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The cost to replace a chimney ranges from $1,000 to $15,000, depending on the type and size of the chimney. You can install a smaller or prefabricated chimney for $1,000 to $5,000, but a full masonry chimney replacement cost can reach $15,000.

Below, we’ll explain new chimney cost factors, break down labor and materials expenses, discuss financing options, and help you determine if you might be able to replace the chimney yourself.

Chimney Replacement Costs: An Overview

How much does a chimney replacement cost? Anywhere from $1,000 to $15,000. A full chimney replacement is on the higher end of that range while a partial replacement — or a basic prefab chimney installation — is on the lower end.

In some cases, it might be possible to repair the chimney instead of replacing it. Chimney repair costs typically range between $1,000 and $3,000, though it varies depending on the extent of the damage.

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Full Chimney Replacement

A full chimney replacement costs between $5,000 and $10,000 — or up to $15,000 in some cases. Prefabricated chimneys are the lowest-cost option. You’ll pay moderate prices for a metal chimney and the highest prices for a brick chimney.

Partial Chimney Replacement (Rebuild)

You may only need to replace part of a chimney, like the stack, which extends above the roof. In other cases, you may need to pay for the repair of specific elements, like collapsing mortar, a damaged chimney crown, or a cracked flue.

Partial chimney replacement costs may top out at $5,000 while repair typically ranges between $1,000 and $3,000 per job.

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Chimney Installation Labor Cost

Labor makes up a large portion of the cost to replace a chimney. Depending on your geographic location, if you can reach the chimney by ladder or you need scaffolding, and the type of chimney being installed, labor rates may range from $50 to $150 an hour for an experienced mason.

You will usually need to hire a structural engineer before the mason can begin their work, which adds to your overall labor costs. Depending on where you live, that can cost around $500.

Chimney Installation Material Costs

Material costs vary depending on the type of chimney being replaced, rebuilt, or repaired. Prefab chimneys have lower material costs while masonry chimneys require more expensive materials like bricks and mortar.

Chimney Installation Cost Financing

Paying for a new chimney — or even a more basic chimney repair — can be difficult on a tight budget. If you don’t have the money in emergency savings, you can explore other options like:

•  A payment plan with the contractor: Ask the contractor if they can set you up with a payment plan over a set number of months, rather than requiring the full payment all at once. Costs may be higher if you go this route.

•  A credit card: Some contractors will let you pay with a credit card but be careful. Your credit card may have a high APR, and if you can’t afford to pay the full bill at the end of the month, you could end up paying a lot of interest, which will make the new chimney even more expensive.

•  A home improvement loan: Home improvement loans are a low-cost option for homeowners. These personal loans typically have a lower interest rate than your credit card, and you can choose repayment terms — often three to five years — that make sense for your budget. A personal loan can be a cost-effective way to pay for common home repair costs.

•  Home equity loans: Homeowners can also tap into their home equity with a home equity loan or home equity line of credit (HELOC).

Before you decide on the best financing option, you will want to compare the difference between home equity loans vs. home improvement loans.

Can I Replace the Chimney Myself?

A chimney replacement requires special skills and training. A lot can go wrong if you install or repair a chimney incorrectly. It could become a fire hazard or potentially collapse. No matter your DIY skills, we highly recommend hiring a qualified mason to tackle all repairs and replacements.

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What Factors Impact a Chimney Replacement Price?

Several factors can impact your overall chimney replacement cost, including:

•  Permits needed: You’ll almost always need to get a permit for larger chimney replacement projects. Permit costs vary depending on your state and municipality.

•  Level of work required: Wholesale chimney replacements cost significantly more than minor work. For example, chimneys may just require some repointing or tuckpointing to keep them in good shape, or you may need to replace the crown or cap or only rebuild the stack. If you have to replace the whole chimney, it may require demolition, which can be expensive. Talk with your contractor about the extent of the work to get a better idea of the total chimney installation cost.

•  Type of chimney: Prefab chimneys are the most affordable to install. You’ll spend more to replace a metal chimney, but the most expensive type of chimney to replace is a brick one.

•  Size and location: Larger chimneys will cost more to replace than small ones. Chimneys that are easy to access (by ladder, for example) are also more affordable to repair or replace. If the positioning of the chimney makes it harder for the contractor to access, labor costs will be higher.

Signs Your Chimney Needs to Be Replaced

How do you know when it’s time to replace your chimney? Here are a few signs to watch for:

1.   Crumbling brick: If the brick is visibly crumbling or deteriorating, call a mason quickly to determine the extent of the damage and begin the repair or replacement work.

2.   Leaks: If your chimney is the source of leaks (look for water damage to the surrounding walls and ceiling), it’s time to call a contractor to look at it.

3.   Cracks: It’s good practice to have your chimney inspected each year. During the inspection, the contractor will look for large cracks. These could be a sign that it’s time to repair or replace the chimney.

The Takeaway

Chimney replacement costs can range from $1,000 to $15,000 — it’s not a cheap project, but luckily, it’s also not a common one. Get your chimney inspected every year, and keep up with regular maintenance and cleaning. Unless there’s unexpected storm damage or the chimney is old, you may not have to replace the chimney the entire time you live in your home.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

FAQ

How long does it take to replace a chimney?

Basic chimney repairs can be quick: A professional should be able to repair a partially damaged chimney in one to four days. Significant damage may lead to longer timelines — in some cases, it might take weeks or even months to repair and rebuild a chimney.

Can I replace my chimney myself, or do I need to hire a professional?

Replacing and repairing a chimney requires specialized knowledge, skills, and equipment, not to mention physical strength. If you make even a small mistake when replacing your chimney, you might accidentally cause a leak, inadvertently create a fire hazard, or build a structurally unsound chimney that could collapse. Always hire a professional for this work.

What qualifications should I look for in a chimney replacement contractor?

When looking for a contractor to work on your chimney, always confirm that they are licensed and insured. You should also verify that they’re certified by the Chimney Safety Institute of America.

Ask the contractors if they offer warranties or guarantees for their work and read reviews online to make sure they provide quality services. You can also ask them for references.

How do I compare quotes from different chimney replacement contractors?

Before getting quotes from any chimney replacement contractors, read online reviews and ask the contractors about their licenses, insurance, and certifications. Only get quotes from qualified contractors.

When comparing quotes, look not just at the overall cost but also the timeline to ensure they can replace your chimney quickly, if needed. Also verify what is and isn’t covered in the quote. For example, has the contractor included the necessary permits, or is that a separate cost not part of the estimate?

You’ll also want to ask about their payment schedule and how they prefer to be paid (cash, check, or credit card, for example).

Are there permits or inspections required for chimney replacement, and how much do they cost?

When replacing a chimney, you almost always will need to get a permit and an inspection. The costs will vary depending on where you live, but you might pay up to $500 for an inspection by a structural engineer, and permits can reach $150.

How often should I replace my chimney, and what factors affect its lifespan?

A well-built chimney should last several generations of homeowners. In theory, you may never need to replace your chimney (but regular inspections are a good idea). If you do replace your chimney, you likely won’t need to replace it again as long as you’re in that house.

That said, certain elements may need to be repaired or replaced more frequently. Chimney liners, for instance, last 15 to 20 years, and mortar lasts 25 to 30 years.

Extreme weather, like high and low temperatures, hail, and earthquakes, may shorten a chimney’s lifespan, as can exposure to water. As your home settles over time, it may also lead to premature cracks in your chimney.

What are the risks of not replacing a chimney that is in disrepair?

If you ignore the signs that it’s time to replace or repair your chimney, you’re exposing your home to a lot of risk. Water could more easily get into your home, leading to mold and mildew. Walls, ceilings, and floors could deteriorate over time, and the inner workings of your chimney would be exposed to rust. Eventually, your chimney might collapse, leading to much more expensive and extensive structural damage to your home.

Photo credit: iStock/AntonioSolano
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPL0623005

When babies start crawling, they can get into all sorts of trouble. Aside from creating messes, they can hurt themselves. That’s why it’s important to babyproof a home before a child begins to explore.

The process of babyproofing can take time, effort, as well as a financial investment. But the payoff is huge — you’ll be able to relax, knowing that your little one will be able to crawl — and eventually walk — around your home without getting hurt.

If tackling your entire home all at once seems daunting, don’t stress. What follows is a simple, step-by-step babyproofing checklist that will help you turn your home into a safe haven for your little one.

Put Up Gates

If you don’t have doors throughout your home, you’ll want to install baby gates.

Baby gates that can be screwed into a banister, wall, or door frame are the most secure. But pressure-mounted gates can be a good alternative if you live in a rental and don’t want to put holes in any walls.

Some gates allow parents to step through, while others swing open. When looking for baby gates, it’s a good idea to seek out the ones that are the top-rated for safety and the most convenient for your home. For instance, you might get frustrated if you have to constantly step over a gate, so a swinging gate could be a better fit.


💡 Quick Tip: Home improvement loans typically offer lower interest rates than credit cards. Consider a loan to fund your next renovation.

Buy a Hexagon Play Yard

When you can’t constantly watch your baby, you can put your little one in a hexagon “play yard” with toys and comfort items.

The panels can also be used to block off certain rooms or areas of a room.

However, keep in mind that as your child grows and develops, they may be able to move the play yard or climb over the panels.

Cover the Outlets

Another part of a babyproofing checklist is covering all the outlets in your home.

The easiest option is to push heavy furniture in front of outlets so your baby can’t get to them. But if that’s not possible, you can buy plug-in plastic covers, outlet shields, or sliding plate covers.

Remember to also get power strip covers and electrical cord covers so your baby can’t play with those either.

Babyproof the Doors

Babyproofing doors is important so that babies can’t get into certain rooms or get their fingers jammed in doors.

To babyproof doors, you can install door knob covers, which are rounded, plastic covers that are too hard for babies to squeeze in order to turn the knobs.

You can also use a door strap, which will keep babies out of a room but allow small pets in.

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Put Away Heavy Objects

If young children pick up a heavy object, they could drop it and break it or, worse, hurt themselves.

A major part of a babyproof checklist is putting away heavy objects that could injure your child. These objects could go in a closet or another room. It doesn’t matter where they go, as long as they are out of baby’s reach.

Install Latches on Drawers

One key part of babyproofing a home is to make sure that children can’t get into drawers and cabinets where dangerous objects like knives are stored.

Parents have a few options for babyproofing cabinets and drawers. You can use slide locks for double door cabinets, which tie adjacent knobs together. Or, you might opt for magnetic locks, which go in drawers and cabinets and require a key to unlock them.

Other options include: adhesive strap locks (which use heavy-duty, removable adhesive) and spring-action locks (which unlock when parents open a drawer and hold down on the lock at the same time).

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Remove Choking Hazards

If you have more than one child, there could be little toys around the house or other objects that are choking hazards for your baby.

You can store these objects in a safe spot and instruct your older kids to do the same. For instance, an older child could have a special trunk where they put all their toys when the baby is around.

Keep Chemicals Locked Up

Before having a baby, you may have kept household cleaners and bug spray underneath the sink.

Now, when babyproofing, you’ll need to put a lock on the cabinet where these chemicals are stored and/or install a gate to keep your baby far away from them.

A number of household substances must, by law, have child-resistant packaging. Still, one look around the average home shows potential dangers, including perhaps colorful single-load laundry detergent pods and dishwashing liquid.

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Use Corner Guards

Installing corner guards is an essential babyproofing step. Corner guards, which may prevent a bad bruise or eye injury, can be used on sharp corners of wooden desks, glass tables, and metal fireplace hearths.

Some corner guards are made of high-density foam; others from silicone rubber. They come in different colors and may include double-stick tape for easy installation.

Babyproof Window Blinds

Cords attached to window coverings are a strangling hazard for babies. Ideally, you’ll want to switch any corded window treatments for cordless options. If that’s not possible, your next best option is to shorten the cords, attach plastic covers to the ends, and secure them to the wall with a tie-down device, or cleat. Cord cleats should be installed at least 5 feet above a floor, where a baby can’t reach.

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Secure Furniture to the Wall

Babies start to become very curious when they roam around the house. They may push furniture and try to move it. Every year children are injured in tip-overs of TVs, tables, dressers, and bookcases, some fatally. This is why all furniture they have access to should be secured to walls.

It’s important to secure furniture not only in the living and dining room but also in the nursery. Pay special attention to the baby’s bookshelf and dresser.

Secure Rugs

Once babies start to crawl and even walk, they could slip and fall on rugs. A good way to avoid mishaps is to make rugs immovable by placing nonskid rug pads underneath them.

Double-sided carpet tape can also be used to keep down any slight upturns on the edges and corners of the rugs.

Block or Babyproof Stairs

Babies tend to love stairs, but of course stairs can be dangerous. You can block stairs off with a baby gate and/or add carpeting, nonskid step pads, or a carpet runner to make stairs less slippery.

Paying for Babyproofing

Any way you slice it, raising kids is expensive, and that includes babyproofing your home.

The total cost of baby-proofing a home will depend on its size and specific baby-proofing needs. On average, babyproofing a home can cost between $500 and $2500, with most parents paying around $1,500 to make their homes safe and secure for their child.

Costs typically include essential items for each room like baby gates, outlet plugs, furniture anchors, electrical protection covers and materials, and locks for drawers and doors. Your outlay can run much higher than the average babyproofing cost if you install all new child-safe window treatments or make some structural changes to your home to make it safer for your little one.

If you aren’t able to pay for babyproofing out of pocket, you might consider using a low- or no-interest credit card or taking out a personal loan for home improvement.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

The Takeaway

A babyproof checklist is a must before babies start crawling, cruising, or otherwise getting around. Some key babyproofing steps include: using gates on stairs, locking or latching cupboards and drawers, containing dangerous items, placing outlet covers on all electrical outlets, and securing and mounting large unstable furniture to the walls.

Unfortunately, babyproofing typically isn’t a one-and-done home project. It’s a good idea to frequently reassess safety as your child ages and develops new skills (such as pulling up and walking) or you make any changes to your home.

Some babyproofing steps are free, while others can be costly. If you don’t have the cash on hand to cover safety-related home improvements, you might consider using a credit card with a 0% introductory interest rate or getting a low-interest personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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When comparing different types of mortgages, there are some great reasons to consider a loan from the U.S. Department of Veterans Affairs (VA) if you’re eligible for one. Some of the best VA loan benefits include no down payment requirement, no private mortgage insurance, and the potential to get a lower interest rate.

There are, however, some advantages to getting a conventional loan instead even if you qualify for VA financing. Comparing the benefits of a VA loan vs. a conventional mortgage can help you decide which one might be right for you.

Comparing VA Loans vs. Conventional Loans

If you’re a first-time homebuyer, it’s good to know a little about different types of mortgages and how they work. VA loans and conventional loans can both help you to buy a home, but one might be a better fit than another, depending on your financial situation.

Conventional Loan

A conventional loan is a home mortgage loan that’s not backed by the federal government. Examples of government-backed loans include VA loans and Federal Housing Administration (FHA) loans, which are designed to make buying a home more affordable for first-time buyers. Conventional loans can be conforming, meaning they meet standards set by government entities Fannie Mae or Freddie Mac, or non-conforming.

Conventional loans might be what you automatically think of when discussing mortgage loans. You can get a conventional mortgage from a traditional bank or credit union, but you can also find them offered through online lenders. Conventional mortgages typically require a down payment, which is money you pay upfront to reduce the amount you need to borrow.

VA Loan

What is a VA loan? A VA loan is a loan that’s backed by the federal government. The Department of Veterans Affairs operates the VA loan program to help eligible military members and their surviving spouses purchase affordable housing. Borrowers can get a loan through an approved VA lender to buy a home, build a home, or pursue a mortgage refinance.

If a borrower defaults on a VA loan, the government steps in to help the lender recover some of its losses. This is one of several VA loan benefits. With a conventional loan, the lender can’t call on the government to get any of its money back if the borrower fails to pay what’s owed.

Mortgage Requirements for VA Loans vs Conventional Loans

What are the benefits of a VA loan vs. conventional loan? A lot of the main advantages center around what’s needed to qualify and what you’ll pay as a borrower. Here are some of the main mortgage requirements to know when looking at the benefits of VA loan financing side by side with conventional loans.

Credit Score

Lenders can use your credit score to qualify you for a mortgage and your credit history can also influence the rates you pay for a home loan. One of the main benefits of using a VA loan to buy is that the VA program does not have a minimum credit score requirement. That could make a VA loan attractive for borrowers with less-than-perfect credit.

However, VA-approved lenders may set their own minimum credit score requirements for loans. Of course, lenders can do the same for conventional mortgages. Generally speaking, a good credit score for a mortgage is usually 620 or higher, though the better your score the easier it may be to get approved.

Down Payment

Putting money down on a home reduces the amount you need to borrow and if you’re getting a conventional loan, it may help you to avoid private mortgage insurance (PMI). PMI is insurance that covers the lender in the event that you default on your loan and it’s typically required for conventional loans when you put less than 20% down.

The VA, however, doesn’t require a down payment for loans. That’s one of the nicer VA loan benefits for homebuyers, since you don’t have to part with a large chunk of cash all at once. Instead, you could save your money to buy new furniture, make improvements to your new home, or pad your emergency fund so that you’re prepared in case the roof springs a leak or you need to replace your water heater.

Debt-to-Income Ratio

Your debt-to-income ratio or DTI reflects the amount of your income that goes to debt repayment each month. For conventional home mortgage loans, a good DTI is 36% or less, though it’s possible to find lenders that will work with you if your DTI is above that amount.

With VA loans, it’s possible to get approved with a DTI of up to 41%. However, having a higher DTI could make it more difficult to keep up with your mortgage payments. For that reason, it’s a good idea to work out a detailed home buying budget to determine how much you can afford without straining yourself financially.

Private Mortgage Insurance

As mentioned, private mortgage insurance is a feature that can be included in a conventional mortgage if you put less than 20% down. Premiums are added into your monthly mortgage payment and once your equity reaches 20%, you can request to have PMI removed from your loan. Lenders are supposed to drop PMI automatically once your mortgage balance reaches 78% of the home’s original value, assuming you are up to date on your payments.

One of the benefits of a VA home loan is that you don’t have to worry about any of that. There is no PMI for these loans, so you don’t have to factor in any added costs when estimating how much your monthly mortgage payments will be.

Property Eligibility

VA home loans can be used to purchase a variety of home types, including:

•   Single family homes with up to four units

•   Condos in a VA-approved project

•   Manufactured homes

The VA loan program requires a home inspection and an appraisal to make sure that the home is structurally sound and that its value is compatible with the amount that you want to borrow. If a home has any obvious defects, such as a cracked foundation, you may need to get an additional inspection from a certified engineer in order to move ahead with the loan.

VA loans are designed for purchasing primary homes. In other words, you can only get one for a home you plan to live in. Conventional loans, on the other hand, can be used to purchase a primary home, second home, or investment property. While an appraisal is required for a conventional loan, an inspection may be optional if the lender allows.

Borrower Fees

When you get a conventional loan, you’ll typically pay 2% to 5% of the purchase price in closing costs. Closing costs cover things like attorney’s fees, mailing fees, and recording fees. You’ll need to bring a check to closing or wire the amount to your closing attorney to pay those fees, along with your down payment.

A VA lender can also charge closing costs and borrowers must usually pay a VA funding fee as well. This fee is used to cover the costs of the VA loan program and it’s paid just once. The amount you pay for a VA loan funding fee depends on whether you’re a first time homebuyer or repeat buyer and how much money you put down, if any.

Additional Requirements to Consider

Aside from having a good credit score and steady income, there’s one more thing you’ll need to qualify for a VA loan. Borrowers are expected to produce a Certificate of Eligibility (COE) demonstrating that they’re eligible for the VA loan program.

Veterans, service members and surviving spouses can apply for a COE online through the VA website. To get your COE, you must be able to meet minimum duty and service standards. If you’re currently on active duty, you’ll need to get a statement of service from your commander, adjutant, or personnel officer.

If you don’t meet the service requirements for a COE, you may still be able to qualify if you were discharged. Exceptions are also made for the spouses of veterans and for people who served in certain organizations. However, if you’re not able to meet those requirements then you’ll need to consider another home loan option.

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Pros and Cons of a VA Loan vs a Conventional Loan

The benefits of a VA mortgage loan are undeniable, particularly for first-time buyers who may not have a lot of cash to put toward a down payment. To recap, here are the main VA home loan benefits to know, as well as some of the cons, when comparing them to conventional financing options.

How to Choose the Right Mortgage For You

Weighing the benefits of VA loan financing against conventional loans is important when it comes to choosing the best loan option. If you meet the criteria for a VA loan, then you might consider prequalifying for this type of mortgage first to see what kind of rates and terms you’re eligible for.

On the other hand, if you’re ineligible for a VA loan because you don’t have a COE or you can’t meet a lender’s credit requirements, then a conventional loan might be best. Visit a home loan help center to explore more options.

With any mortgage, it’s helpful to consider:

•   Interest rates and what you might pay

•   Repayment terms

•   Closing costs and other fees

•   Appraisal and inspection requirements

•   Down payment requirements

•   Funding speed

It’s also to your advantage to make yourself as creditworthy as possible before applying for a home loan. Some of the best tips to qualify for a mortgage include paying down existing debts to reduce your debt-to-income ratio, making sure you’re paying all your bills on time, and holding off on applying for other loans or lines of credit.

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The Takeaway

There are several VA home loan benefits. Getting a VA loan could save money if you’re able to get a lower interest rate and avoid making a large down payment. Conventional loans, on the other hand, are still worth a look, especially if you want to buy a second home or an investment property.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

What is the advantage of a VA loan vs a conventional loan?

VA loans do not require a down payment or private mortgage insurance. Conventional loans may require a 20% down payment to avoid PMI. VA loans may also have lower interest rates for qualified borrowers.

Are VA rates better than conventional?

VA loans can have lower interest rates than conventional loans, which could save you some money as a homebuyer. The interest rates you’re able to qualify for with a VA loan vs. conventional loan can depend largely on your credit scores and credit history.

Why do sellers prefer conventional over VA?

Home sellers may prefer to sell to buyers who have conventional loan funding simply because VA loans tend to have stricter requirements when it comes to the property itself. Buyers must be able to get the home appraised and inspected in order to move ahead with a VA purchase loan.

Photo credit: iStock/designer491

^†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOHL0623003

Home siding replacement costs typically run around $11,400, though that’s just a ballpark figure. The amount you could pay will depend on factors such as home size, materials, location, and project timing.

While house siding replacement isn’t a cheap solution, it can be a transformative one. After all, as a homeowner, you know that the appearance of your home reflects your style, pride, and investment.

Before you dive headfirst into this exciting project, it’s important to understand house siding replacement costs so you can proceed with confidence.

What Impacts House Siding Replacement Costs?

Numerous factors influence the cost of replacing house siding, including the size and shape of your house. Here are some important ones to keep in mind.

Home Size

Your home size impacts the cost of your project because a larger house requires more siding. The following is an estimate of potential siding costs for different square footage. Remember, if you live in a two-story home, you’ll add 15% to 30% of the total cost. The additional floor means more hours and materials are needed to finish the job.

House Shape

A home with a traditional or simple shape tends to incur lower siding costs. For example, a conventional, square house will likely be less expensive than an H-shaped home when installing siding.

Type of Materials

The material you select for your siding is crucial, and each type has its pros and cons. For example, although bricks cost more than vinyl, they are more durable. So, the higher upfront cost means longevity, while vinyl siding means you could face another siding repair job in several years.

Home Design

Whether your home has multiple stories or gables, for example, the overall design could impact how much you pay to replace the siding. That’s because any differences from a conventional home build could require more time and modified cuts of siding.

Removal of Old Siding

Removing old siding is a possibility when installing new siding. For example, your contractor may want to eliminate pests or rotting material underneath the original siding. On the other hand, if the current siding is in decent condition and you want to cut costs, you may decide to install the new material over the old material.

Condition of Old Siding

Your old siding can increase the project cost if it requires more work to remove. On the other hand, uncomplicated siding removal will help streamline the project.

Time of Year

Generally, homeowners hire contractors during warmer weather. However, some contractors might have deals for homeowners who want work done outside the high season. So, timing your project wisely could save you hundreds or thousands of dollars.

Location

As with other exterior home remodeling projects, location plays a role in how expensive it is to replace your house siding. For instance, this list demonstrates the differences across the country:

Siding Installation Cost: Labor

Labor is an unavoidable cost when replacing house siding. The materials, complexity of the job, and your region will affect labor costs. Typically, you’ll pay between $1 and $15 per square foot, with $4 per square foot being the most common rate. So, siding installation costs for labor for a 1,500-square-foot house will likely cost about $6,000.

Permit Costs

Your municipality may also require you to obtain a permit from your county and/or state before you begin work on replacing your house siding. Building permits cost between $150 and $3,000, depending on your location and project scope. However, in some regions, permits aren’t mandatory for minor projects, so ask your county or a contractor before applying for one.

Siding Costs by Type

The type of siding is another major influence on your total project cost. Here’s a breakdown of common materials and their average price:

Vinyl

Replacing house siding with vinyl costs $2 to $13 per square foot. Plus, it isn’t challenging to install, and provides dozens of color options. However, it may dent easily and is more susceptible to weather damage than other types. For example, storms and extreme temperatures can make vinyl deteriorate quickly. You can expect vinyl siding to last between 20 and 40 years.

Wood

Wood costs $1 to $15 per square foot, making it an affordable siding option. While it’s vulnerable to pests, water, and rot, its unique aesthetic can be desirable to homeowners. Plus, certain types of wood, such as cedar, can have a higher resistance to damage. Remember, wood siding requires paint jobs and chemical treatments every five years or so to prevent degradation. Wood siding that’s been well cared for can last 20 to 40 years.

Engineered Wood

Costing between $1 and $6 per square foot, engineered wood can be an attractive choice for those on a budget. As the name implies, the manufacturer pretreats the wood to enhance its durability. Mass production methods drive down the cost, and engineered wood needs paint less frequently than conventional wood.

In addition, DIYers often use this material because of its straightforward installation. However, faulty installation can result in moisture damage, so it may be best to hire a contractor. With the right installation technique and proper care, engineered wood lasts between 20 and 40 years.

Aluminum

Another low-cost option, aluminum siding costs $3 to $6 per square foot. This material helps with temperature control and is resistant to temperature changes, rust, and pests. However, it can produce loud sounds during storms and can develop scrapes and discoloration. As with the previous options, aluminum siding lasts 20 to 40 years.

Fiber Cement

Although you could mistake this material’s appearance for wood, fiber cement tends to stand up better to insects and the elements. It needs less care and painting than wood as well. However, because it is made of cement bound by cellulose fibers, its weight can be a drawback. The siding’s price ranges from $5 to $14 per square foot and will last about 50 years.

Brick

When you change the siding on a house to brick siding, it costs $10 to $20 per square foot and provides a solid, traditional look. While heavier than other materials, brick is touted for its resilience and longevity. Brick siding will last 100 years or more.

Stone

Usually the most expensive option, stone siding costs $7 to $30 per square foot. It provides a dignified, stately aesthetic and ultimate sturdiness. Unlike wood or vinyl, stone is extremely slow to deteriorate and is impervious to rot and pests. Stone siding lasts at least 100 years.

Stone Veneer

If you like stone but not its cost, stone veneer may offer you the happy medium. It costs $5 to $11 per square foot and looks like natural stone, although it’s a mix of cement, aggregates (like gravel or concrete), and iron molecules for coloring. Stone veneer is an excellent insulating material and lasts between 20 and 75 years.

DIY Home Siding Replacement Cost

Installing new siding by yourself may not be the most suitable DIY endeavor. For starters, there’s the safety of you and your home to consider. Plus, the weight and cumbersome nature of siding make it challenging to handle. And improper installation can result in substantial water damage, insulation problems, or pest infestations.

That said, if you have the expertise, installing siding is feasible, with vinyl being the most doable. Having the necessary tools and securing a construction permit without a contractor’s help can reduce labor costs by $1 to $3 per square foot.

Professional House Siding Replacement Cost

A professional house siding replacement job can cost $2 to $50 per square foot, depending on the materials and the other factors listed above. However, a skilled contractor can provide peace of mind through quality work, not to mention saving you hours sweating in the sun while you install material.

How to Reduce the Cost of Home Siding Replacement

Going with a professional for a house siding replacement project doesn’t have to mean burying yourself in debt. Here’s how to decrease the costs of your project without sacrificing quality:

Research and Compare Quotes from Multiple Contractors

A price comparison between contractors can help you get the best deal. When you’re searching for contractors for your project, referrals are an excellent place to begin. Ask neighbors, family, and friends who recently had siding repairs or replacements for their recommendations. There’s a good chance you’ll find plenty of siding installers in your area, and referrals will help you narrow down your choices.

As you research contractors, it’s wise to reach out to at least three different companies to gather price estimates. Then, request a detailed quote to gauge the pricing options available in your area. When comparing prices, remember that not all contractors solely focus on siding. Some general contractors and handypersons offer siding installation as part of their broader range of services.

To ensure a fair comparison, contact at least two companies specializing in siding and one general contractor. Keep in mind that while a general contractor may be versatile, they may not have the same level of expertise and experience as a dedicated siding professional.

Negotiate with Contractors

You can haggle with contractors to get a discount. For example, you might decide to delay your project until late autumn, when contractors have more gaps in their schedules. Likewise, you can ask for lower prices for tearing off the existing siding yourself or getting the required permit on your own. These tactics could help you shave hundreds off your final bill.

Consider Financing Options

If affordability is keeping you from replacing siding, financing the project can help you get started sooner instead of later. For example, a personal loan is a straightforward option that can get the necessary money in your account within a few days.

In addition, you could leverage your home equity to obtain a home equity loan or home equity line of credit (HELOC). These options turn your equity into cash, meaning they’re helpful for homeowners who have paid off a significant amount of their mortgage. Remember, financing means paying the loan plus interest every month, so it’s best to ensure your budget has the space before you borrow.

What to Consider Prior to Replacing House Siding

Because changing the siding on the house is an investment, you must consider a few things before starting your project. Here’s what to keep top of mind before shopping for siding materials or ripping off the old siding.

HOA Rules

Read your HOA covenants, conditions, and restrictions (CC&Rs) to ensure you’re correctly following guidelines on allowed siding materials, colors, and more. In addition, you may need to apply for preapproval from your HOA board before starting the project.

Likewise, your HOA may require you to hire a licensed and insured contractor to perform the work. Remember, not every contractor has the same licensure, insurance, and certifications, so it’s best to shop around. Plus, you’ll need to communicate your HOA’s rules and standards to the contractor so they understand the project’s parameters. It’s also crucial to obtain permits from your municipality. Your HOA might also require notification when the project is finished.

Siding Quality

Various siding materials have different durability and appearance, so it’s best to ask yourself what kind of siding you want. Siding quality will also affect pricing and maintenance.

Siding Colors

Next, it’s time for the fun part: choosing a color. While you may have an initial preference, it’s beneficial to follow these tips and steps:

•  Determine your siding type. Different types of siding may have limitations on color options. For example, brick and wood sidings offer fewer choices, whereas vinyl sidings offer endless possibilities.

•  Consider your home’s style. Your home’s architectural style can guide you in selecting the most suitable siding colors. For instance, white, gray, and subtle colors complement colonial homes, while bold colors and textures work well with Victorian-style homes.

•  Evaluate the front door, windows, and roof. Choose a siding color that harmonizes with other exterior elements. You can contrast a dark front door or roof with lighter-colored siding. And remember that you can always replace your front door affordably to match your new siding.

•  Explore neighboring homes. Walk around your neighborhood to gather inspiration and ideas from other homes. Look for houses that you admire and share a similar style and construction. Additionally, if homes are for sale nearby, check their values online to see if the siding color has contributed to a higher resale value.

Maintenance

To ensure the longevity of your new siding and prevent potential damage to your home, be sure to provide proper care and maintenance. Regular cleaning and inspections will help you identify any areas that require attention.

Remember, various siding types have specific maintenance and cleaning requirements. Therefore, becoming an expert in the siding type of your choice can add years to its life. Simple tasks like caulking and painting can make a significant difference in high-moisture climates. By addressing these maintenance tasks proactively, you can save hundreds of dollars in costly structural repairs.

Energy Efficiency

Siding guards your home against adverse weather, such as strong winds and extreme heat, can influence your home’s energy usage. In addition, energy-efficient siding offers superior insulation to traditional siding, reducing energy consumption for temperature control. It does so by including insulation (like spray foam or foam board) beneath your chosen siding material. In contrast, traditional siding often lacks this feature.

While uninsulated siding may be more affordable initially, the long-term savings on monthly utility bills through insulation can offset the project cost. Additionally, opting for energy-efficient siding increases your home’s value if you sell it.

To gauge the return on investment (ROI) for energy-efficient siding, consult a siding contractor and inquire about the typical energy bill savings experienced by homeowners in your area after installing insulated siding. Depending on your location, your savings could be 20% off your previous energy bill.

The Takeaway

Several factors influence the cost of house siding replacement, including the size and shape of the house, the type of siding materials chosen, the condition of the old siding, and the house’s location. Other factors, such as the time of year and the need for permits, may also affect the expenses. Researching and comparing quotes from multiple contractors, negotiating with contractors, considering financing options, and planning may help reduce the cost of a siding replacement project without compromising quality.

If you’re ready to roll up your sleeves and get some home repairs or renovations done, see what a SoFi personal loan can offer. With a SoFi Home Improvement Loan, you can borrow between $5k to $100K as an unsecured personal loan, meaning you don’t use your home as collateral and no appraisal is required. Our rates are competitive, and the whole process is easy and speedy.

FAQ

How long does it take to replace the siding on a house?

The time it takes to replace siding on a house usually takes about 10 to 14 days. However, the exact time depends on various factors, such as the home’s size and the siding material.

What are the benefits of replacing siding on a house?

Replacing house siding can improve insulation and temperature control, protect against pests, and beautify the house’s appearance. As a result, replacing siding can often increase a home’s value.

Can I replace the siding on my house myself, or do I need a professional?

A DIY siding replacement project eliminates labor fees ranging from $40 to $90 per hour, which leaves materials as the sole expense. However, DIY can be challenging if you lack experience. Hiring a professional siding contractor ensures the job is done correctly, efficiently, and with access to better material prices, along with their expertise and knowledge of potential risks.

How do I choose the right type of siding for my home?

It’s best to choose siding for your home according to your priorities. For example, your budget, preferred materials, and insulation concerns will influence the type of siding for your project.

Are there any tax credits or incentives for replacing house siding?

Installing energy-efficient insulation with your siding can make you eligible for the Energy Efficient Home Improvement Credit. The credit is up to 30% of the project cost.

Photo credit: iStock/patty_c
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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Buying homeowners insurance involves a few simple steps that ensure you’re purchasing a policy tailored to your needs. By investing a little time, you’ll be rewarded with coverage that protects your home and your belongings at the right price. This holds true whether you’re buying a house and insurance for the first time or shopping around for a better rate.

Insurance can be tricky, and many policies have a flurry of exceptions when it comes to what’s covered and what isn’t. Having an insurance policy with certain kinds of exceptions can wind up costing you hundreds of dollars for coverage that might fall short when it’s needed.

Fortunately, you can avoid that scenario. Here, we’ll walk you through how to buy homeowners insurance as well as offer some tips on how to find the best rate on your policy this year.

5 Steps to Shopping for Homeowners Insurance

When shopping for homeowners insurance, it’s a good idea to compare similar policies. You want to be sure you’re reviewing what different insurers charge for policies with almost identical coverage.

You’ll also want to shop around to get the best deal you can. Policies from the same company can vary widely by geography, property type, and even between two different zip codes.

It’s also a smart move to compare some intangibles, such as a company’s reputation for customer service and claims satisfaction. They can have a big impact when it comes time to file a claim.

Now, let’s walk through the steps of how to shop for homeowners insurance.

Step 1: Decide How Much Coverage You Need

When deciding how much homeowners insurance coverage you need, you’ll want to make sure that you have enough coverage to replace your most important belongings; rebuild your house in the event it’s destroyed; and cover any liability for injuries that might occur on your property. Your policy will be there in case a fire, storm, or crime causes a loss.

In industry terms, homeowners insurance coverage for the aforementioned events is typically broken into four categories:

•   Personal property coverage: Insures against losses to personal property — including furniture, clothing and electronics — in the event of a covered incident.

•   Dwelling coverage: Covers the repair or replacement of your property and any attached structures, like a garage, fence, or any sheds.

•   Liability coverage: Protects against any medical or legal expenses that you may be liable for as a result of injuries that occurred on your property.

•   Additional living expense coverage (ALE or Loss of use coverage): Pays for temporary housing and related costs in the event you’re displaced from your home due to a covered loss.

Each of the coverages listed above are subject to their own insurance limits. These are calculated based on both the insurers’ proprietary formulas and the amount coverage you choose to purchase. Here’s a closer look at each kind of coverage and how much you might want to buy.

Personal Property Coverage

Just as the name suggests, personal property coverage covers the cost of any personal property that you would need replaced in the event of a covered loss. This can include all the contents of your home, including furniture, electronics, kitchenware, and jewelry.

Generally, you’ll want enough personal property coverage to cover the cost of replacing all of your important belongings. To help you calculate how much this might cost, create a written inventory of all your major belongings and their cost. This allows you to better estimate how much personal property coverage you need and gives your insurer a reference point for how much insurance you might need. You might even consider doing a video inventory to keep track of your property.

Bear in mind that not all items are covered under your home insurance policy. For example, any vehicles damaged while housed in your garage should be covered under your auto insurance. Additionally, rare and high-value items, like art, fine jewelry, and antiques, may be subject to value caps under your policy and may require separate/supplemental insurance policies for full coverage.

Recommended: Should I Sell My House Now or Wait?

Dwelling Coverage

Dwelling coverage covers the cost to repair or rebuild the building on your property, in addition to any attached structures, like garages, balconies, or fences. When you think about the dollar amount here, you probably want to be prepared for the worst-case scenario of totally rebuilding your home. Though rare, this kind of catastrophic incident can happen.

Liability Coverage

Liability coverage helps shield you from lawsuits in the event you’re found liable for any accidents that occur on your property. These can range from slips and falls to any damage caused by falling trees from your property.

Generally, the more assets you have, the more liability insurance you’ll want to purchase. However, liability coverage will only pay out to a set dollar limit as listed on your policy, with you responsible for any balance. If you’re looking for added liability coverage, you may want to look into a personal umbrella policy.

Additional Living Expense Coverage

Additional living expense coverage, or loss of use coverage, pays for reasonable housing and living costs if you’re displaced for an extended period due to a covered event. Imagine that a storm sent a tree branch crashing through your roof and your bedrooms became uninhabitable — that’s the kind of situation that would lead you to move out and tap what’s sometimes called ALE coverage.

Typically, your loss of use coverage will encompass a fixed percentage of your dwelling coverage. Larger families may wish to opt for more coverage if your weekly living expenses are particularly burdensome.

Learn the Difference Between ACV, RCV, and GRC Coverage

Once you have some ballpark numbers in mind for the amount of coverage you need, you also need to decide what kind of coverage you want in terms of potential payout. There are three terms to know — ACV, RCV, and GRC — and these will impact how claim amounts are determined as well as your premiums.

•   Actual Cash Value (ACV): Typically the cheapest option, ACV calculates your home and property’s value based on its current market value minus depreciation. Depreciation occurs naturally over time. Let’s say you had a 10-year-old refrigerator that had cost $1,000 when you bought it. After 10 years, its “cash value” might be, say, $100, so that is what ACV would reimburse you if it were destroyed during a covered event. This would not enable you to go out and buy a similar unit.

•   Replacement Cost Value (RCV): This policy is more expensive. In the event of loss, it insures your home for the cost it takes to rebuild it like new and replace the items in it at their full cost. Unlike actual cash value, RCV does not factor in depreciation.

•   Guaranteed Replacement Cost (GRC): The most expensive policy of the bunch, this policy insures your home and property for its replacement cost value plus a certain percentage over that amount, which can help protect against inflation.

💡 Quick Tip: If you have a mortgage, a homeowners policy may be required by your lender. Surprisingly, unlike auto insurance, there is no legal mandate to carry insurance on your home.

Step 2: Verify Details About Your Home

Before an insurer can give you a quote, you’ll need to provide them with details about you and your home so they can accurately price your home insurance policy.

Keep in mind that insurance agents will take steps to verify the accuracy of this information, so be sure to answer to the best of your ability. Here are some of the most commonly requested details:

•   Property size and foundation

•   Roof type, material, and age

•   Age of structure and building materials

•   Age and type of electrical, plumbing, and heating system

•   Presence of any adjacent structures, pools, fences, etc.

•   Presence and number of pets

•   Intended use of property (rental, secondary, or primary home)

You can ask your real estate agent to forward you this information or obtain it from publicly available sources. Often, many of these details can be found in your home inspection and appraisal reports. Remember to disclose any improvements or renovations that have been made over time.

Step 3: Consider Whether You Need Added Coverage

A typical homeowners insurance policy goes a long way towards protecting you from damage to or loss of your home and property. But it doesn’t cover everything. Acquaint yourself with these details and decide if you want additional coverage.

According to FEMA, a common myth among many Americans is that homeowners insurance covers flooding. However, it does not.

In fact, here’s a list of common events that are often NOT covered under most home insurance:

•   Floods

•   Earthquakes

•   Sinkholes

•   Water and sewer backup

It’s important to review your insurance policy for any exceptions or issues not mentioned that you may want covered. You may be able to purchase additional insurance coverage for the above-mentioned issues as part of a separate policy, or what’s known as an endorsement, on your existing home insurance policy.

Also remember that personal property coverage often has a reimbursement cap on valuable items, which may limit the recoverable amount on certain rare or valuable goods. If you inherited valuable artwork or saved like crazy to afford a luxury watch, you may want to purchase additional endorsements for these.

Step 4: Take Advantage of Any Discounts Your Insurer Offers

Before finalizing your policy, check with the insurer about any discounts they offer and how many you might qualify for.

These can take them form of bundling discounts, which reward you for purchasing other policies (e.g. auto and life) through the same insurer; retention discounts which reward you for staying with a single insurer for an extended period of time; and even safety discounts, which reduce your premiums based on various improvements that you make to your home (e.g. adding a security system).

Each insurer has its own batch of discounts that you may be eligible for. Make sure to check with each potential policy provider to confirm that you’re getting the best deal possible.

Recommended: How Much Is Homeowners Insurance?

Step 5: Finalize Your Policy and Figure Out Your Payments

Now that you’ve selected the coverage you want, at the price you want, it’s time to put the finishing touches on your homeowners insurance policy.

First, you’ll want to set your insurance policy deductible, which is the amount you agree to be personally responsible for before the insurance company pays out on any claims. This is similar to a copay on a health insurance plan and is charged on a per-claim basis.

Generally, higher deductibles lead to lower insurance premiums, because they transfer some of the financial burden of paying for claims from the insurer to you.

While you will end up paying more out of pocket when you need to file a claim, this can be a smart financial decision for newer homes and low-risk areas. Of course, this option will only make sense for you though if you are confident you can cover that deductible in an emergency.

Second, you’ll need to decide how you wish to pay your insurance premiums. Policies are typically written on an annual basis and can be paid on a monthly or quarterly basis, or even in one lump sum. Some insurers offer added discounts if you decide to pay the entire amount upfront.

Finally, you’ll need to set the date on which your policy takes effect. Generally, this should be the same day you take possession of the property if you’re buying a new home. If you’re switching insurance providers, it should coincide with the end date of the previous policy, without any lapse in coverage.


💡 Quick Tip: Your insurance needs depend on your age, dependents, assets, possessions, and economic situation. As your circumstances change, so should your insurance plans.

The Takeaway

Buying the right homeowners insurance ensures that your home is protected if disaster ever strikes. That said, shopping for a policy can feel overwhelming at first since there are a lot of new terms to be learned, figures to calculate, and decisions to be made.

As you gather the information and quotes you need to make your choice, you’ll be rewarded with a policy that suits your needs, is priced just right, and can give you peace of mind.

If you’re a new homebuyer, SoFi Protect can help you look into your insurance options. SoFi and Lemonade offer homeowners insurance that requires no brokers and no paperwork. Secure the coverage that works best for you and your home.

Photo credit: iStock/JLco – Julia Amaral

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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