How to Get the Best Value Out of Your Deck
When you are budgeting for a new deck installation, you should keep the following factors in mind:
1. A new deck is an overall solid investment that increases the value of your home, even in a down housing market. You can expect to recoup at least 70-80% of your building expenses when you go to sell your home.
2. If you plan to sell your home shortly after your deck construction is complete, you may want to opt for a less expensive structure. You will not have time to enjoy it and if you spend too much, you will not be able to recoup the full cost of your lavish deck.
3. When planning your budget, take into consideration the size and value of your house. If you have a small to mid-size home of average value, it does not make sense to splurge on a huge, expensive deck that does not fit the scale of your home. On the other hand, a large expensive house calls for a deck of equivalent size and quality. As a rule of thumb your deck should be no larger than the largest room in your house. This can ensure that it is proportionate to the rest of your living space.
4. Check out the decks that other homes in your neighborhood have. This will give you a good idea of the standards that exist in your area, which will help you determine the best materials and design of your own deck.
5. It is best to contact at least 3 local contractors to get estimates for your project. Negotiating with contractors and making sure you are hiring an experienced and licensed professional will ensure that you will get the best value for your money.
You should be prepared for and budget accordingly for the scenario where your property taxes may go up after your deck is complete (in some towns you can even incur a tax increase if you remodel an existing deck). When the construction process is underway, a rep from your town’s building department will come in a few times to do an inspection and ensure that everything is being done according to building codes and restrictions. After your deck is finished you will receive a written notice that the deck has passed the inspections. The best way to estimate any tax increase is to contact your local tax assessor’s office, provide them the scope of the building project and ask for an estimate of the new tax amount.
Increased Insurance Costs
It is important to ensure that your new deck is covered by homeowner’s insurance. Once construction is complete and you receive a Certificate of Occupancy from your town’s building department, you can contact your home insurance company. Let them know how much it cost to build the deck, so that they can increase your policy to reflect this added cost.