Getting a new deck is a solid investment, according to the 2014 cost versus value study from remodeling.hw.net, an industry-sponsored monitoring group.
In North Central region of the United States, a composite deck addition typically recoups 72 percent of the initial investment. If we’re talking about genuine wood decks, that number shoots up to 81 percent in this part of the country. Despite having undesirable weather for (usually) at least half of the year, people are still more interested in homes that create some kind of outdoor living space.
Also, the percentages being recouped by those getting new decks, and many other home remodels, are also going up in this area. Those thinking about getting a remodeling project done, or are planning to build a deck, should consider that their investment will continue to improve the overall value of the home as the trend upward continues.
This said, there is no such thing as a dollar for dollar return on investment when it comes to remodeling projects. For this reason, we always believe that you should undertake remodeling projects or home improvement projects when you’re going to have the chance to enjoy the product of the labor. Building a deck onto a home, or installing a hot tub, or building a new bathroom will make your home more valuable, but the expense will almost always outweigh the improvement in valuation right off the bat.
Fortunately, what you don’t recoup in dollar amounts, we believe you should recoup in time spent enjoying, loving and using your renovations. Especially when it comes to outdoor space, having a place to relax and unwind can offer vitally important down time, serving as a place to gather or find solitude. Measuring only recoup value is like measuring only the height of a tree, and not considering the shade and beauty it also provides.
Renovations are about creating the space that you love and that you’ll use. Working with a contractor who understands this can help you achieve both an increase in your home’s value and a significant increase in the ‘wow’ factor your home offers to others, and to yourself.