The ultimate goal of reselling a home is always to try to sell it for more than you paid for it. At the very least, you want to sell it for what you paid for it so you can get your money back. Unfortunately, it is very hard to sell a home for what you paid for it or to sell it for more than you paid for it after you've lived in it.
The value of your home declines as you live in it. Things start to become worn out and the home begins to need work done. The longer you live in the home, the more the value declines. There are, however, things you can do to increase the value of your home. This way you can make some money out of it after living in it. The question is: can you increase the value if you add a deck or a patio to your property?
Yes, a New Deck Can Add Value
Decks and patios are becoming extremely more popular in the real estate world. It is an additional living space. Depending on what kind of patio or deck you have added, it is almost like giving the home an additional room.
What you really need to concern yourself with is the financial risk. You have to think about how much this installation is going to cost you versus how much you are selling the house for. This means you also need to think about how much you paid for the house.Types of Decks to Install at Your Home
When considering resale value, ROI will be heavily dependent upon which decking material you choose along with design enhancements and the size of the deck. Three popular choices are wood, composite and polymer decks, and here are the pros and cons of each.
Wood Decks—Most commonly crafted from pressure treated wood such as pine, spruce, cedar or an exotic hardwood, wooden decks are the most traditional type of decking. While wood decking is resistant to many outdoor elements such as moisture, they do require re-staining annually to maintain their integrity. This is the most affordable option (excluding exotic wood) that offers a moderate ROI of around 30-40 percent.
Composite Decks—Crafted of wood and resin, composite decking will initially set homeowners back more, but they ultimately have a decent ROI when selling. Composite is highly resilient to the elements, and some design options include those that resemble natural wood. While it never has to be re-stained, composite can get very hot to the touch in warmer climates.
Polymer Decks—Polymer decking is now considered the premier choice for homeowners seeking beauty, resilience and a solid ROI. Composed wholly of synthetic materials, they don't fade in sunlight, rot or mould. They require little to no maintenance and often come with a lifetime warranty, making them well worth their higher initial investment costs. As an added perk, polymer decks can be installed in an array of colours to complement your home's exterior facade.
Install a New Deck on Your Home Today
You want to make sure that what you paid for the house and what you put into making the house better before you sell it doesn't end up still being significantly more than what you can put the house on the market.
Adding a patio or deck will always increase the value, you just need to decide if that increase is worth the expense.