Adding a deck to your backyard is a worthwhile investment that could help to increase the resale value of your home. This home addition could be what you need to enhance the look and feel of your backyard or your overall home. Maybe your objective is to create a functional outdoor space. A deck is somewhat of a low-risk home addition with a fairly high return on the original cost. When it’s time to sell your home, you can expect to recoup more than half of the original cost of the deck. How does a deck really impact the value of your home? Let’s take a more detailed look to answer that question.
Decks Typically Pay Off
Decks add value to a home in that it gives the homeowner another point of entry and exit from the house to the yard. It creates more usable space for a homeowner, but without the high cost, it would be to construct a new room addition. Decks are appealing because they make popular hangout spots, whether for family gatherings or entertainment. Decks typically give more space to freely move about rather than be stuck inside a room with movement constraints and congested indoor air. It’s a great chill spot when the weather is favorable for gatherings.
A common practice of homeowners is to stick with wood or low maintenance decks. If all the neighborhood homes feature a deck and you have none, your resale value will likely be negatively impacted. A deck that is in good shape versus one that needs refurbishing is better for adding to your home’s value. Fix up your older deck before selling your home.
Additional Space at a Lower Cost
A deck creates additional space that can impact the resale of your home. A deck won’t increase your home’s square footage if the lawn it’s built on is already counted in the property’s square footage. A new 20×20 square-foot room could cost between $32, 000 and $80, 000, based on a HomeAdvisor report, while the same size deck runs $20,000 less.
Caveats of the Value of Decks
Adding a deck to increase the resale value of your home is an investment in your future. While the amount that can be recouped varies from place to place, with the climate being a factor that impacts price. Decks built in places that have a temperate climate may have a higher building cost, but that comes with a higher resale value to balance it out. Decks built in colder climates tend to garner less in resale value since it is less resilient against the impact of the harsher conditions. While studies have shown the estimated ROI of decks to be between roughly 76% and 100% or more, decks in colder climates can have an ROI of only about 78%. So a deck is a great investment in Virginia.
Adding to your outdoor space boosts the value of your home overall. It increases the resale value, giving you more bang for your buck, and it creates an additional space that is appealing. With decks, you don’t need to build large, only smart, if you want to recoup on your investment. If you’re interested in a new deck, contact Nation’s Choice Windows today.