According to a recent article published by Loving Outdoor Living, the second best investment you can make in your home this year with the highest return on investment (ROI) percentages is a deck. Although outdoor living spaces continue to gain in popularity, homeowners still want to know that adding a deck is a wise decision from a financial perspective. The data used in this article comes from a widely respected source in the industry, Remodeler’s Magazine, which each year releases a Cost vs.Value report comparing the average cost for 35 popular remodeling projects with the value those projects retain at resale in 101 U.S. cities. This year’s results have helped solidify the deck’s spot as a heavy-hitter among home improvements!
Here are the top five national renovation ROI winners:
• Entry door replacement: 96.6%
• Deck addition (wood): 87.4%
• Attic bedroom: 84.3%
• Garage door replacement: 83.7%
• Minor kitchen remodel: 82.7%
This informative report also breaks down the top annual renovations geographically. For Columbia, SC, specifically the ROI for a deck is even more advantageous. A midrange 16 x 20 composite deck additon reflects a 74% cost recoup, while a 16 x 20 wooden deck addition shows 89% of the costs recouped at the time of sale.
When calculating the benefits of an addition’s ROI in relation to your individual needs, always consider both the price of the project and the overall price of your home. For example, a mid-priced composite deck may help sell a home faster but may not be a feature for which the buyer of an average home is willing to fully pay for, so the ROI is less. For homeowners who intend to use their composite deck addition for several years before selling, it is a worthwhile addition. A composite deck requires minimal maintenance during the time you will be enjoying it, prior to selling your home.This gives you more time to enjoy your deck and nearly eliminates the maintenance required for a wooden deck.
Choosing to move forward with any outdoor project or addition should be based on what you and your family will enjoy the most while in your home.Chances are, if you ever decide to sell, a prospective buyer will see the same value as you did. Although ROI may influence your decision about home improvement projects, consider the enjoyment and use you will get while you are still living in your home!
If you are considering a deck addition for you and your family in the near future we can provide valuable insight on getting started with a design that meets and exceeds all your expectations of what a custom outdoor space should be. Contact Archadeck of Central SC today at (803) 603-2160, or email us at email@example.com.