Decks offer a lot of benefits to your home and to your whole family. It allows you to access and enjoy your outdoor space easier and faster. Your deck also offers an additional space to bond with the family or entertain your friends. Instead of entertaining your friends in your living room, you can move to your deck and share a glass of wine or have fun with a party.
If you are planning to do some home renovation projects, why not include adding a brand-new deck to your home or renovating your old deck? Apart from this, your deck also increases the curb appeal of your home.
Cost Vs. ROI
Now, is adding a deck a good investment? Find out below.
Some may hesitate to add a deck to their home because this home renovation project isn’t as affordable as it seems. Thinking about it, it may sound really costly. However, all of that money won’t go down the drain in the long run.
A deck installation or remodeling is a sound investment as it allows you to recover from 50% to more than 100% of its cost. According to a report in 2016, the ROI of deck installation and remodeling can potentially reach up to 106%. While the Remodeling Impact Report in 2018 states that it could reach up to 102% of its total cost.
The resale value of your home also increases if you have a deck installed, especially if your home is located in a place with nice, warm weather. However, the resale value of your deck will depend on several factors. Wood decks provide the best ROI despite the cost-efficiency of the project. This is because of the high maintenance that a wood deck requires to maintain its natural beauty and durability. Composite decks may have the same resale value as the wood deck, however, the materials used and its installation cost is higher compared to wood.
The size of the deck also affects its resale value. Most homeowners would love to entertain their guests on their deck. Having a deck that is spacious enough will improve its functionality and purpose.
Why install a deck?
According to a study conducted, the resale value and the ROI that decking brings into the home is only a secondary reason as to why homeowners would like to install a deck. The functionality it gives the home and the opportunity to enjoy the outdoor space better are the main purposes many homeowners decide to install or remodel their deck. Research shows that approximately 77% of homeowners want to be at home more often when their deck is already installed.