Adding new siding to your home can increase its value. However, the decision is not always an easy one. Sometimes, it makes sense to delay or skip installing new siding, particularly if you plan on selling your home in the near future. Here are a few guidelines to consider.
What is the Demand?
Real estate markets fluctuate dramatically, and some areas will see far more demand than others. If you find that homes in your area are selling quickly, buyers are likely interested in the area your home is located in more than the home’s appearance. In this case, adding new siding likely won’t make the difference between your home selling or not, and the value you recoup may be minimal.
If, on the other hand, sales are relatively rare, adding siding to your home can increase its curb appeal dramatically. If homes tend to languish on the market, aesthetic improvements can tip the scale in favor of your home. New siding might make the difference between landing a sale and being forced to wait.
What is Your Timeline?
Improving some elements of your home, especially the kitchen or bathroom, is a well-known tactic for increasing your home’s value in most markets. Siding, on the other hand, is more difficult to predict. Your timeline for selling will also make a difference. Consider how long you plan on living in your home. If you plan on staying for five years or longer, you may find the benefits of having new siding to be well worth the investment. If, however, you’re planning on selling soon, you’ll want to examine demand in your area to determine whether or not installing siding will increase the likelihood of landing a sale. If the main reason you’re considering adding siding is to increase your home’s value, take a step back and consult with a real estate agent.
Speak With Experts
Ultimately, you’ll want to speak with both real estate and siding experts before making a decision. Real estate agents know what buyers are looking for. They can help you determine if investing in siding will increase your home’s value more than the cost of the siding itself. Furthermore, siding experts can help you make the right choice for your home, both for pragmatic and aesthetic reasons.
Installing new siding is often a wise decision. Determining the effect your siding will have on your home’s value in the Twin Cities, MN, however, can be a bit tricky. If you have any questions about whether or not to install new siding, make sure to contact Midwest Exteriors Plus to find out more.