Kitchens, baths, and curb appeal are the traditional places to dump your money into when you want to get the best financial return on your home improvement projects. But in Vancouver and across Canada, the attention has shifted from quartz counter tops and brass faucets to inviting, low-maintenance outdoor living spaces. If you want to add value to your home (whether you’re selling or staying), a deck renovation is the home improvement you must make.
Deck Remodels: What Home Buyers Want
An enticing outdoor living space is high on the must-have list for current homeowners and those looking to buy. 51% of home buyers find outdoor living space the most attractive quality when searching for their perfect home. Having a great outdoor area is more important to them than an open floor plan or curb appeal.
It’s no surprise that sundecks are becoming an ideal investment project. For current homeowners’ enjoyment and for sellers wanting to add value to their home, building or renovating a deck is a smart way to keep money in your pocket and make a quick sale.
Deck Remodel ROI
Remodeling Magazine produced a Cost vs. Value report for 2018, comparing the average cost of 21 remodeling projects in 149 markets with the value those projects retain at resale. According to the study, adding a wooden deck to your home was the 5th most valuable remodeling project you can complete in the Pacific region, at an 88.9% return. The study also showed that adding a composite deck gave an encouraging 72.8% return on investment. Interestingly, the ROI on a stone patio installation proved to be a less-impressive 51.9%.
Although vinyl decking was not explored in the study, the relative cost to install a vinyl deck is similar to the cost of a wood deck. Being a much more durable and low-maintenance material, we would say a vinyl deck is one of the best ROI remodel projects that you could do. When you use Duradek vinyl, the 10-year warranty is transferable to the new homeowner, making it a smart and sexy selling feature.
Best Deck Renovation Features
Choosing to invest in a deck remodel is a smart way to gain more livable square footage without the high cost of an addition. To maximize the livability of your sundeck, consider these features in your renovation plan:
- A patio cover– To make your deck usable year-round.
- A maintenance-free material – Choosing vinyl or composite means no maintenance costs.
- Privacy walls – To keep the space intimate and desirable.
- Complementary landscaping – to make it as inviting as possible.
- Glass railings – To make the deck feel larger and keep views unobstructed.
- Built-in lighting – To add ambiance and safety.
- Outdoor speakers – For the perfect entertaining space.
- Multiple seating areas – To demonstrate the flexibility and size of the space.
Building A Sundeck That Sells
The difference between showing a home with a rotting, broken deck and one with a well-maintained deck can affect the sale price by as much as 40%. When you have a great deck, it can be a major selling feature that adds thousands to the value of your home and entices buyers to make quick offers.