Home improvements can be a great way to improve enjoyment of the home and also increase its resale value. Installing a deck increases use of the outdoor space and provides a necessary update to the property. Homeowners who are looking to add to the functional living space of the home could save money by considering this minor property upgrade instead of building an addition to the house. Here's several ways people can evaluate the benefits of building a deck on their land.
Cost vs. Investment
When people think about the money they spend on a particular project, they may choose to consider the costs and the overall investment. Costs are important to prioritize, especially when homeowners have a limited budget available for upgrades. It might also depend on whether the project should be completed by a professional or be a DIY project. Otherwise, people may prefer to think about the investment they get out of the improvement. A return on investment can be measured in several ways, including:
- an increase in home value
- enjoyment of the property
- monetary savings over alternatives
As such, the value of a particular project depends heavily on the homeowner and the home.
The clearest way to determine a project's value is to estimate how much it will increase the market value of the home. Home improvements are not equal in this area. Some upgrades are far more valuable than others. Those with a lower total cost also tend to have a higher rate of return. Depending on the construction of the deck, its size, and value in relation to the neighbourhood, homeowners might expect an increase in home value about 50-75 percent of what they paid. If the average deck costs around $10,000, people may see their market value go up by $5,000-$7,500.
Enjoyment of the Property
It can be harder to estimate the value people get from making a space easier and more pleasant to use, but it is still useful to figure. Homeowners who cannot wait until they get home to spend time in a space they think is luxurious and ideally suited to their needs are less likely to leave the property in search of entertainment. This may help them save money on costs related to dining or other activities. Simply being happier with the look and function of the home can also make people more content in other areas of their lives.
Improve Living Space
Modern Aspen Woods home buyers want homes in which every metre has a defined use. It leads many homeowners to look at their entire properties for sources of practical and comfortable living space. This is why outdoor retreats have become such a popular option for home upgrades. In areas where the homes are a little smaller than average, installing a deck could create an ideal spot for summer entertaining or relaxation.
Cost Compared to Other Projects
If homeowners really want to expand the property's living space, they may find building a deck to be the most cost-conscious. The price to build a home addition has a significant range depending on size and function. On average, homeowners might pay around $40,000. People could look for alternatives that allow them to save some money on the structure, but even a small sunroom can run $20,000-$40,000. A deck provides many of the same benefits with a much lower expense.
The value of installing a deck can be determined using a variety of methods. By looking at the cost, resale value, overall enjoyment, and alternatives, homeowners can decide how a deck might fit into their home improvement plans.