The Hanley Wood Cost vs Value Report for 2015 confirms that in mid-range projects, Wood Deck additions bring more value to the home than Composite Deck additions.
Wood decks hit the top 5 of home renovation projects that best retain the value of the renovation cost based on resale value of the home. Wood decks at 5th best value with 80.5% cost recouped came in substantially better than a composite deck addition which came in at 14th out of 23 categories with 68.0% of cost recouped according to the Remodeling 2015 Cost vs. Value Report (www.costvsvalue.com).
The 2015 Cost Vs. Value Report compares average cost for 36 popular remodeling projects with the value those projects retain at resale (based on realtors’ perceptions) in 102 U.S. markets . Rising costs with lower rising values ended two years of gains by slipping 3.9-points from last year, but still show the second-best numbers in the past five years.
Even though it shows a decline from last year, overall, wood deck additions are still among the best home renovation projects for value retention. On a national average, wood decks have a -7.9% cost-value ratio, with 12 markets showing a 100% return. Composite deck additions show a -8.6% and -9.5% cost-value ratio.
Only five project types saw their cost-value rations rise in this year’s report. Midrange roofing led the way rising 5.9%; and the other four gainers wither the midrange garage door replacement (up 5.6%), the 20-gauge steel replacement entry door (up 5.4%); vinyl siding replacement (up 3.2%) and upscale fiberglass replacement entry door (up 1.7%). The only project on a national basis that pays back more than its investment at resale value was steel entry doors.
So when it comes to deck addition projects, wood deck additions consistently retain more value on the home than composite deck additions in all regions and major markets (* See below for breakdown of regional data).
Last week we recommended that in deck renovation projects that you Compare Cost of Maintenance Before You Renovate Your Deck as well as initial costs, and that advice still stands with this Cost vs. Value data.
Even though wood decks traditionally are a high maintenance deck surface often requiring annual labor to maintain its appearance and to be treated for water-resistance, when a wood deck is surfaced with a Duradek vinyl deck membrane it is protected for decades and will not require ongoing maintenance to keep its waterproof performance and thus the security of a safe, stable and attractive deck.
While Composite Decks also do not require any ongoing treatment to stay waterproof, the obvious results of lower retained value of composite decks as shown above may make your low maintenance deck choice an easier one by choosing a wood deck and protecting it with a Duradek membrane. Not only do you gain the low maintenance advantages of a vinyl deck, but if applied on a second level deck, you double your usable space by providing dry space below. While vinyl decks is not its own category in the Cost vs. Value Report, most realtors will agree that doubling the usable outdoor living space with a long-lasting and low maintenance roof grade membrane will also add to the value of the home.
When you are comparing your options for a deck addition or renovation project, be sure to keep this in mind and contact a Duradek Dealer in your area for an estimate and to learn more of the advantages of using Duradek vinyl deck membranes. When you decide to go with a Duradek deck, be sure to submit photos of your new deck in Duradek’s ‘Show off Your Deck’ contest to win a new tablet!
East North Central – OH, MI, WI, IL, IN
East South Central – AL, TN, KY, MS
Mid Atlantic – NY, PA,
Mountain – NM, CO, AZ, ID, NV, UT,
New England – MA, CT, ME, RI
Pacific – WA, OR, CA, HI
South Atlantic – GA, NC, SC, FL, VA, MD, DC
West North Central – IA, NE, MO, KS
West South Central – TX, LA, OK, AR
© 2015 Hanley Wood, LLC. Complete data from the Remodeling 2015 Cost vs Value Report can be downloaded free at www.costvsvalue.com.