A deck is an essential part to increasing your property value. It’s a valuable long-term investment you can add onto your home’s beauty. The reason it is a good investment is because it adds functional space without spending premium costs for an entire home renovation. If you’re looking to finance your decking project and are unsure where to begin, keep reading below!
How to Plan Your Deck Installation Project
Depending on what look you’re interested in going for – when you decide to invest in a deck, you are not only making an initial investment to build the deck, but you are also paying for durable, quality materials that will help save you money and repair in the long run. For an ideal deck, you have to keep in mind the costs involved to achieve the style you’re looking to create.
Just like any other home renovation, building a deck is a permanent addition to your home. Making sure these additional spaces are following local building and zoning laws, such as required distance from property lines. Not knowing when to curb your limits, can lead to spending more due to repairs. Did you know that a new wood deck ranks fifth among the top 13 outdoor features that appeal to homebuyers, according to the National Association of Realtors’ 2018 Remodeling Impact Report. Many new homebuyers are willing to pay premium costs for outdoor living space when comparing similar properties.
In order to save on financial costs, it’s important to make a budget. It’s best to begin from how much you’re willing to spend. From there, picture the size and value of your home – how long do you plan on residing there. An oversized deck with lots of personal features may not make sense for a house you might outgrow in a few years. Decks are appealing, even when you’re not using them in the wintertime, it’s relaxing to look out and enjoy the beauty of a well-designed deck.
How Much Does it Cost to Build a Deck
For basic deck designs using the least expensive materials, you can expect to pay about $25 per square foot if the material is professionally installed. According to the Remodeling magazine’s 2020 Cost vs. Value report, the average cost to add a professionally-built wood deck to your home is $14,360. Actual prices in your area may vary.
You could choose to DIY the project path (if you dare), pulling permits, properly installing foundation supports are way beyond the skill set of new builders. Make sure the deck area that you build, leads to increased comfort and greater space to roam. It’s best to contact a professional to get a rundown of how to prepare for building your own deck.
For a quick estimate, you can use our deck estimator tool for budgetary purposes. Enter in your data, choose your decking material of choice, and we automatically provide you with a price quote. There are a lot of factors that influence the final costs including foundation, taxes, insurance, finishing material, location, site accessibility, and more. Be sure to contact your insurance agent to make sure your deck is covered by your homeowners’ insurance. Let them know you have the certificate of occupancy once it has been completed. That way they can register this information, to provide you with the additional coverage that can be added onto your insurance policy.
Find out How Much Your Deck will Cost. Try out our deck building cost calculator!
How to Finance a Deck
Now that you know what it takes to plan the costs to build your deck, the question that may have you wondering is, how will you finance it? While you might feel the best route is to use your credit card or tap into your savings, a personal loan might be a more affordable option to fund your new deck. Consider a fixed rate and flexible payment plans to allow yourself to plan your finances and know exactly when you’ll pay off your loan. This will allow you to feel at ease, with no hidden costs – you can preview your rate and monthly payments without impacting your credit score.
Make sure to always plan for the unexpected, include a contingency fund for your deck renovation project budget. By taking out a personal loan, the process can be extremely easy with no lengthy process or collateral required. Be sure to check with your lender to see how much you can borrow to fund a backyard deck repair or remodel project.
Tips to Reduce Deck Cost
As a reminder, your deck is a personal investment for yourself. Keep it simple, eliminate fancy design features where they are not needed. By reducing the overall size of your deck, is where you will find the biggest savings. Match deck dimensions to standard lumber lengths, using premade piers or footings can reduce its cost.
Choosing the right wood, could save time and money later. When it comes to upgrading your deck, the warmer months are most popular for deck building. If you’re not in a rush to have a built deck, contractors might be willing to offer reduced labor rates during their time in November to March. Pressure-treated wood is a bit pricey and untreated wood decks are the cheapest to install, however it’s the expenses in the long run that matter. Keep in mind that wood decks require yearly maintenance and deteriorate quickly if they don’t get it.
If you decide to go with a deck installation contractor, it may lead to more benefits, better than the costs. Workmanship warranty combined with a peace of is worth the added cost of hiring a professional. Speak to a professional at GTA Decks for a more accurate final cost. Being able to discuss your options openly, ensuring a proper cost estimate can be provided after the property on-site visit.
Contact us today (416) 315-2200. Visit our website and view our portfolio of professional deck building projects we have brought to life!