Homeowners Are Reaping the Benefits of Exterior Renovation Projects
Taking a look at the value of exterior home renovations
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, railing and more can make a big difference on the appearance of a home.
Not only are homeowners thrilled with the aesthetic value of their outdoor projects, they’re also receiving a strong return on their investment. In fact, the annual Cost vs. Value Report by Remodeling magazine indicates that the average payback for an exterior renovation project is 74.9 percent, versus an interior renovation, which is 63.5 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. Great news for contractors involved in residential exterior remodeling and renovation.
Nationwide remodeling activity is set to increase 4.5 percent in 2017, per Metrostudy. This is because mortgage rates are increasing, and people are more likely to stay and invest in their current homes. And 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. An added benefit you tell prospective customers about.
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.