Adding a deck to your house may increase the tax value of your home. Almost any change to the structure of your house can raise taxes. This means that you should plan carefully before you add a deck. It should not be a significant expense, but the extra money could pay off for you in the long run. The following tips will help you decide if you should add a new deck to your house.
Adding a deck to your home is a great way to increase its value. Having a patio is an excellent way to increase your house’s curb appeal. While this does not increase the resale value, it does increase the likelihood of selling your home in the future. A new deck can increase the price of your home by up to 20%. According to the National Association of REALTORS(r) Research Group, Millennials are the largest demographic among home buyers. Having a deck on your property increases the value of your home, and it can make your house more desirable to Millennials.
A deck can increase the value of your home. However, the more expensive it is, the lower the cost chance of recouping. A high-end composite deck costs $39,339 to build. In contrast, a low-end composite deck will add an average of $22,171 to the sale price. This is a ratio of 56.6 percent. Real estate experts suggest that you consider the cost vs. value. It would help if you avoided over-improvement, negatively affecting your return on investment.
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Another thing to consider is the square footage of the deck. It may increase your home’s value, but it won’t be enough to offset its costs. Therefore, you should focus on the size and location of the deck. If the deck is built within the lawn, it won’t add additional square footage. Furthermore, the space under the property is already part of the square footage. If you plan on selling your house shortly, consider removing the deck.
The cost of a deck depends on its materials. The price of a 16×20-foot composite deck adds an average of 65% to 75% to the resale value. Depending on the size of the deck, it can also increase the time it takes to sell your home. You can invest and enjoy the benefit of your deck.
A deck can increase the value of a home. However, its cost will be reflected in the price of the home when sold. Nevertheless, a deck does not negatively impact the price of a house. It is a good investment as long as it adds to the overall value. It adds more value to your property. This can be achieved through remodeling and constructing a new deck.