Both a terrace and patio offer impressive resale value. However, patios tend to be less expensive to place and their resale value stands at 100%, which is slightly higher than 76% of the resale value of a terrace. Are you going to add a new terrace or patio in preparation to sell your home? You might see different numbers when you look at more than one resource on the ROI issue. That means that the projected return on investment will fall within a range.
For example, Remodeling Magazine's Cost vs. Value Report indicates that an owner can expect an average ROI of 80% from a new wood deck. Your ROI estimate for a composite platform is lower, around 68% on a basic composite platform and around 60% for one that is more elegant. It's not that homebuyers necessarily prefer wood decks, simply that it costs less to build a wooden deck, so recovering those costs is easier.
In terms of pure resale value of the home, wooden platforms provide the best return on your investment. The most affordable material translates into a more affordable roof project while increasing the resale value of your home to a similar amount compared to a composite deck. Nelson says shoppers often just like to see that there would be enough space in the yard to add a patio at some point down the line. Organize a selection of flowering herbs, flowers and perennials on a natural privacy wall with greenery and pots to keep unwanted eyes out and effortlessly infuse your terrace with vitality.
It's really interesting that patios and terraces can have more than 100% ROI, compared to 50-80% for other home improvements. Get the right permits and build a DIY rig to minimize the cost of building the platform and maximize your return. The most important factor in determining the cost recovery of your roof remodeling project is the roofing material you choose to use. However, for many homeowners, the knowledge that their new terrace or patio can make their home more attractive to buyers is welcome.
However, you can expect that adding usable outdoor space will help you get more money for your home if you made smart building decisions and took good care of it during the course of your ownership. There's a third way a new terrace or patio addition can add value to your home, and that's during the sales process. However, wooden platforms are not as resistant to climate and temperature impacts as composite decks.