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Increase the value of your home with a wood deck
Interested in increasing the resale value of your property? Exterior improvements, such as landscaping, a fenced-in garden, or a new lounge area are just a few examples of potentially profitable renovations. Our top pick? Building a wood deck where you can enjoy beautiful sunny mornings and warm summer evenings.
Read on to learn about the value of a wood deck, construction costs, and the material's advantages.
A worthwhile investment
According to Remodeling magazine’s 2020 statistics, the return on investment for a deck made of wood is 72.1% as compared to 66.8% for a patio made of composite materials[1]. In other words, it’s one of the renovations with the highest retained value, and it also increases overall property value.
The added value of a renovation is determined not only by your personal use, but also by its perceived usefulness in the eyes of potential buyers. Before diving into work that can pay off big time, take a moment to consider the specific characteristics of your home and your neighbourhood.
Things that affect the value of your wood deck
Not all exterior improvements bring the same resale value to your property. Your deck’s size and building materials, adding lighting, glass panels, a pergola, hot tub, or privacy wall—these can all affect resale value.
How much does a wood deck cost?
One of the biggest advantages of wood is its average lifespan, which ranges from 10 to 25 years when properly maintained[2]. Wood needs to be treated regularly with wood stain to preserve its natural appearance, or with exterior paint to prevent it from darkening in harsh weather.
Treated wood, cedar, and torrefied wood are all considered cost effective, environmentally friendly materials. For example, a treated wood deck may cost $48-60 per square foot, while red cedar costs $60-66. Torrefied wood usually costs $60-72 per square foot.
However, these prices are merely guidelines. Other things that can affect the cost of building a wood deck include the type of work required, the cost of labour, and the availability of materials.
Whether you’re planning on selling your home in the short term or not, adding a wood deck that integrates well into your environment can also add to your enjoyment of your home. Not convinced? Check out some nearby properties and draw inspiration from neighbours and renovation websites. After all, a stylish, useful update can only add to the value of your home.
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