Your home is likely your most valuable asset. Homeowners have constantly work to maintain and upgrade with the expectation that its value will rise. That can include interior and exterior projects, such as a new or upgraded deck. Since many consumers want outside living spaces to enjoy, a beautiful and functional deck can drive up the value.
Can Non-Heated Square Footage Add to My Home’s Value?
In the past, the assumption was that only “heated” square footage additions like a sunroom or four-season room would add to a home’s valuation. They certainly can put the house in a new price range, but consumer demand is all about the outside.
Renovating or adding a deck to your home creates additional space for you to relax and entertain. If you’re considering updating or building a new deck, you likely want to know what the average costs will be and what ROI (return on investment) to expect. That will depend on the size, material, and layout.
To help you, we gathered some industry information on deck costs and value added.
What’s the Average Cost of a New Wood Deck and Its Expected ROI?
According to the Remodeling Magazine 2021 Cost vs. Value report, the average cost of a wood deck addition is $16,766. That figure is for a 16x20 deck using pressure-treated deck boards. The type of wood can also impact the cost.
In the Cost vs. Value analysis from Remodeling Mag, the expected return is 66% or an improvement of $11,000 in value.
You can achieve the best ROI for your wooden deck by:
- Sealing it
- Adding lighting and other accessories
- Including full railing
- Maintaining it
You should also ensure the deck doesn’t take up the entire backyard because that’s always a consideration in valuation.
What Other Materials Are Available for a New Deck to Add Value to My Home?
There are other options for decks, including low-maintenance composite boards that look and feel like real wood without the upkeep and fading.
When selecting this material, you will not need to maintain it. Typically, these decks have a longer life than wood due to their robust durability. These decks stand up to rain, wind, and extreme heat, all of which are part of the Birmingham climate.
What’s the Average Cost of and Expected Return of a Composite Deck?
The Cost vs. Value Report finds that a 16x20 composite deck costs approximately $22,426. The cost of a synthetic deck depends on the material chosen, size, and other factors. For Archadeck of Birmingham this figure for a composite deck would be a starting point, and would not entail the addition of composite railing. Nor would it entail a premium decking line such as TimberTech Legacy or Reserve. This would also encompass a low to grade design that would not include stairs. As with any project design, site conditions, height and accessibility also influence the final cost of the structure.
The expected return is 63%, adding $14,169 to the property’s value. Looking at the past ROI of composites, it’s trending up and should continue that way.
What Are the Other Advantages of Decks That Can Add Value?
From a purely objective view, you can see the cost vs. value analysis. However, other factors drive value.
- Offers access to the yard, which many homebuyers desire.
- Adds to livable space without heavy construction of building a new room.
- Provides space to entertain and gather, which is also a must-have item for many.
- Ensures you are even with comps in your neighborhood; if most other homes have one and you don’t, it could decrease your value.
Additionally, if your current deck isn’t meeting your satisfaction or is failing, it could negatively impact the property’s valuation. So upgrading it is certainly a good idea to keep it from being a detraction.
Add Living Space, Value, and Function to Your Home with a New Deck
A new deck can add value to your home. Most of all, it provides a unique space where you can make memories. Learn more about the costs, value, and process by contacting Archadeck of Birmingham today.
Derek and Carissa Crews, owners Archadeck of Birmingham.