The real estate market is a nightmare, especially for homeowners looking to sell their properties. Finding the true value of a property can prove challenging. In most situations, homeowners have to find offers slightly above their initial buying price. One of the many ways homeowners can increase property value is by hiring a professional deck installer for deck installation. However, does installing a deck increase property value?
Is Deck Installation Worth the Investment?
Even if you don’t have plans to sell your home, deck installation is undoubtedly a valuable investment. According to the National Association of Realtors, millennial homeowners are more likely to install decks in their homes. Another similar survey found that deck and front porch installation can increase property resale value and ensure a higher ROI.
However, while deck installation increases resale value, the amount of ROI fetched varies. The ROI of deck installation differs depending on the type of deck material used, the quality of construction, and your location. Nonetheless, deck installation has an average of 75% return on investment, making it an excellent option, given homeowners also enjoy the additional outdoor space.
However, remember that the value of composite and wooden decks depreciates over time. You should hire professional deck contractors to ensure the construction can last longer. A functional deck directly affects your property’s curb appeal and comfort. Most people like spending time outdoors during summer.
Deck installation is a beneficial investment, as homeowners can extend their indoor living space into the outdoors. The key is ensuring that the deck feels like part or an extension of the house, not a mere appendage. As such, you should elevate the deck to the level of your floor. This provides more usable space and simplifies the transition from indoor space into the backyard.
How Much Value Does Deck Installation Add to Your Home?
While decks increase property value unquestionably, the amount you reap from installing a deck varies. According to the Remodeling Magazine report mentioned above, installing a wooden deck costs approximately $13,000 and can fetch up to $10,080. Similarly, installing a composite deck costs $19,150 on average and sells at $13,000. This means homeowners can fetch 75% and 69.1%, respectively.
While maintenance costs around $700 annually, regular maintenance ensures that your deck remains functional for longer. Decks can fetch up to 85% ROI, depending on the size and quality, which cannot be compared to other common home improvement projects, such as bathroom and kitchen renovations.
You can increase deck ROI by spicing up with accents and furniture. Deck decorations create a unique and inviting space that can significantly hike the price. However, you should keep the decorations to a minimum. For instance, choose contemporary deck furniture and add specific accessories, such as planters, cushions, and umbrellas.
Deck installation can increase your property’s resale value. However, timing is crucial if you want to recoup a higher ROI. You should consider a wooden deck if you’re going to sell your home soon. They cost less to install than composite. However, maintenance costs can quickly add up if you don’t list your house quickly. Composite decks are a good option for homeowners who intend to list their homes after six or more months.