House siding is durable and can withstand quite a bit, but the elements or the current housing market trends will eventually dictate that it’s time to update your siding. When it comes to siding, vinyl can be an excellent choice. Once you’ve chosen vinyl, there are further decisions to be made. Things like style, texture and thickness need to be decided upon, but keep in mind that each of these variables will impact the vinyl siding cost.
No matter the style of vinyl you choose, be prepared to consider the vinyl siding prices and financing options, as new siding is never cheap to buy or install. While vinyl is one of the most affordable siding materials, it is still quite common for people to use loans or other financing options to cover the cost of the project.
Vinyl siding cost breakdown
You may be asking yourself, “how much does vinyl siding cost?” Well, you should know that several factors work together to determine house siding cost. Three factors will primarily determine the cost of your siding: labor, material and medium — which is your house. Other factors may influence the price, but these three represent the bulk of the cost.
House size and location: The larger your home, the more siding you will need. Vinyl siding is priced by the foot, so the size of your home has a big impact on price. Location impacts the price too, as labor costs and materials can vary quite a bit depending on the location.
Shape of the house: The more complex the shape of your home, the more likely it is that extra siding will have to be purchased or cut to properly fit each area. The more straightforward the shape, the easier it is to install siding with a minimal amount of cutting and customization needed.
Siding texture, thickness and material: Vinyl siding comes in numerous styles, textures and thicknesses. The thinner and less textured the siding is, the less expensive it will be. Thicker, textured vinyl siding is more costly to make and is considered to be an upgrade from your entry-level vinyl siding. The thicker the siding, the greater its durability and the higher the cost.
Labor and installation: Installation makes up for a significant portion of the cost when putting new siding on your home, and it isn’t uncommon for labor to exceed the cost of materials. Prices will vary by location but you can in most cases expect to pay by the hour. While it may be tempting to try and install the siding yourself, it is best to leave this to an expert unless you have experience.
Reasons to invest in vinyl siding
Vinyl siding is one of the more affordable types of siding and it has an excellent rate of investment return. Homeowners can expect their homes to increase in value by 75% of the project cost, according to the 2017 Remodeling Impact Report. Other types of siding do not deliver at such a high return on investment. The affordability, aesthetic quality and durability of vinyl has made it a top contender among siding materials.
Tips to save on vinyl siding
Despite being one of the more affordable options, buying and installing vinyl siding can still be quite expensive. Luckily, you can keep those costs to a minimum with some careful planning. To keep your project costs to a minimum:
Choose plain, untectured siding
Plain, untextured styles of vinyl siding are significantly cheaper than the flashier alternatives but they work just as well to protect your home. Choosing plain, untextured siding will save you money on your project and protect your return on investment.
Get and compare quotes from multiple contractors
Not all contractors charge the same price for the same amount of work. It’s possible with a little effort and some time on the phone to find a contractor who will offer the most reasonable price while still being competent and professional.
Don’t buy more than you need
You’ll commonly hear it’s best to overbuy on building supplies to avoid the risk of running out. While this approach can save time, it costs more money up front. Only buy what you’re sure you need. If you end up needing more, it may add some time to the project, but you won’t be wasting any money on unnecessary supplies.
Vinyl siding financing options
Vinyl siding may be an affordable option compared to other types of siding, but it’s still going to cost a pretty penny to complete your project. There are, however, options for financing this type of project, including:
Taking out a personal loan is a common way to finance expensive house projects. Personal loans often have lower interest rates than credit cards and you won’t have to put up your home as collateral to secure one. You’ll need good credit and income to qualify, but it will cost you less money over credit cards in the long run when it comes to interest.
Home equity loan
Home equity loans are a good option if you have equity built up in your home because they often come with interest rates that are lower than the average personal loan or credit card. The downside is that you’ll use your home as collateral, which means if you can’t or won’t pay, you could lose your home. However, if you’re confident you can pay a home equity loan back, you’ll receive a lump sum to pay for your project which will be paid back over time with monthly payments.
Home equity line of credit
A home equity line of credit is best for homeowners who have built up equity in their homes by paying down a significant portion of their mortgage. Unlike personal or home equity loans, though, you won’t get your loan in one lump sum with a HELOC. You’ll be issued a credit line for a percentage of your home equity that you can draw from multiple times instead. This type of financing is perfect if you aren’t sure what the total cost of your siding project will be and don’t want to borrow in a lump sum multiple times.