Remodeling Magazine just issued its 2010 Cost vs. Value report detailing the investment payback across 33 different types of home improvement projects over the past year. In the West North Central region–which includes all of Minnesota– the #1 project for ROI among all 33 types was installation of a natural wood Deck Addition on the home. Wooden Deck Additions returned an average 83 cents of every dollar invested within the Upper Midwest region, and placed it higher than Attic Bedroom Additions (77 cents) or Steel Entry Door Replacements (76 cents). Coming in a close fourth with a return of 73 cents was another outdoor living project, Deck Addition using Composite materials.
Deck Additions in Minnesota (and the Upper Midwest), whether built with natural wood or composite materials, recouped a higher percentage of dollars in 2009 than projects with traditionally strong returns on dollars invested, like Siding Replacement and Minor Kitchen Remodeling. Better Homes & Gardens supplements this with its own survey research. An article on the BHG.com website speaks to the relative value of various remodeling projects: “Even big projects such as a new roof, siding, or windows won’t necessarily pay off — many external projects are viewed as maintenance, not renovation. Anything that’s seen as simply keeping the elements from reaching the interior won’t add much resale value to your home.”
On the other hand, outdoor living spaces that can enhance the functionality, livability AND aesthetic appeal of a home would clearly extend beyond this definition–it’s likely a key reason for the strong payback on decks compared to other home improvement investments. In a different source of information from Better Homes & Gardens, the 2010 Next Home survey found that 68% of consumers indicated that an Outdoor Grilling/Living area was on their “wish list” for items in their next home, second only to a separate Laundry Room (85%).
If you are considering an Outdoor Living project in 2010, the above information should ease your concerns about the financial viability and soundness of a deck or other outdoor space addition you might undertake. Archadeck has been building these types of projects longer than any other national firm–30 years, so we have have the experience and creativity to build whatever fits your needs. And as the Minnesota franchisee, Archadeck of Hennepin County is one of the premier Outdoor Living space design and build firms across the Twin Cities metro. If you would like to learn more about how a deck addition or outdoor living project can be a great investment for you and your home in 2010, contact us through our website.