If you are looking to add a deck to your home, or expand or remodel your existing one, much of what you invest in materials can be recouped in an increase in your home’s value, according to a new report. In fact, your deck project practically pays for itself!
Well, that may be a bit of an exaggeration, but your expenses do get significantly recouped through a bump up in your home value. According to Remodeling magazine’s annual “Cost vs. Value Report,” a deck addition returns an average of 80.5 percent of the original investment. Wood deck replacement ranked fifth on the list. Steel entry door replacements topped the list at a 101.8 percent recoupment.
While conventional knowledge states that home buyers look at kitchens and bathroom specifically as major factors in their purchasing decision, a well-planned backyard can really put them over the top. While many homes will simply have a backyard, adding a deck with many upgraded amenities (an expanded deck, upgraded deck railing, a fire pit and grilling area, for example), make it more than just a backyard. It’s transformed into an additional living space.
Kitchens and bathrooms are the “go-to” remodeling projects, especially in harder economic times, but as the economy has recovered, people are thinking outside the box (and their homes). This is evidenced by the fact that deck remodeling projects have jumped ahead of bathroom remodels in return on investment.
The return on your investment is great, but what it’s really about (while you are living in your home, and not selling it) is to create a space that you enjoy. A deck with cable railing or IPE (wood) railing makes for an extraordinary outdoor experience.