If you’re considering a home-remodeling project, chances are, you’ve already answered a few important questions. How will this renovation affect the functionality of the home? What’s its purpose? It’s cost? Perhaps the most important
consideration when planning a remodeling project is return on investment. How much money will you get out of the deal? Will the project pay for itself? While some renovations offer immediate payback in the form of lower power bills, such as with new windows or solar panels, others pay off when the home sells. Reuters recently profiled a “Cost vs. Value” report that compared the price-tags of 35 common home renovations and the value they add to a home. In the end, installing fiber cement dominated the field.
The Study – Originally published in Remodeling magazine, the report analyzes the value of various remodeling ideas from 2011 and 2012. These include bathroom and kitchen renovations, room additions and new decks. Vinyl siding makes the list, as well. In a cost vs. value comparison, fiber cement siding beats out the competition due to its spectacular visual impact and affordability. Although more expensive than vinyl siding, fiber cement offers a wide reveal, sturdy feel and unique look. Fiber cement provides a bit more functionality than vinyl, as well. Because vinyl expands and contracts dramatically in extreme temperatures, homeowners can’t paint it. To do so would only lead to unsightly chips and cracks in most climates. But fiber cement siding is less affected by temperature, so the right paint can look attractive for years.
Should You Install Cement Siding If You Don’t Plan to Sell Your Home? – Cement siding will raise the value of your home, but what if you don’t intend to sell? You might be surprised to find out that the majority of renovations don’t happen to make a property more attractive to buyers; they’re aimed at making the home more enjoyable for current inhabitants. According to the National Association of Realtors, these renovations are becoming increasingly popular because people are staying in their home longer. In 2006, 30 percent of sellers had lived in the home for three years or fewer. But in 2012, that number dropped to 11 percent. Instead of moving to an entirely new place, people have been adjusting their own homes to fit their tastes and needs. Room additions, kitchen expansion and bathroom renovations all are popular, but they’re expensive and might not pay off in the long-run. Fiber cement siding, though, will make the exterior of a home look entirely different, and the initial cost is affordable for most budgets. Fiber cement siding can make your house look brand new. Unlike interior remodeling, your entire neighborhood will notice the difference. And if you do eventually decide to sell, the visual impact could make all the difference. Also, you’ll make your money back with plenty of return.
How Much Return Can You Expect? – This isn’t the first time that fiber cement siding has made Remodeling magazine’s list of valuable renovations. The study has been reported for 20 years, and new siding still dominates. That’s because fiber cement siding can provide an astonishing 78 percent return on investment. For comparison, if you decide to add a master suite to your home, the estimated return is only 57.4 percent. Vinyl siding, on the other hand, delivers an ROI of 69.5 percent. This might not be far from fiber cement siding, but the difference has more than doubled in the past two years.
Paul Kazlov is a “green” home remodeling enthusiast and an industry pioneer for innovation in home renovation. Paul writes for the Global Home Improvement and strives to educate people about lifetime remodeling solutions such as metal roofing. Follow him on Twitter @PaulKazlov