So exactly how much does a deck increase the value of your home? Experts estimate that a deck offers a resale value of at least 76%, which is higher than any other home renovation project. So you can do the math and estimate the increased value of your home.
Because of this, the addition of quality decking adds up to 10% of value to a home as it improves the buyers' perception of how much living space there is in that property.
Square Footage Expanded
Believe it or not, a deck, whether enclosed or not, can add square footage to your home when done correctly. It's not just an outdoor space unless you DIY bricks on the ground to function as a simple patio.
On average, the cost of building a patio can be as high as $5,300, depending on size and materials used. That said, it's estimated that well-designed patios not only add 8-10% home value, but also earn an ROI of over 80%.
Adding a deck to your home is one of the best investment decisions you can make. According to Remodeling Magazine's Cost Vs. Value Report, a homeowner can expect to recoup about 65% of the cost of building a new composite deck when the time comes to sell your home.
In short: A quality deck will make a valuable addition to your house. So exactly how much does a deck increase the value of your home? Experts estimate that a deck offers a resale value of at least 76%, which is higher than any other home renovation project.
Homeowners who want to build a deck can get a higher property value. However, the amount of ROI can vary depending on the location, the type of deck, and the company that builds it. Typically, the average ROI is usually around 75%. Therefore, it makes for an excellent return for the additional space to be built.
The average cost to build a deck is $7,320, and most homeowners pay $3,920 – $10,540. Expect to pay about $21 per square foot for a deck.
Value Report for 2021, home exterior projects have the greatest return on investment (ROI). A new wood deck has an average cost of $17,000 with a 66% ROI and a composite deck averages around $22,500 and has a 63% ROI.
According to the 2021 Cost vs. Value Report from Remodeling magazine, a deck addition is a top 10 outdoor home improvement. A wood deck, which will cost on average about $16,766 will recoup about 68% of its value, and a composite deck, which will cost about $22,426, will recoup about 63% at home sale.
Appraisers don't just evaluate the interior of your home — they also take desirable exterior features like garages, sheds, porches, and decks into account. The appraiser will take note of the landscaping as well because it's the first thing buyers see when they pull up to your house.
There's a 76% return on investment for a wooden deck on average, higher than all indoor home renovations. Depending on the material, decks need to be power washed, stained and sealed every couple of years. Decks can be installed on any type of land, even if your yard is not level.
FACT 2: In isolation, decking in your garden does not 'attract' rats. Yes, the dark and sheltered space underneath a deck structure can provide a rat with an attractive place to hide but usually they are mostly used as a staging post, a safe stop off from nest to food source – see FACT 1!
Outdated Systems, Appliances and Interiors
Updating appliances or any major systems, like plumbing, electrical or HVAC, can be costly, so if yours are outdated, it could affect the overall value of the home.
A home's value is affected by local real estate trends, the housing market, the home's condition, age, location and property size.
Patios are usually more cost-effective to construct than decks. The reason for this is that they're usually made out of concrete, bricks, or stone, which are all less expensive materials! One study showed that—per square foot—patios cost less than half the cost of decks! Yowzas!
Even though a deck doesn't count toward your home's square footage, having one built is still one of the smartest and most cost-effective ways to upgrade your home.
Replacing or updating your deck before listing your home for sale makes a better impression on buyers—and adds to its value. Think of a deck as an extension of your home.