- If you want to improve your property’s value, which option will be the best for you?
- As you venture out to improve the value of the property, you also need to consider how much getting a deck or patio actually costs.
- In terms of ROI, how much more money you will get for the home with the addition of a deck or a patio?
- Building a patio will be great if you already have level ground.
- A deck is generally a bit more expensive than a patio.
Does a Deck or Patio Give You the Best ROI?
A good outdoor living area can improve the value of your home, and it can drastically improve the livability of the property as well. However, building a deck or a patio comes with different challenges, costs, requirements, and even legal considerations. If you want to improve your property’s value, which option will be the best for you?
As you venture out to improve the value of the property, you also need to consider how much getting a deck or patio actually costs. If getting a $20,000 patio only improves the home value by $5000, that’s not the best return on investment (ROI) even though it did technically improve the value of the home.
In terms of resale value, patios are the clear winner with an ROI of 100%, whereas wooden decks typically give an ROI of about 75%.
In terms of ROI, how much more money you will get for the home with the addition of a deck or a patio? A wooden deck will give you a 75% ROI, while a patio will give you a 55% ROI.
If you are installing either of these two options, your primary objective should be to get your money back. Whether you are investing $1000 or $10,000, you want the home value to increase by at least that much to get full investment out of the property.
Decks and patio returns are also heavily dependent on size and build quality. Something that may be precious to one customer may not be valuable to another. If you are getting your full investment out as a higher property value, that is a great start.
Building a deck is often preferred because it can just be laid over the natural topography of the ground. You can build a large flat deck on uneven ground with a few smart construction changes and a bit of elevation.
Building a patio will be great if you already have level ground. However, if you have stones, trees, or just rough, uneven ground, it can cost more money just to get the ground in a condition from where a patio can be built.
It is important to consider the natural landscape before making this choice.
A deck is generally a bit more expensive than a patio. However, when you factor in landscaping costs, ROI, and the overall increase in home value, this higher cost is often not an issue. If you want to get the most bang for your buck, then building a basic patio (given that you have level ground) will be the best option.
Decks and patios have great aesthetics, depending on how you design them, but decks are more functional. You can build an elevated deck that has extra space underneath that can be used for storage or for any other purpose. In any case, having extra space on the property will increase your property’s worth and make it more attractive to potential buyers.
Wooden decks and patios also vary in their maintenance requirements. When you are building any kind of additional feature in your home, you want it to be as robust, durable, and easy to use as possible. The less that can go wrong with it, the more money a buyer will be happy to pay for it. Using the right materials and adhering to proper building guidelines will play a big role in getting you the returns you want. Precision Decks & Patios is a renowned remodeling firm with a responsibility to design and build your dream construction. Call Precision Decks at 616-874-2300.