A Deck Addition is one of the best improvements a person can make to their home in regards to adding value. It’s all about what appeals to buyers and a well-made deck is something that can add real wow-factor as well as functionality. Below are a few statistics on how much value a deck adds to a home.
· HGTV has estimated that homeowners should see a return of 65-90%.
· Yahoo Finance stated that a $10,000 wood deck typically add $8,600 to the resale value – that’s approximately an 82% return.
· In 2007 Remodeling Magazine found that a wood deck addition yielded the best return on investment, adding $8,835 to the value.
· On average a wood deck costs just $15 a square foot as opposed to $85 a square foot for the interior of a 2,000 sqft home.
There are many more findings like the ones above. Now that we’ve established that a wood deck can add real value to your home let’s take a look at some of the factors that affect value the most.
Why Decks Pay Off
There are several major reasons that people find decks appealing. First of all, they give the homeowner another point of egress from the home to the yard, which tends to add value. A deck also increases a home’s usable space – but costs only about half of what it would to build a new room in the house. Beyond that, decks are popular gathering places. They give guests more open space to gather, rather than forcing them to hover in the kitchen or living room, and families can get a lot of use out of their deck when the weather is nice.
There may also be a certain amount of “keeping up with the Joneses” when it comes to adding a deck. Wood or low-maintenance material decks are popular and fairly common in many homes, so if everyone else in the neighborhood has a deck but you don’t, you may be hurting your resale value slightly. You may also detract from your home’s value if you have an older deck that is no longer safe or just looks weathered, so if you have an old deck on your property, it’s a good idea to refurbish it before you sell your home.