As a homeowner, you should proceed with home improvement projects cautiously. Most improvements should strike a perfect balance between the cost of improving your curb appeal or functional addition and return on investment. You shouldn’t sink too much money in a renovation project that can’t increase the value of your home.
Most homeowners focus on common projects that increase property value, such as bathroom and kitchen remodeling. While these projects are worth the investment, adding a new deck or renovating old covered decks is appealing and beneficial.
How to Increase Property Value with a Deck
On average, you might spend $10,000 to install a new wooden deck and up to $17,000 for composite decks. These costs can easily make homeowners skeptical about the potential return on investment after installation. However, with these costs, you can create an excellent relaxation space and improve the value of your house simultaneously.
Most home improvement projects recoup between 50% and 80% of the construction costs. However, decks are largely untapped, with various studies indicating that decks and patios can recoup more than 100% of the installation costs depending on the size and choice of materials. A 2018 Remodeling Impact Report found that well-designed patios can recoup 102% of the construction costs.
However, how deck installation improves your property value varies based on several factors. Where you live is a major determinant of your deck value. Generally, potential homebuyers will likely spend more on a property with a deck in a region that enjoys a warm climate all year round. Deck value won’t affect property values in areas with long winters.
Deck value is also significantly influenced by the material used to construct the deck. Most decks in the U.S are constructed from wood or composite materials.
Decks made from wood provide the most return on investment. While wood is an affordable construction material, it boosts your property’s resale value almost close to composite decks.
Unfortunately, wooden decks are not resilient to harsh weather conditions like composite decks. They also require regular maintenance to retain quality and value. Wooden decks are the best material for homeowners who want to sell their property immediately.
Composite decks are of better quality and more costly than wooden decks. However, their costly nature is reflected by composite materials’ durability, dependability, and longevity. Composite decks are gaining popularity because they can withstand inclement weather, be it rain, extreme temperatures, or snow.
Unlike wooden decks, occasional cleaning is enough to maintain the quality of composite decks. Composite decks are a good choice for homeowners who want to enjoy their deck for a while before selling their house.
You should install a deck as part of your home improvement projects for several reasons. Potential buyers will find well-constructed decks appealing. They also increase the size of usable space in your home.
However, like other home improvements, remember that investing in a deck extravagantly doesn’t guarantee maximum returns when selling your home. Using expensive materials, such as capstock, adding costly furniture, and other bells and whistles won’t guarantee a return on investment.