We're considering adding onto our back patio, but before we put all that money into it, we'd like to know how much it will increase the property value. Our backyard is a straight downhill slope, so really there's no yard space. Our deck is currently10' x 12', and when we'd finish it would be at least 26' by 12'. Any thoughts on how much this would increase the property value?
2007-04-08 17:31:26 · 5 answers · asked by brina S 2 in Business & Finance ➔ Renting & Real Estate
Contrary to what I've been reading here, I am only assuming that this move would do nothing but increase your property value. As you said, the back yard is a slope, so by adding on to your patio, you're adding an additional 192 square feet of useable outdoor space to your home. It won't be a major cash cow, but the added value would surely pay for the deck, and then at least you would break even. Keep in mind that while kitchens and bathrooms sell houses, outdoor living spaces are hot right now, especially if you live in a temperate area. Adding to your deck may be able to give you a boost in selling that house.
2007-04-08 18:19:30 · answer #1 · answered by o_snap 3 · 0⤊ 0⤋
The property value might go up, but will it go up over 100% of the cost of your patio? I'm no expert, but I'd guess if you can get this done cheap (you do it not hire someone) you can recoup your money and maybe plus some, but if you are paying a big time contractor to add on to your deck, I'd check with a local appraiser before sinking big money into it. If you are in Phoenix Arizona or Orlando Florida, I'd bet you are going to see a real nice increase in the property value (around 126% of what you pay for the deck) but everywhere else... ehhh it might be closer to equal money or less than equal money. Good luck!
2007-04-09 00:39:42 · answer #2 · answered by tatersaladofala 2 · 0⤊ 0⤋
Yes, but it probably won't increase the property value as much as the investment. If you didn't have a deck at all, and you added one, that would be very different.
2007-04-09 00:36:22 · answer #3 · answered by jdkilp 7 · 0⤊ 0⤋
Sadly, probably not much. I have seen homeowners sink a bunch of money in landscaping, but unless it increases curb appeal, this is generally is not a good investment.
HGTV has some great webpages on places to spend your money to make it more marketable.
Good luck!
2007-04-09 00:37:39 · answer #4 · answered by godged 7 · 0⤊ 0⤋
kitchens and bathrooms sell houses. Greatest return on investment. Only do the yard stuff if you will use it and it will make you happy. The return is not so good on anything outside.
2007-04-09 00:36:45 · answer #5 · answered by zocko 5 · 0⤊ 0⤋