Decks provide homeowners with a new place to relax, gather with loved ones, and serve as an extension of a home's living area. They are perfect for get-togethers, providing guests with a place that the home's interior cannot.
For this reason, properties with decks become attractive to homebuyers. Once the house attracts buyers' attention, your home's value will increase if you want to put it up for sale.
But how? What factors should be considered to increase the impact? And what are the limitations to take into account?
Be patient and read on!
What Can Add Value to Your Home?
Whether you want to put your house up for sale or not, it is always nice to increase the value of your home. There are many ways to do this - for example; you can renovate or remodel your property. However, you need to be practical in your changes because not all renovations bring ROI.
If you are remodeling or renovating your home, make sure that the renovation is not too costly. Small but common renovation projects that are practical and can increase the value of your home include the following.
Minor remodeling of the interior
Addition of new rooms
Enlargement of outdoor areas, including porch, garden, garage, and deck
Still, many homebuyers prefer outdoor living areas such as patios and porches. Home sellers want to ensure they get a higher return on investment, so they opt for decks because they are easier and cheaper to build than porches. Therefore, a deck is a must for home projects as it is in high demand in the real estate market.
So, let's focus on decks!
Benefits of Installing A Deck
Decks provide a sense of atmosphere and community for social gatherings and family celebrations. And if you plan to sell your home, an attractive deck may win over buyers. In any case, it adds to the property's square footage by creating a comfortable space for activities that weren't possible before.
Installing a deck is one of the most cost-effective ways to increase the value of a property before it is put on the market. According to studies, installing a deck is the fourth most valuable addition to a home when comparing the average cost to the average resale value, and total cost recovered.
Different Types of Decks
Different types of decks that can enhance your property include
Multi-level: They have different levels of terraces, usually connected by steps or paths.
Attached: Similar to a deck, except it's made of wood or wood composites (one of the best decking materials around).
Detached: it is like an island and can be placed anywhere on your property, with access by steps or path.
Wraparound: it's like an old-fashioned wraparound porch, but parts of it can be larger and more uneven and look more like a room.
Your choice depends on personal preference and the size and scale of your home and yard.
Why Decks Pay Off
There are several significant reasons that people find decks appealing.
Value - Decks provide homeowners with further access from the house to the yard, which increases value.
Cost - They also increase a home's usable space but cost only about half of what it would cost to build a new room in the house.
Extra space - Decks provide more space for guests instead of keeping them in the kitchen or living room, and families can use this extra space when the weather is nice.
Installing A Deck Can Recoup 100% of Its Cost.
Renovating a home usually returns between 50% and 80% of the cost. However, studies have shown that ROI for patios and decks can exceed 100%, depending on the size and materials used.
Reliable reports indicate that decks can recover an average of 102% of their construction cost, with payback rates as high as 106%. Building a wooden deck has proven to be the most cost-effective project for a mid-priced home.
Other Factors to Consider
When building a balcony or terrace, you need to keep up with the times. Decks made of wood or low-maintenance materials are widespread. So if everyone else in the neighborhood has a balcony, but you do not, you may be losing the competition. That's because it can lower your resale value somewhat.
Also, an old, unsafe, or weathered deck that can not be renovated will negatively impact your property value.
Last but not least, before deciding whether or not installing a deck is beneficial to your property, we recommend you review the codes and specifications of your local homeowners' association. They usually include size, safety, or structural requirements that are especially important for those who want to build a deck themselves without professional help.
In addition, some condominium associations have policies that mandate certain materials, finishes, and features. It is worth checking both to ensure that the future patio is safe and complies with regulations.
When deciding whether to install a deck or not, you need to consider several factors. The decision is not always easy, from the potential purchase and maintenance costs to the selection of particular materials and styles, for a specific geographic location.
However, for those planning a largely safe and predictable measure to increase the market value of their property, installing a deck is a well-thought-out option. Even for those not looking to sell, this improvement has proven to be highly beneficial. Whether improving the quality of living or beautifying the garden, such a project will prove helpful and downright enjoyable.
If you are interested in increasing the value of your home by installing decks, you should contact us immediately. We only use high-quality materials like Timber Tech for our residential services. We are sure you will recommend us to your friends, neighbors, and family.