What’s the ROI on a Backyard Patio?

Financing / Thursday, June 14th, 2018

Why is it that having a backyard in summer can bring much joy to an ordinary working weekday? With such long winters, we guess Canadians desperately need access to outdoor spaces when weather permits!

One of the biggest reasons Canadians cite for purchasing a home is that they have they will have access to a backyard.

Even when we look closely at Toronto real estate listings and view  condos for sale in Toronto, many buildings now feature  a rooftop deck, a dog loop or multiple barbeques as part of its amenities package.  

But few like a backyard made up entirely of grass, weeds or a vegetable garden. Instead, most of us prefer a place where we can barbeque, enjoy a beer and eat dinner al fresco.

But what if your house doesn’t come with a deck, or it’s falling apart?

How Much Does a New Deck Cost?

According to Home Advisor,  and Delta Decks, the average homeowner spends about $7,000 to build a 200- to 500-square-foot deck, with smaller decks costing as low as $2,000. The cost to build a deck in wood depends on the type.  Pressure-treated wood is the cheapest, at $18-$25 a square foot, with cedar wood being $21-per-square foot to $30-per-square foot. But some materials can cost as much as $50-per-square foot, like Brazilian Walnut and composite products like Azek.  

Luckily, building a deck has one of the highest return on investments out of any renovation project because it is functional and adds so much more perceived space to a home.

What Will Be Your ROI on a Backyard Patio?

Celia Kuperszmid Lehrman, deputy home editor at Consumer Reports, told US News that  homeowners who add a wooden deck to their properties recoup on average nearly 81 per cent of the project’s cost when they sell the home. “Since they are staying home they want to enjoy their exterior, they want to enjoy their outdoors,” Kuperszmid Lehrman said.

Other estimates place the return at about 75 per cent,  which is still high. Some things that affect the cost are the project materials — wooden decks tend to have a higher return than composite — and the quality of the work. A covered patio has the highest return of all. Wouldn’t it be nice to sit outside even when it’s raining?

If you do decide to jump in with this reno, make sure to maintain it properly. Waterproof your deck to ensure longevity and prevent rot and mould. Otherwise, enjoy the summer!

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