How much will vinyl siding increase the value of my home?
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investor8406 asked:
I’m thinking about replacing the aluminum siding on my house (which was built in 1954) with new vinyl siding. The house is roughly 1,100 sq ft and appraised for $60,000 about a year ago. I just got an estimate yesterday for doing this work, and it came to about $14,000. In order to be worth it, the siding would have to increase the value of my home by almost 25%. Does anyone know, about how much value increase I can expect? Is 25% really feasible? Thanks in advance.
Marc
I’m thinking about replacing the aluminum siding on my house (which was built in 1954) with new vinyl siding. The house is roughly 1,100 sq ft and appraised for $60,000 about a year ago. I just got an estimate yesterday for doing this work, and it came to about $14,000. In order to be worth it, the siding would have to increase the value of my home by almost 25%. Does anyone know, about how much value increase I can expect? Is 25% really feasible? Thanks in advance.
Marc
August 19th, 2007 at 9:35 pm
No, you will not realize anywhere near a 25% market value increase for installation of vinyl siding, especially if the aluminum siding on your house is in good condition. You will get AT BEST a $5,000 market value increase because of this change.
If you are concerned about market values only, I would recommend retaining your aluminum siding, assuming it is in good condition, and painting same to achieve the color you desire to ‘upgrade’ the appearance of your home.
August 21st, 2007 at 9:22 pm
I don’t think it will increase your value that much.
They were just playing with numbers… A 25% increase in the value of your home would be $15,000. That just means that they think the siding would barely pay for itself. Highly unlikely. While there is more hassle involved a new buyer will not pay full price for your siding. Since its already up they’ll want it discounted.
Where are houses only $60K? I paid 6 times that.
August 22nd, 2007 at 6:33 pm
If the aluminum siding is so bad that it is decreasing the value of your home by 25% then this might be true.
There is a large section of our city that was built with wood siding in the 1950’s. A lot of them have aluminum or vinyl siding. I have been a Real Estate Broker here for 29 years so I feel my opinion has some merit with this. I don’t believe vinyl siding increases the value of a house at all. It might cover over unsightly parts that might cause the home to decrease in value-that is the best you can expect.
In other words don’t fool yourself or allow others to fool you.
August 24th, 2007 at 6:44 am
One thing you don’t mention is the condition of the siding that’s on there already. If it is in good condition, I would take the suggestion of the other answerer and consider painting it. If the siding is in poor condition, I would replace. But get multiple quotes and get references.
You won’t get 25% back, but having a nice looking exterior will help to sell your house.