Adding any amount of usable real estate to a property increases value. The amount of core value added is synonymous with the square footage of the space. The same holds true when it comes to outdoor living spaces like decks and patios. Adding a deck to a home is a cost-effective way to add value to it and increase the value of a property appraisal.
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The absolute value of a deck is in proportion to its size; the larger the deck, the more the value, the smaller the deck, the less the value. Many homeowners report that the investment in a deck was recouped by over 100 per cent when they sold their homes, according to an article in Realty Times. Some examples cited included a homeowner building a £4,940 deck addition who earned £5,070 extra when selling his house. Another prime example from Realty Times was a San Diego deck survey. The average cost of a deck in the area was £4,030 and the average recoupment on investment exceeded 156 per cent.
Generally, a deck will cost £65 per square foot to build, according to an article in MSN Real Estate. This indicates that a deck is a cost-effective real estate supplement to a home when compared to £130-or-$300-per-square-foot price tags associated with adding interior rooms.
Of course, when it comes to real estate, geography always comes into play. There are certain styles of homes that will not accommodate a deck and types of land that cannot sustain the addition of outdoor living space. In these cases, adding a deck is an impossibility and so is adding value. However, for homes where a deck is an easy addition, homeowners in warmer climates like California and Texas find decks to be a great value. Decks are an added bonus to a home, and can make the home sell faster than a house without any outdoor living additions.
As with any other element of a home, decks require upkeep extending beyond the initial investment. Once per year, decks should be pressure washed and sealed. Having a deck is a positive step to adding value to a property. However, a dilapidated deck detracts from appeal and sales price when selling a home or applying for a home refinance. Homeowners considering a deck addition also need to consider the cost of upkeep and maintenance that goes along with it.
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