Cimarron home buyers love outdoor space for entertaining, and they love home amenities. This may be why they love decks so much: because decks are a combination of both.
A home without a deck can almost always benefit from the installation of a deck, because the deck increases the value of the home. If you're a homeowner who would like to sell your home soon, and you're looking for ways to make your home more valuable to buyers, here's what you need to know about the ROI of deck installation.
ROI of Deck Installation
A typical deck costs between $5,000 and $10,000 to build. The ROI of a standard deck is around 70%. This means that if a homeowner installs a $6,000 deck in their back yard, their home is likely to increase in value by approximately $4,200.
Tips to Increase ROI
Of course, ROI isn't always that simple. There are many things that homeowners can do to increase their deck installation ROI. These tips can help.
Use a Licensed Contractor
Deck construction may seem like a fairy simple DIY project, but a lot goes into a deck to make it structurally sound. Hiring an inexperienced professional or an unlicensed contractor could result in construction of an unstable or unsafe structure.
Get a Permit
Because an improperly constructed deck can be a safety hazard, most communities require a permit for construction. In many states, contractors pull the permit before beginning work. In some states, the homeowner might be responsible for getting the permit. Find out your community's requirements, and make sure that your contractor is following the rules.
Failure to get a permit when one is required could result in the addition of a deck that is not safe. It could also reduce the value of your home, which could make it harder to sell.
Keep Costs Reasonable
The more a deck costs, the harder it is to recover those costs. Home buyers will pay more money for an expensive deck, but they will not pay proportionally more. The more the deck costs, the more the homeowner is likely to lose in the construction. Set a budget and work with your contractor to keep costs reasonable.
Which Is Better: Composite or Wood Decking?
Composite decking is deck material that has been made from wood pulp and plastic. Composite decking can be molded to resemble wood grain, and it can be tinted to be colored like wood as well. However, composite decking is different from wood in that it needs very little maintenance and never needs to be refinished.
Wood is less expensive, but needs regular resealing or it will rot. Homeowners who are installing their deck for their own personal use and aren't planning to move from their home soon may install composite decking because it is easier to maintain and longer lasting. A homeowner who is hoping to sell their home soon and who is installing their deck in hopes of increasing their ROI may prefer wood decking, because it is far more affordable, and recovering the costs will be easier.
Want Advice to Increase Your Home's Value? Contact a Real Estate Professional
If you're a homeowner who would like to make improvements to your home to sell it for more money, contact a real estate professional for advice. Your real estate agent can help you decide what improvements need to be made to your home in order for your home to sell for as much money as possible. Your real estate professional can also suggest ways that you could improve curb appeal or ways that you could stage your home in order to make your home more apealing for buyers. For more information, contact a real estate agent today.