Exterior Renovation Adds 74.9% Payback
According to the annual Cost vs. Value Report by Remodeling magazine, the average payback for an exterior renovation project is 74.9 percent. The report reveals this is a long-time trend as curb appeal projects consistently have a higher rate of return than work done on the inside of a home.
Spring and summer are popular times to update the outside of homes, and this year, we’ve watched contractors like you make homeowners’ dreams come true with fresh styles, colors and renovations to the exterior. Changes like new siding, roofing and railing make a big difference on the appearance of a home, both aesthetically and financially
Great news for contractors involved in residential exterior remodeling and renovation!
And if that good news wasn’t enough…..
Nationwide remodeling activity is set to increase 4.5 percent in 2017, (per Metrostudy), due to mortgage rates increasing, with people more likely to stay and invest in their current homes.
As the real estate market continues to improve, renovation projects are expected to have a greater impact on increasing a home’s value.
One of the most noticeable ways to update the exterior of a home is with new siding and trim. According to the Cost vs. Value study, siding replacement jobs typically recoup over 76 percent of the cost, which is higher than the average rate of return for outdoor renovation projects. Something you should be sure to tell your prospective customers about.
Go Stone or Go Home
Another way to freshen the appearance of a home is with CertainTeed’s STONEfaçadeTM, a beautiful stone architectural cladding system that complements any style while providing superior moisture management.
Stone veneer offers one of the best rates of return with an 89.4 percent payback—the third highest in this year’s Cost vs. Value study. And STONEfaçade offers siding contractors the unique opportunity to capture more squares on the wall through the easy installation of a panelized stone system for a greater share of the overall profits.
The outdoor design possibilities are practically endless, with different colors, styles, sizes and accessories to choose from. From composite and vinyl railing, to siding, stone cladding system and more, CertainTeed’s exterior home products are designed to mix and match so that you can help homeowners create the perfect custom look.
For more information on CertainTeed’s exterior building products, click here, call 800-233-8990 or contact your CertainTeed Territory Manager.