Is Hiring an Outdoor Living Space Contractor Worth the Cost?
At Structurally Speaking, we have two main goals when it comes to your backyard: make the space functional for your family and give you a beautiful outdoor living space. However, there is a third benefit to building a new deck or porch that you may have never considered. Hiring an outdoor living space contractor can increase your home’s value.
According to one report, a deck alone can give you a 65% return on investment. Porches, landscaping, and other backyard construction projects can also increase your home’s value. Let’s take a look at this added renovation benefit and how to get the most bang for your buck.
What is ROI and How Can It Help You?
ROI stands for “return on investment.” This refers to the value you add to your home as compared to the money you spend. For example, if you complete a home improvement project that costs $5,000 and your home is now worth $5,000 more than it was before, you got a 100% ROI. So, for a wood deck, with an average ROI of 65%, if you spend $5,000, you can expect the value of your home to rise by $3,250.
Keep in mind, this is just an average. Most home renovations have an ROI of under 100%. However, this isn’t always the case. By making smart decisions with your outdoor living space, you can make a 100% ROI – or even more! The key is to choose the best materials for the job, as well as make sure your new backyard design perfectly fits with your neighborhood.
Why does ROI matter? In short, it means you can sell your home for a higher price. It also means you have more equity, which could come in hand for home equity loans and lines of credit.
ROI: Not the Full Story
While ROI might be important to you, there is a less tangible type of return on investment you should consider as well. Namely, you’ll be using your new outdoor living space, which means you can enjoy spending more time at home. The perfect backyard contractor can design a space where you’ll love to spend time. Consider how a new deck or screened-in porch could help you save money over time:
- You can plan a beautiful stay-cation in your own backyard.
- Enjoy your backyard with your family instead of driving to a park or playground.
- Host events in your backyard instead of paying for a private room for birthday parties, anniversaries, etc.
- Eat at home more often with a functional outdoor kitchen and dining room.
It’s hard to put a price on your enjoyment of your own home. So, unless you intend to sell your home immediately, don’t forget about this aspect of ROI.
Additionally, if you are selling your home in the near future, an outdoor living space can help it sell faster. Buyers are looking for a porch, deck, or other way to enjoy an outdoor space. An outdoor living space is one of the fastest ways to impress a buyer.
Smart Choices to Bring Value to your Backyard
If your goal is to add value to your home with a backyard living space, there are a few smart choices you can make. Every home is different, but here are a few general tips to consider:
- If you build a deck, choose the material carefully. Pressure-treated pine is typically the preferred material for a high ROI. However, composite is also a good option, especially if you prefer a lower-maintenance deck option. Natural exotic hardwoods can also be a good option, both aesthetically and functionally. However, because of their higher price point, you typically get a lower ROI.
- Don’t sacrifice too much yard space for a deck, porch, patio, or other non-grass area. While home buyers do appreciate a dedicated space to entertain, many buyers (especially those with children) want adequate yards as well. When in doubt, consider building up instead of out.
- Make sure you keep up with maintenance. Some materials, such as pine, require more maintenance than other materials, such as composite. If your deck or porch falls into disrepair, it’s going to take away from your home’s value, not add to it. When you’re choosing the design and materials, make sure you can commit to the seasonal or annual maintenance work required.
- Match you home’s style. The best outdoor living spaces look like they were constructed at the same time as your home. You don’t want your deck or porch to look like an afterthought. We can help you design a space that perfectly flows with your existing home.
If ROI is a top concern for you, let us know. Our experienced deck designers can help you make the smartest financial decisions for your backyard construction projects.
FAQs About Working with an Outdoor Living Space Contractor
If you’ve never worked with a deck or porch contractor before, don’t worry. When you work with Structurally Speaking, you get the benefit of our decades of experience. We’ll walk you through the process. Here are a few frequently asked questions we hear, but feel free to ask any other questions that you may have.
How much will my new outdoor living space cost?
Cost depends on a variety of factors, including the size of your new deck or porch. When you work with a reputable outdoor living space contractor, like Structurally Speaking, our owner, Jim, will talk about budget upfront. That way, we can build a porch that not only is the perfect size for your space, but that also fits comfortably into your budget.
What is the timeline for my project?
We schedule projects as quickly as possible. However, your specific timeline depends on the time of year, the availability of materials, and the weather. We always keep in close touch with our clients so you know exactly what to expect when it comes to timeline.
How can I plan the best outdoor living space for my home?
When you work with us, you don’t have to do any planning. We’ll meet with you to discuss your needs and plan the perfect outdoor living space for your family, based on exactly what you want for your backyard. Contact us today to set up a no-obligation initial consultation.