In its 2011 Remodeling Cost vs. Value Report, the magazine found adding a new deck continues to make the top ten list of home remodeling projects that provide the highest return on investment for homeowners.
In the Pacific Northwest, a new cedar deck adds 86.5 percent of its cost to your home’s value, while a composite deck increases your property value by 79.1 percent of its cost. The national averages were slightly lower, at 72.8 and 66.2 percent, respectively.
Nationally, a “wood deck addition, which tied for fourth with minor kitchen remodel, is not only relatively inexpensive, it is almost considered essential rather than discretionary, particularly in neighborhoods where every home has an outdoor living space,” the magazine reported.
The figures were based on an average cost of $13,827 for a 16-by-20-foot cedar deck with standard rails and a built-in planter and deck bench, and $17,552 for an equivalent composite deck.
Currently, cedar and composite are the only decking materials listed in the report; other popular Portland decking materials include PVC decking and Tigerwood hardwood.
Other interesting facts from the report:
- Of the 13 projects that share the top ten spots, nine of them are exterior replacements in keeping with the trend for outdoor living spaces and the importance of curb appeal in selling a home.
- The report showed a 10.4 percent decline in overall average construction costs, leaving prices at a level midway between where costs were in 2006 and 2007.
- Overall, estimated resale values in the report dropped 15.8% from last year, representing the biggest decline during the past eight years.