Planning a Major Upgrade? Consider New Siding
An upgrade to fiber-cement siding recouped the highest percentage of its original cost among high-end renovation projects, according to the 2014 cost vs. value study published by Remodeling magazine.
Homeowners investing in fiber-cement-siding replacement got back 87% of the original cost when the property sold, the survey said, an increase over 2013 results. The only other project which kept 80% or more of its value in that category was a garage-door replacement.
The next tier of projects, recouping between 70% and 80% of their original cost, included new foam-backed vinyl siding, new vinyl windows, new wood windows, and adding a fiberglass “grand entrance.” Considering a garage? That returned only 58.4% of its cost on average.
On a separate list of “midrange” projects, installing a new steel entry door returned nearly 97% of its cost, followed by a new deck, an attic bedroom, and a minor kitchen remodel. At the bottom of the heap was a home-office remodel, which returned less than half its original cost at resale.
The study looked at 35 popular remodeling projects. In addition to the national resale averages, the study also lists costs by region and by select cities in a region. Builders can compare costs and average returns in their areas with both the United States as a whole and with some nearby cities.
For example, a midrange bathroom addition cost an average of $38,186 nationally, $39,786 in New England and $34,925 in Portland, Maine.