Thinking of Investing in a Roof Deck? How to Get the Maximum ROI
Roof decks are one of the most common home improvements undertaken in 2020. Rising lumber prices have increased the cost of construction, but you can expect a get great return. Experts estimate that the ROI for a deck can range from 75% to 80%.
With the rising popularity of outdoor kitchens, you’ll invest a minimum of $5,500 to $22,000 for a lovely outdoor area complete with storage, fridge, drinks cooler, bar, grill, pizza oven, and even, a sink for washing up. The ROI? Previously, buyers would be open to paying $6,156 more for a home with this amenity. They are offering up to $9,751 more in 2021.
Several factors can influence the ROI you can get for the property after developing a deck or patio. Here’s a quick look at some of them.
Materials Used to Construct the Deck
Constructing an elevated deck is typically more expensive than a patio, and get a higher ROI. When picking out the materials, many go with a hardwood like ipe. Ipe is similar in price to composite decking, but both options are in high demand. The appeal of hardwood is its aesthetic appeal, thanks to its rich look. Some buyers also prefer hardwood decks since they can be restored with a power wash, staining, and finishing. A composite deck is low maintenance, but cannot be refinished.
Location of the Deck
The location of the deck relevant to the house influences the ROI in a significant way. If the deck is accessible from the living room with a doorway that allows you walk directly onto the deck, that’s a huge plus. But, if the deck opens out of the bedroom or is a standalone structure with a flight of steps leading to it, that could diminish the return value. You’ll want to ensure a smooth movement from the indoors to the outdoors for maximum functionality and appeal. Further, if the deck placement is such that it catches the maximum hours of sunshine all through the year, that’s definitely a positive that would interest a prospective buyer.
Features Incorporated into the Deck
The floor area of the deck and the amenities you’ve incorporated into it will directly affect the ROI. A sturdy, stylish deck with enough space to entertain 20 or more guests is sure to fetch you better returns. As for the features, adding appliances with electricals, water supply, and an efficient drainage is sure to enhance the appeal of your outdoor spaces.
Each new amenity is a plus like, for instance, a hot tub, lounge, or dining area. Adding a heating system so that the space can be used year round is another great idea. Considering Chicago’s wet and windy weather conditions, work out how to add shade without restricting the sunshine. A retractable pergola is the perfect solution that also adds to the aesthetics. Depending on the privacy you need, you could go with glass railings that won’t restrict the view. Or, get hedges and foliage to create a cozy, secluded area for spending time with friends and family.