How a New Deck Can Increase the Value of Your Home
It’s an investment in your future
A home’s outdoor space is so much more than a place to grill burgers during a summer barbecue or sit by the fire pit with a cup of cocoa in the fall. It’s a place to make memories with your family and friends—but the cost of adding a deck is also not something you’ll easily forget. However, if you’ve been considering the addition of a deck to your home, it’s important to know that it’s a valuable investment in your future—here’s how.
Recoup the Cost in the Long Run
According to the 2019 Cost vs. Value Report from Remodeling, JLC Group’s magazine for the construction industry, the addition of a deck complete with railings and a built-in bench is the fourth most valuable home improvement project for homeowners. The annual report looks at what a construction project costs, what the resale value of it is, and how much of the money you can recoup.
The addition of a wood deck costs an average of $13,333 and the average resale value of it is $10,083. This means homeowners could recoup about 75.6% of the cost once it’s time to sell the home. The addition of a composite deck costs an average of $19,150 and the average resale value of it is $13,232—that’s a good 69.1% of the cost that can be recouped.
While initially it may appear from the numbers presented above that you may recoup less of the cost of a composite deck, it’s important to remember that a wood deck comes with the cost of upkeep. For example, experts recommend re-staining a wood deck every two to three years, and that can cost an average of $700 every time. Not only will a composite deck save you money over the time that you live in your home, but it’ll be a selling point for future homeowners who don’t want to worry about the upkeep that can come with a wood deck.
Now, you likely won’t get 100% of your money back, but these rates are fairly high compared to the other projects in the report. For example, Remodeling’s report found that a backyard patio costs an average of $56,906, and homeowners only recoup 55.2% of the value when the home sells ($31,430). It also found that adding a midrange bathroom to your home could cost an average of $47,427 and would only potentially allow you to recoup 60.2% of the total cost ($28,726).
Adding a deck to your home may seem like a big expense, but it could be worth it in the future.
Expand Your Home’s Square Footage
An outdoor deck may not be an extra bedroom or bathroom, but the additional space can make a difference in the resale of your home—and it may actually be more affordable than adding actual square footage.
According to HomeAdvisor, the average cost of adding a new 20-by-20 square-foot room could be anywhere from $32,000 to $80,000. While not an actual room, a deck of the same size could cost $20,000 less. Both options add 400 square feet to your home, but one offers a space for outdoor entertaining and could cost a lot less.
Offer Homebuyers a Coveted Feature
The homebuyers on the market may range from Baby Boomers to Millennials, but it’s the latter generation that is coming into its prime homebuying years. According to the National Association of Realtors Research Group, 37% of homebuyers on the market are Millennials. And one thing they’re looking for in their future home? A deck.
According to a 2016 study by NAHB Economics and Housing Policy Group, Millennial homebuyers were the only ones to have a deck and front porch on their list of must-haves in a home.
As for the other generations in the study? A deck didn’t even make the list of their top requested features. So if you’re aiming to appeal to the majority of homebuyers, a deck could seal the deal and help you sell your home faster, and potentially for more money.
Build for Your Future
Spending the time and money now on building a deck for your home could help you set yourself up for a fruitful future. DuraLife’s decking and railing systems come with a 25-year stain and fade warranty so you can be sure that the color and style you choose will last for years to come. You can feel the strength and durability of a DuraLife composite deck with samples that are easy to order and just $5 each (shipping included). Plus, the cost of samples is refunded when you officially purchase. If you’re ready to invest in your future, invest in a DuraLife deck.