As you can probably gather, stone veneer siding doesn't serve much of a functional purpose but is typically installed to enhance the curb appeal of the property.
There are several different types of stone veneer siding. Manufactured stone veneer is designed to look like stone but is actually made of a concrete mix. It is cheaper than natural stone siding and is also lighter, but it is also less durable.
Faux stone siding is a step above manufactured stone but is cast to look more like naturally occurring stone. Faux stone is a bit more expensive than manufactured stone but generally looks better and can be more durable.
Finally, there's natural stone siding. This can be far more expensive than artificial options and is significantly heavier (and more stressful on the frame of the home), but it is the most durable and attractive option. And natural stone is the most unique, as no two naturally occurring stones are identical, so it can add the most personalization to a home.
How much will it cost?
As mentioned earlier, the national average job cost of a 300-square-foot manufactured stone veneer is $9,357 in 2020. This includes the removal of existing vinyl siding and all other necessary steps of replacing it with the stone veneer.
However, the cost of installing manufactured stone veneer siding can vary dramatically based on the size of the project, the materials used, and the geographic location of the home. According to Modernize, the average cost of stone veneer siding ranges from $8,254 to $18,125.
Is it worth it?
Unlike many other costly home improvements, adding stone veneer siding to your property can actually be a good investment. In fact, of all the common renovations and improvements analyzed in Remodeling's 2020 Cost vs. Value Report, adding stone veneer was the No. 1 project in terms of value added to the property.
According to the report, the average stone veneer project will add 95.6% of its cost to the property's value -- so if you spend $10,000 on the project, it can be reasonably expected to add $9,560 in value to the home.
The bottom line
Of course, this is just based on a national average, so your added value could be higher or lower. And for investors, it's also worth considering that not only does a stone veneer siding addition nearly pay for itself in terms of home equity, but it can also make the property more attractive to renters and potentially boost your income.