If you want to get more out of your home’s available living space while also increasing the value of the house itself, it’s a great idea to consider building a deck. Let’s take a look at why decks provide such a good ROI.
There are plenty of additions to your home that can help to increase its value when it comes time to sell. Your standard residential deck build will cost you anywhere from $4,000 to $10,000, depending on how many features you want to include. Decks specifically provide one of the highest returns on investment, or ROIs, with average reported returns of up to 70%.
Factors That Impact Your ROI
The Decking Material You Choose
The type of decking material you choose will depend on a) how you want your deck to look physically, b) how long you want your deck to last, and c) what your budget is for this home improvement project. Typically, the more you spend on materials, the greater your ROI. Though materials like composites are easier to maintain throughout your deck’s life, high-quality wood is usually a more sought-after decking material since it provides a greater return on investment and has a more timeless and natural feel.
Your Geographic Location
The area where you live has a large effect on the price you will eventually sell your home for. When it comes to your deck, homebuyers will likely deem it more valuable in areas where the climate is warm throughout the majority of the year. This way, they can use the living space that the deck provides all year long. How can you get around this when you live in a state that has cold winters like Maryland does? Enclose or screen-in a portion of your deck, add a built-in fire pit, or install a hot tub to help make your deck a space you can fully enjoy during any season of the year.
The Size of Your Deck
It’s important to size your deck appropriately and understand how much yard space you actually have available to install a new deck on. You also need to consider the size of your home, as you wouldn’t want an oversized deck that will dwarf your house’s appearance. Most homeowners opt for a deck that still allows them some open yard space while also providing enough deck space to enjoy different activities, like dining and relaxing. Larger decks provide more living space and thus provide a greater ROI, but be careful not to compromise appearance when choosing a deck size – creating a deck that flows well with your home’s exterior is key.