Commercial

The ROI of Outdoor Living: Increasing Your Home Value

In the competitive Vancouver Island real estate market, outdoor living space is often the tie-breaker for buyers. With our mild climate allowing for 8-9 months of outdoor enjoyment, a well-designed deck effectively acts as an extension of the home's square footage. But what is the actual return on investment (ROI)?

The Numbers

According to the Remodeling Impact Report by the National Association of Realtors (and corroborated by local Nanaimo appraisers), a new wood deck recovers approximately 75-80% of its cost in increased home value upon resale. A composite deck recovers about 65-70% (due to higher upfront cost), but attracts buyers faster due to the 'low maintenance' appeal.

"Compared to a bathroom remodel (50-60% ROI) or a kitchen upgrade (50-70% ROI), building a deck is one of the safest financial investments you can make in your home."

Usable Square Footage

Building a home addition costs $250-$400 per square foot in Nanaimo. Building a high-end covered deck costs significantly less, yet provides a similar function for dining, entertaining, and relaxing. For a 2,000 sq ft home, adding a 400 sq ft deck increases the usable living area by 20% for a fraction of the cost of an extension.

Curb Appeal & Lifestyle

Beyond the math, there is the emotional factor. Buyers envision themselves living in the space. A rotting, unsafe deck is a 'project' that scares buyers away. A pristine, beautiful deck with glass railings and built-in lighting is a 'lifestyle' that buyers will pay a premium to acquire. It signals that the home has been well-loved and maintained.

Selling Soon?

If you plan to sell within 2 years, stick to universally appealing designs. Neutral composite colors (greys/browns) and glass railings are the most requested features by buyers in 2024.

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