Can a Deck Cost be Recouped at Resale?
When planning to add such a prominent feature as a deck, many homeowners think long-term and ask themselves whether it’s worth it. Will they be able to get their investment back when it’s time to sell the house? As Maryland deck contractors, we get asked this question a lot as well. And here is the information we offer our clients to help them make the right decision.
Check Cost vs. Value Report
Every year the Remodeling Magazine releases its benchmark study called Cost vs. Value Report. This report looks at the data from homeowners who documented how much they’ve spent on various home remodeling projects. Then the report compares these number to the data from real estate professionals who have sold homes in which these or similar projects were completed.
According to the 2016 Cost vs. Value Report, a mid-range composite deck addition totaling close to 17K can be recouped up to 64.4% of the cost. Meanwhile, a wooden deck of a similar size would cost a little over 10K and will have 75% return on investment. An upscale composite deck, on the other hand, can cost you close to 40K, yet offer just 57.7% return.
These are national averages, but if you are looking for number specific to Maryland, the report offers a data breakdown for Baltimore. The job cost for this area is not much different, but the returns are even less promising. You can expect to get 62% for a mid-range composite deck, 71.1% for a mid-range wooden deck and 51.1% for an upscale composite deck.
If you are looking for statistics and averages, there you go! To sum it up, you may expect to recoup anywhere from 50% to 75% of the job cost, which will depend on where you live and what type of deck you’ve built. If this doesn’t seem fair to you, consider other benefits of having a deck besides the ROI.
Other Things to Consider
Enjoy Your Deck Now
Let’s keep in mind that you are probably not selling your home any time soon. That means you will have 3-5 years or more of enjoying your beautiful new deck. Don’t build it for resale value in the future—build it to improve your quality of life today! Trust us, it’s worth the 25-50% you may lose on resale.
Attract the Right Buyer
A deck may not get future buyers to pay the full price, but it can certainly make your home easier to sell. Many homeowners will pay a little extra for a deck, which can help you sell your home faster. And if you are the only home in the neighborhood without a deck, this may put you at a disadvantage.
Improve the Curb Appeal
Many modern homes are built with a deck in mind and even have a pre-cut door at the right level to later attach a deck. Without a deck, a home may look incomplete and bare from the back. Adding a deck really helps tie the indoors and outdoors together.
Have any other doubts about building a deck? Feel free to contact us with any questions!Blog Home