NEW SIDING IS A BETTER INVESTMENT

Every year, Remodeling Magazine puts together their Cost vs. Value Report, which details average return on investment (ROI) for 23 typical home renovation projects. The report surveys more than 6,000 realtors, showing them illustrations of a completed project and asking them to estimate the resale value added to the home.

We did a thorough breakdown of the 2019 Cost vs. Value Report a few years ago, with a more complete explanation of the report and the data. For this article, we’ll just focus on the findings for 2023.

In 2023, the report ranks a vinyl siding replacement project in 5th place (out of 23 projects) with a return on investment of 94.7%, with fiber cement siding replacement in sixth place at 88.5% return. These are extraordinary results that represent what we see every day - siding renovation projects make a massive difference in the desirability of a home.

One really interesting thing about this year’s report is how much the results have changed in a short period of time. Siding replacement projects have always ranked near the top of this report, but the difference compared to 2019 is significant.

This isn’t true for every project type, either. Here’s an in-depth look at 5 projects to give some context: (costs are averages from across the United States, and are in US Dollars):