Can a Composite deck improve the value of your home?
When it comes to determining the value of your home, there are various perspectives to consider. The most straightforward approach is to assess its market value, which represents the estimated amount that active buyers would be willing to pay for your property. Typically, an appraiser is hired by your lender to determine the market value of your home, a crucial factor when deciding the loan amount.
Outdoor Home Improvements and Value
According to the 2023 Cost vs. Value Report from JLC, a deck addition is a top 10 outdoor home improvement. A wood deck, which will cost on average about $19,248 will recoup about 65% of its value, and a composite deck, which will cost about $24,677 will recoup about 62% at home sale. Costs increased over the past year by 10-15% respectively for wood and composite decking. The report also shows outdoor living space projects continuing a multiyear trend of providing the greatest return on investment (ROI) to homeowners. Synthetic decks are still valued higher overall, due to the long-term durability of composite decking.
- Increases your usable outdoor living space
- More appealing to buyers – Includes Transferable Warranties
Benefits of Outdoor Living Spaces
Outdoor living space projects have consistently demonstrated a strong ROI trend for homeowners. By investing in a deck addition, you can enjoy several advantages:
- Increased Usable Outdoor Living Space: A deck provides an extension of your living area, allowing you to enjoy the outdoors comfortably. It offers additional space for relaxation, entertaining guests, or engaging in various activities.
- Enhanced Appeal to Buyers: Decks with transferable warranties are particularly appealing to potential buyers. Knowing that the deck comes with a warranty that can be passed on to them provides a sense of security and reassurance, making your home more attractive in the real estate market.
The Impact of Safety Issues on Home Value
Safety issues, particularly related to an unsafe deck, can significantly diminish the value of your home. Real estate experts suggest that such concerns may affect your home’s value by as much as 80%. Prospective buyers are likely to be deterred if they perceive the deck as a potential hazard, leading to a substantial decrease in your property’s market appeal and value.
Finally, assessing the value of your home involves considering various factors, such as its market value and the impact of different home improvements. A deck addition can provide a solid ROI, expanding your usable outdoor space and increasing the appeal of your property to potential buyers. However, it is crucial to address any safety issues promptly, as they can significantly reduce your home’s value and market desirability.
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About Outback Deck, Inc.
Outback Deck, Inc. brings inspiration to outdoor living spaces. We believe if you have an outdoor space, you should WANT to spend time in it. Outback is committed to serving our customers in Cobb, Cherokee and the surrounding areas. Our commitment to providing the best customer experience and creating outstanding value in your new deck or porch is unmatched in the industry. For more information, please visit www.outbackdeck.net life happens out back