Getting the Most Bang for Your Buck in Resale
I received a great question today from a property owner who is considering selling his home in about 3 years. His home is about 40 years old and he was considering installing vinyl siding or painting the current shingles on the house and wanted to know what the return on the investment would be. Although vinyl siding does help with energy efficiency, the main reason to install it would be for personal preference.
Based on my past experience, I have noticed that siding tends to return about 50% of its cost to install. Although having a more maintenance free home is appealing, if you anticipate paying $18,000 to install siding, you can expect the return when you sell to be somewhere around $9,000 +/-. It is important to keep in mind that siding offers a color choice that another Buyer may not like and they may look at it as a deterrent as well. Although that can be said with just about anything inside a home, there are other places that you will see a better return on investment when you sell.
Some of those areas are: new windows, kitchens, bathrooms, HVAC. If you are thinking about improving your home and you are not sure how it may impact your property value down the road, just ask and I will be happy to let you know what I have seen in my experience.
