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Depending on several variables such as materials used, geographic location and design features, the average cost to build a deck ranges from 5k – 10k+. If that sounds pricey to you, compare that to the cost of an addition or finishing an attic which typically costs 20k+. The good news is that studies have shown that a deck provides one of the top ROIs of all home remodel projects.
While not all decks have equal value, again based on several factors like materials used, size and design features but on average the ROI for decks is about 70% - 80% during resale which is a lot of bang for your buck when compared to the ROI for a room addition or bathroom remodel which averages about 60%. The reason that deck additions receive such a high ROI is that that they are less expensive than some other home remodel projects yet they also provide expanded living areas as well as increase the curb appeal of your home to prospective buyers.
5 Factors That Impact Your Deck’s ROI
1. Decking Material
The type of material used to build your deck will greatly impact your return on investment. Decks build with high quality wood and composite wood decking material will fetch a larger ROI than some less sturdy or low-grade materials.
2. Deck Size
In order to optimize your ROI on your deck you should consider the size of the deck. It should be large enough to utilize as a comfortable living and entertainment space. Most homeowners use their deck to relax, barbeque and entertain friends and family, therefore a good sized deck should have enough space to fit a grill, table and chairs for at least six people and also some room for storage.
3. Location, Location
We hear this all the time in the real estate market and the same is true when talking about a deck’s ROI. If your home is located in an area of the country that gets warm weather and sunshine much of the year, prospective buyers will value a deck much more than home buyers in colder regions that may only get warm weather for a small portion of the year.
4. Deck Access
Another factor to consider when evaluating a deck installation ROI is ease of access. If your deck is easy to access from the first floor living space such as a living room or kitchen, home buyers will be much more interested in paying top dollar for the extended living space as opposed to a deck off of a bedroom or second story room. The best room to create access to a deck from is the kitchen which makes food preparation and serving much easier.
5. Deck Design
The way your deck is designed also factors into the ROI. Additional design details and attention to design features can greatly affect your deck investment. ‘WOW factor’ design elements include built-in deck benches, built-in planters, built-in outdoor kitchens and grills.