The Benefits of Adding a Deck or Patio to Your Investment Property

Investing in real estate can be a lucrative venture, especially when you make strategic improvements to your property. One such improvement is adding a deck or patio, which can significantly increase the value and appeal of your investment. In this article, we will explore the numerous benefits of adding a deck or patio to your investment property, including increased property value, enhanced curb appeal, and expanded living space.

Increased Property Value

One of the primary reasons to consider adding a deck or patio to your investment property is the potential for increased property value. A well-designed outdoor space can provide a significant return on investment (ROI) when it comes time to sell or refinance your property.

• ROI: According to Remodeling Magazine’s 2020 Cost vs. Value Report, a wood deck addition can yield an average ROI of 72.1%, while a composite deck addition can yield an ROI of 66.8%. This means that for every $10,000 spent on a wood deck, you can expect to recoup $7,210 when you sell or refinance your property.
• Increased Home Value: A well-designed deck or patio can increase the overall value of your property by as much as 10%. This can be especially beneficial for investors looking to sell their property or refinance their mortgage to access additional funds for future investments.

Enhanced Curb Appeal

Another significant benefit of adding a deck or patio to your investment property is the enhanced curb appeal it provides. A well-maintained outdoor space can make your property stand out from the competition and attract potential buyers or renters.

• Attracting Buyers: A beautiful deck or patio can be a major selling point for potential buyers, as it showcases the property’s potential for outdoor living and entertaining. This can help your property sell faster and for a higher price.
• Attracting Renters: For rental properties, a deck or patio can be a significant draw for potential tenants. Renters are often willing to pay a premium for properties with outdoor living spaces, which can result in higher rental income for you as the property owner.

Expanded Living Space

Adding a deck or patio to your investment property not only increases its value and curb appeal but also provides additional living space for you or your tenants to enjoy. This expanded living space can be used for a variety of purposes, including outdoor dining, entertaining, and relaxation.

• Outdoor Dining: A deck or patio can serve as an extension of your property’s indoor living space, providing a comfortable and inviting area for outdoor dining. This can be particularly appealing to potential buyers or renters who enjoy spending time outdoors and entertaining guests.
• Entertaining: A well-designed outdoor space can be the perfect setting for hosting parties, barbecues, and other social gatherings. This can be a major selling point for potential buyers or renters, as it showcases the property’s potential for entertaining and socializing.
• Relaxation: A deck or patio can also serve as a peaceful retreat for relaxation and leisure. This can be especially appealing to potential buyers or renters who value having a private outdoor space to unwind and enjoy nature.

Low Maintenance and Durability

When choosing materials for your deck or patio, it’s essential to consider the long-term maintenance and durability of the materials. Many modern decking and patio materials are designed to be low-maintenance and long-lasting, making them an ideal choice for investment properties.

• Composite Decking: Composite decking materials, such as Trex and TimberTech, are designed to be low-maintenance and resistant to fading, staining, and scratching. This can be a significant advantage for property owners, as it reduces the time and cost associated with maintaining the outdoor space.
• Paver Patios: Paver patios, made from concrete or natural stone, are another low-maintenance and durable option for investment properties. Pavers are resistant to cracking and can be easily replaced if damaged, making them an ideal choice for long-term durability.

Customization and Personalization

Adding a deck or patio to your investment property also provides an opportunity for customization and personalization. This can help you create an outdoor space that reflects your property’s unique style and character, making it more appealing to potential buyers or renters.

• Design Options: There are countless design options available for decks and patios, including various materials, colors, and patterns. This allows you to create a truly unique outdoor space that complements your property’s existing architecture and design.
• Outdoor Features: In addition to the deck or patio itself, you can also incorporate various outdoor features, such as built-in seating, fire pits, and outdoor kitchens. These features can further enhance the appeal and functionality of your outdoor space, making it even more attractive to potential buyers or renters.

Conclusion

In conclusion, adding a deck or patio to your investment property offers numerous benefits, including increased property value, enhanced curb appeal, expanded living space, low maintenance and durability, and customization and personalization opportunities. By carefully considering the design and materials for your outdoor space, you can create a beautiful and functional addition to your property that will appeal to potential buyers or renters and provide a significant return on investment.