Let’s answer the question posed in the title right away: A well-constructed deck will add value to your home. Decks offer aesthetic appeal and they’re a great place for friends and family to gather. They’re also highly sought after on the real estate market.
There are deeper questions we can ask. Are decks a good investment? How much value can you get out of a deck? How can you maximize the value of your deck?
We’re going to answer all of these questions and more. Let’s dive in:
Are Decks a Good Investment?
According to an article by Scott McGillivray for HGTV Canada, decks are an excellent investment, bringing a return on investment (ROI) of 75% or more. As he notes, there are several different factors that influence the value of a deck; we’ll explore those factors when we look at how to maximize the value of your deck.
You can install a deck in order to quickly add more value to a home before flipping it, but that’s not how to get the most value out of your deck. We recommend installing a deck if you’re looking for a more beautiful, functional outdoor living space. You’ll be able to enjoy time with friends and family; when it comes time to sell your house, the deck you’ve spent years with will add significant value to your home.
When it does come time to sell your home, a deck can be an absolute boon in the real estate market. Many homeowners are looking for an outdoor space where they can relax and host events; a deck may be a prerequisite for any house they buy. A deck adds those buyers to your prospective pool of buyers, which can increase competition and boost the value of your home even further.
How Much Value Does a Deck Add?
The amount of value that a deck will add to your home depends on several different factors. Typically, a deck will add thousands or tens of thousands of dollars to your home.
In the United States, Remodeling Magazine offers a Cost vs. Value report yearly; this report shows that the average wood deck adds $14,600 worth of value to a home, while the average composite deck adds $16,500 worth of value.
Here in Canada, those numbers will be slightly different, but our markets are similar enough that you should expect similar values. Note that the value added by a deck is typically lower than the cost of a deck—that’s because the ROI is less than 100%.
This doesn’t make adding a deck a bad investment, however—ROIs are surprisingly hard to figure out because a buyer is buying your whole home, not just the deck. As we mentioned before, there are buyers who don’t want to buy a home without a deck, and there are huge advantages to buying a deck for your own use before selling your home.
How To Maximize the Value of Your Deck
Decks are among the most customizable home improvement projects; if you have an eye for maximizing value, there are a few things you should keep in mind. First, you should have your new deck designed and built by professional contractors to ensure its quality.
From there, consider three important factors: Location, deck materials, and timing.
Location
Typically, you’ll want to install your deck in your backyard; you want your deck to be private, and it’s best not to expose it to the sound of traffic. Side yard decks are another option, but they tend to be smaller and may offer a less aesthetically pleasing view than backyard decks.
The location of your deck will play a profound role in deck design and size. Typically, you want your deck to be about 1/5th of the total space of the area it’s being installed in. This rule of thumb can help you calculate the square footage you’ll want for your deck; even a small deck can look majestic in the right-sized yard.
The features in the area where you’re installing your deck will also play a role in its design and value. You might see more value out of a deck that’s being actively shaded by a large tree or one that lets you watch the sunset as you’re relaxing in your hot tub. Location is key in all things real estate—and the location of your deck is no exception.
Deck Materials
If you’re looking to maximize value, get a new wood deck. Composite decks can also add substantial value to your home, especially if you find the right buyer and real estate agent. A composite deck is easier to care for, and composite decking is particularly eco-friendly, using a variety of recycled materials.
The quality of other materials, including the invisible ones used in the deck installation process, is also a factor; your railings, foundation, and other parts can influence the value of your deck.
Timing
This one is pretty straightforward: A deck is probably going to add less value to your home if you’re selling it in the wintertime. Selling in the spring, summer, or even fall? Your deck will likely be more appealing to potential buyers.
Getting Your Deck Built With MaenDecks
There are so many different ways of building a deck to add value to your home. You can even incorporate a fire pit or hot tub! You can add a pergola to provide shade and shelter! You can also add lighting, planters, and other features for aesthetics.
We recommend building a custom deck that adds a joy factor—something that you’ll be proud to step out onto and say “Wow! This is mine.” If you love it, a new homeowner is likely to love it, too.
Our team can help. We’re deck builders in Winnipeg, and we know what it takes to build a durable, beautiful deck that will add value to your home—and value to your life. Contact us for a free estimate today.