Market conditions and statistics show that adding a new or improved deck to your home is one of the smartest and most equitable home improvement additions you can make.
The Remodeling Magazine Cost vs. Value Report indicates that a homeowner can expect an average ROI (return on investment) of 80% from a new wood deck. How’s that for adding value?
Their estimate of an ROI from a composite deck is lower, about 68% on a basic composite deck and about 60% for one that is more highly designed.
Why the difference in appraised value? It’s not that home buyers necessarily prefer wood decks, simply that it costs less to build a wood deck so recouping those costs is easier.
Will A New Deck Add Value To My Home?
When it comes to analyzing the true value of what a new deck can deliver – or an improved, upgraded one with redecking – the word double entendre easily comes to mind for there are two value fundamentals.
1. The Increased Monetary Value A New Or Improved Deck Can Bring
The housing market today is entirely opposite of what we saw back in 2018. At that time, there was a glut of inventory and virtually no buyers.
Fast forward to today and to say that the opposite is true is an overstatement. Home sellers have the unique advantage of being in the spotlight, often receiving multiple bids on their home, and driving prospective home buyers crazy.
For example, a local couple placed a purchase offer on an existing home with a beautiful deck on Friday and got the bad news on Sunday. They were outbid.
We mention this because the “value” quotient is a whole new ball game. It only stands to reason that if decks on homes for sale were appealing all along, imagine how much more attractive they are to buyers in today’s market.
Home buyers wants to be able to move right in and not be concerned with home improvements from the start – especially since they are most likely going to wind up spending more on the home purchase than they originally intended. It’s simply supply and demand.
A National Association of Realtors’ study reports that a new wood deck will recover 106% of its value when that house is sold. Imagine that! A new deck more than pays for itself in adding value.
2. The Lifelong Emotional Value Of Adding A New Deck Or Improving The Deck You Already Have
Picture this. A beautiful May Mother’s Day on your new Archadeck deck. Your new grandchild enters from the sliding kitchen patio doors and steps onto the new deck surface.
His eyes light up as the deck texture is so different from the interior carpeting and kitchen floor surfaces. These are his first footsteps outdoors – walking on his own for the very first time.
How can you possibly put a value on that experience and what is to become a lifelong precious memory?
When it comes to affairs of the heart, all the money in the world can’t match the value of precious joyful memories.
And with your new deck in place, during the more pleasant months of the year, virtually all previous indoor activity will find a new home in your refreshed backyard.
Morning coffee. Sunday brunch. Potluck dinners with the neighbors. Birthday parties. Gradation celebrations. You name it.
In addition to enjoying the fresh air surrounding the activity, clean-up is usually a breeze. There’s much less muss and fuss when it’s all happening outdoors. That’s the true value of a new Archadeck deck or an improved one with redecking.
Decks Add Value To Square Footage Living Space
A custom deck, whether wood or composite, will expand your home’s footprint, and offer your family additional space for relaxing and entertaining.
Since the pandemic hit two years ago, area residents have spent more time at home than ever before. Homeowners have had time to scrutinize their lack of living space and make the move to expand.
With children and parents scrambling for enough room to learn and work at home indoors, the need for expanded outdoor living has become more evident.
Adding a new custom wood or composite deck will give your family additional space outdoors, where fresh air and sunshine can be taken with lunch breaks.
With more people working from home today thanks to understanding employers and more fluid communication technologies, working from home in the fresh outdoors on your new deck can be a godsend.
And let’s not forget our four-legged family members, who can greatly benefit from a late morning reprieve from the busy-ness of indoor spaces.
Everybody wins with a new deck or a resurfaced deck with redecking.
Let’s Explore Your Deck Value Options Together
We would love the opportunity to discuss all of these possibilities with you, for free, with no obligation. To make it easy to connect with us, just click right here.
Roger Miller, owner Archadeck of West Central & Southwest Ohio
