Siding is the external part of the house that offers protection from the natural elements. Most people know what siding is, but they don’t realize how costly it can be when combined with the rest of a given home improvement project. Learn more about the average costs and the importance of financing for siding.
Costs of Siding Repairs and Installations
Siding costs vary by the type of material. The same materials that are used to construct roofs are also found in sidings, such as brick, stone, wood, plastic, and metal. Working with these materials is hardly affordable in any type of construction project.
Vinyl, wood, and aluminum are the cheapest materials to work with. The average cost is $2-$10 per square foot for an average of $10,000 per project. Brick and steel projects tend to exceed $10,000 but remain under $20,000.
Stone is the most expensive siding to install at $50 per square foot. A typical project on a large house can cost more than $50,000.
Siding can dip deeply into the average budget for a home improvement project. On a national level, the average cost that homeowners spend varies from $5,000-$13,000.
However, the siding material and labor may cost too much. In that case, it’s necessary to either increase the budget or cut out other important remodeling projects. As a contractor, if you don’t offer financing for siding or other projects, you could be missing out on these opportunities.
Financing helps your customers feel more comfortable with higher costs. Which allows you as the contractor to do more projects and increase revenue.
How Financing Helps
Financing is not just extra money for the bank. Homeowners can complete the project they want in the right amount of time. They don’t have to compromise on the types of materials and companies that they want. Some people choose aluminum or some other cheap material just to save money.
Many contractors provide financing to their customers these days. It’s almost a necessity (rather than an added benefit) to people who are more satisfied knowing that they can get the work done now and then pay later. By providing a payment plan, contractors earn more revenues while helping customers who cannot afford to pay upfront.
Most siding is affordable and easy to install. But for most homeowners, there are situations when it is difficult or impossible to pay for home renovation projects upfront.
Medallion Bank provides financing for siding and other home improvement projects to contractors. This ultimately helps the customers you work with. Contact a service provider to learn more about our services.