I'm thinking about replacing the aluminum siding on my house (which was built in 1954) with new vinyl siding. The house is roughly 1,100 sq ft and appraised for $60,000 about a year ago. I just got an estimate yesterday for doing this work, and it came to about $14,000. In order to be worth it, the siding would have to increase the value of my home by almost 25%. Does anyone know, about how much value increase I can expect? Is 25% really feasible? Thanks in advance.
2007-07-25 01:28:52 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If the aluminum siding is so bad that it is decreasing the value of your home by 25% then this might be true.
There is a large section of our city that was built with wood siding in the 1950's. A lot of them have aluminum or vinyl siding. I have been a Real Estate Broker here for 29 years so I feel my opinion has some merit with this. I don't believe vinyl siding increases the value of a house at all. It might cover over unsightly parts that might cause the home to decrease in value-that is the best you can expect.
In other words don't fool yourself or allow others to fool you.
2007-07-25 02:20:58 · answer #1 · answered by glenn 7 · 0⤊ 0⤋
No, you will not realize anywhere near a 25% market value increase for installation of vinyl siding, especially if the aluminum siding on your house is in good condition. You will get AT BEST a $5,000 market value increase because of this change.
If you are concerned about market values only, I would recommend retaining your aluminum siding, assuming it is in good condition, and painting same to achieve the color you desire to 'upgrade' the appearance of your home.
2007-07-25 01:33:36 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
I don't think it will increase your value that much.
They were just playing with numbers... A 25% increase in the value of your home would be $15,000. That just means that they think the siding would barely pay for itself. Highly unlikely. While there is more hassle involved a new buyer will not pay full price for your siding. Since its already up they'll want it discounted.
Where are houses only $60K? I paid 6 times that.
2007-07-25 02:14:47 · answer #3 · answered by www.ribuy.com 3 · 0⤊ 0⤋
One thing you don't mention is the condition of the siding that's on there already. If it is in good condition, I would take the suggestion of the other answerer and consider painting it. If the siding is in poor condition, I would replace. But get multiple quotes and get references.
You won't get 25% back, but having a nice looking exterior will help to sell your house.
2007-07-25 03:09:44 · answer #4 · answered by Julie R 4 · 0⤊ 0⤋