding with vinyl costs an average of $16,350, and the investment in this service increases the value of the property by about 94.7% of that amount;
- Replacing the siding with fiber cement, such as from James Hardie, involves an average expenditure of $19,360, with an 88.5% return on the amount invested.
The statistics we provided are not optimistic – according to them, the only profitable move is the installation of stone veneer, which in fact is not true. First of all, we decide on replacement siding primarily when its current condition is not suitable. A potential buyer may abandon the purchase of your home altogether, as there will be no guarantee that the damage has not progressed further, including, for example, mold growth in the basement.
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Second, the viability of exterior renovation will depend on where you sell your home. Those looking for properties in cities such as Highland Park, Winnetka and Glenview often have larger budgets than the average for the United States as a whole and pay more attention to detail. Destroyed or unsightly siding can be the basis for significant price negotiations, as it detracts from the overall perception of the condition of the house. If you want to effectively raise the value of your property at a low cost, at least opt for a solid wash of the walls and the elimination of minor damage.
Does Roof Replacement Increase Home Value?
In the case of roofs, the case is quite similar to that of siding, but the difference is that the eventual financial outlay for replacement is much greater. An increasing number of our customers are opting for a particular roofing brand only (or mainly) because of the manufacturer’s warranty policy. For example, the DaVinci Limited Lifetime Warranty protection offered is widely recognized as a service worth paying extra for in the form of purchasing more expensive but better-made synthetic tiles or shakes.
If the home you are selling has an old roof whose warranty has already expired, or has relatively little left, we strongly suggest considering replacing it or having it comprehensively inspected with a written report. Many buyers fear that expensive repairs or the installation of new shingles, shakes or slate tiles will fall on them shortly after purchasing their new home. Conducted exterior renovation can therefore be cost-effective, as it will be a serious consideration in price negotiations.
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How To Replace The Roof To Increase The Value Of The House?
If you are planning to replace the roof only because you want to increase the value of your home, you should automatically set your sights on choosing strictly defined materials, models and brands. The secondary market appreciates only certain architectural solutions and it is not worth deciding on more extravagant products.
- Choose high-quality asphalt shingles or synthetic materials – although cedar roofing in Glenview and surrounding areas still has many supporters, natural wood is not desired by many people. When choosing a home, we tend to look for reliability and durability, and it is products from brands such as GAF and DaVinci that offer a downright unparalleled level of comfort;
- Use renowned roofing contractors and use materials from well-known manufacturers – we can guarantee you that it will be much easier to sell a house with a roof made of materials supplied by a proven company with a tradition and installed by a roofing contractor with good reviews. Experimentation may not be a bad idea, but not when tens of thousands of dollars are at stake. Materials from reputable manufacturers do not have to be overpriced, as evidenced by our ranking of asphalt shingles. You should also choose worthwile DaVinci Roofing Winnetka contractor
- Avoid unusual colors and models – we are aware that everyone’s tastes are different, but in the case of roof renovation it is possible to identify colors and models of shingles / shakes / tiles that appeal to the largest group of homeowners. A safe choice is gray and beige shades of popular models such as Timberline HDZ and Multiwidth Shake. We would avoid extravagant colors such as green and white.
Is It Worth Replacing Windows And Doors To Increase Home Value?
When thinking about exterior renovation, you might also consider replacing doors and windows. While products from brands such as Pella, Marvin and Andersen are widely known and virtually everyone appreciates their quality, they have relatively little impact on the design of your home. Much of the windows are de facto invisible, making the visual effect not as pronounced as with siding or roof replacement.
A good alternative to replacing windows is to renovate them – pay several times less money for repainting the wooden parts and making seals, and the visual effect can be very similar. The front door can also be repaired, although installing new ones will not be as draining on the pocket. Still, we believe that repairing and refreshing often simply pays off more.
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Is Exterior Renovation Worth It?
Frankly speaking, yes. There is money to be made from exterior renovation, and if you plan the entire process wisely, you will be able to noticeably increase the appeal of your home for a relatively small cost. In many cases, spending a few thousand dollars and dedicating a few days to carry out the cleanup allows you to give your home a great facelift, making it easier for you to find a new buyer.
Want to sell your home, but before you can do so, you need to make some repairs or replace something? Contact us today – we have 20 years of experience in providing roofing, siding, gutter, masonry and carpentry services in Chicagoland. We have already completed 36,000 projects for 11,000 homeowners.
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