Have you been thinking about investing in upgrades around your home? With the popularity of HGTV and Pinterest, today’s homeowners are constantly being flooded with new ideas to improve their home’s aesthetic and curb appeal.
But which projects are really worth the time and cost?
Using the 2020 Remodeling Cost vs. Value Report, we’re taking a deeper dive into a few popular exterior remodeling projects and the average return on investment you might expect for each one.
Fiber cement siding is made from a combination of cement, sand, water, and cellulose fibers. The end result is a durable siding material, designed to mimic the look and texture of wood grain.
Unlike wood siding, fiber cement is resistant to flames and pests, and it won’t rot or chip over time, as it’s moisture-resistant. For this reason, fiber cement siding is quickly becoming one of the most popular siding options, especially here in Chicago, as it can handle our harsh winter climate.
At Bak Brothers, we install James Hardie® Siding, which is an industry-leading fiber cement siding company, specifically designed to withstand the elements.
If you were to replace 1,250 sq. ft. of existing siding with James Hardie® fiber cement siding, the average job cost would be around $23,411. In 2020, the resale value you can expect to get back from the project would be about $16,107.
So, on average, fiber cement siding offers a 68.8% return on investment.
If you’re looking for new siding at a lower price point, vinyl siding may be right for you. Like fiber cement siding, vinyl material is extremely durable and also resistant to scratches and pests.
It also offers protection from the elements and little maintenance is required to keep it clean. Additionally, vinyl siding has been recognized as a “green-approved” material by the National Association of Home Builders. This means you can update your home’s siding without having to worry about your carbon footprint.
We offer a wide variety of vinyl siding design options to instantly boost your home’s curb appeal.
Let’s use an equivalent example to the fiber cement siding project referenced above. In this case, the average cost to replace 1,250 sq. ft. of existing siding with vinyl siding would be about $19,837. You can expect to get back about $13,361 in resale value.
So, on average, a vinyl siding replacement offers a 67.4% return on investment.
Now that we’ve talked about a few siding options, let’s look to another common exterior renovation project: roof replacements.
When your roof develops a leak, action must be taken quickly to prevent expensive damage to your home. While there are several different types of shingles you can use, asphalt shingles tend to be a popular choice for homeowners.
Replacing your roof involves more than just putting on new shingles. Your roofing contractor must also understand proper ventilation and water barriers to keep your home safe.
The average cost of an asphalt roof replacement is around $30,543. This price includes the removal and disposal of existing roofing and the installation of squares of min. 235-lb fiberglass asphalt shingles with new 30-lb felt underlayment, galvanized drip edge, and mill-finished aluminum flashing. The expected resale value of the project in 2020 would be around $18,332.
So, the average return on investment of an asphalt roof replacement is around 60.0%.
Replacing your windows with a vinyl option is considered to be one of the best projects in terms of ROI. That’s because not only do new windows look great, but they can help lower your energy costs.
This is an attractive selling point to buyers, but it’s also a great perk if you have no intention of selling your home anytime soon.
Energy-efficient vinyl windows can prevent heat from the sun streaming in and warming up your home in the summer, which means your air conditioning unit won’t have to work as hard to keep your home comfortable. As a result, you could notice a drop in your monthly energy bill.
The average cost to replace 10 3x5 double-hung windows with insulated, low-e vinyl windows is around $20,868. On average, you can expect to get about $14,942 back in resale value.
So, on average, vinyl window replacements offer an impressive 71.6% return on investment.
Finally, let’s take a look at one of the most exciting exterior remodeling projects: decking.
Composite decking materials are made up of a mixture of plastic, wood fiber, and a binding agent. The end result is a high-quality material that is more durable than wood alone.
If you’re looking to spend more time outside or expand your home, a composite deck can be a great option for a beautiful outdoor living space you can enjoy for years to come.
The average cost to add a 16x20 foot composite deck with built-in bench, planter, and rail to your home is around $24,543. In 2020, you can expect to get about $14,952 back in resale value for the project.
So, the average return on investment for a composite decking addition is around 60.9%.
For more information on the 2020 cost vs. value of common home improvement projects, read the full Remodeling report.
Now that you have a better understanding of the average ROI for several exterior home remodeling projects, look no further than the Bak Brothers team!
Contact us today to talk about your remodeling goals, or start planning your project from the comfort of your own couch with the Bak Brothers Digital Experience. We hope to work with you soon.
Note: The reported costs in this article are average estimates and may not be representative of our prices.