2022 has brought a lot of increased prices across the United States in a variety of different industries. At Denver Siding Repair, we have worked with those that just moved into a home and want to insure their siding will be at a high level of quality for the duration of their time living there. We also work with another common group of homeowners that are looking to sell and know that their current siding condition will need to be fixed and/or replaced.
If you fall into that second category, we wanted to breakdown some of the data and information around what different people estimate will happen to your home value after replacing the siding. We started by looking at data provided by Remodeling.HW.net and the different home improvements they analyze for the Denver, Colorado area.
They list 22 different projects that include garage door replacement, deck additions, and bathroom remodels. Out of those 22 projects, none are listed to fully recoup the job cost versus the resale value based on 2022 estimates. The top three projects they have listed for cost recouped and their percentages are:
- Manufactured Stone Veneer (90.1%)
- Garage Door Replacement (90.1%)
- Siding Replacement | Vinyl (80.6%)
You can see that siding replacement is the third highest return on investment based on their estimates. It is challenging to nail down an exact return as different vendors will come in at different prices with their services. We also wanted to provide what Remodeling.net has estimated their average cost for a Fiber-Cement siding replacement job:
- 2022: $22,852
- 2021: $19,294
- 2020: $16,352
- 2019: $15,969
Based on those estimates, Denver has seen an increase in the cost of siding replacement go up 43% since 2019. It can be alarming to see those price increases but the good news is that Denver is not far off from the national average in 2022 for Fiber-Cement Siding which was $22,093. That is less that 4% above the national average.
We also wanted to see how Denver stacked up against the other cities that they surveyed around the cost. Here is what we found for Fiber-Cement siding replacement:
- Boulder: $18,232
- Colorado Springs: $20,617
- Denver: $22,852
- Fort Collins: $20,606
Denver was on the higher side but the cost of living is also higher in Denver than any of those other locations (source: livingcost.org).
It is important to know and estimate what you think your house projects will garner you in home value if you think there’s a possibility you might be selling in the near future. You should also feel comfortable in your siding replacement project if you plan to stay in your house for the long-term as it is a lasting investment.
SOURCE: https://www.remodeling.hw.net/cost-vs-value/2022/mountain/denver-co/
