Supplier of composite timber decking and cladding, Dura Composites, and East Anglian estate agents, Boydens, have revealed that homeowners typically add 5% to the value of their home through the simple installation of composite decking in their gardens. With the average property price in the East of England quoted by Barclays as £294,000, this adds a substantial £14,700 in value.
Homeowners in Colchester could see an uplift of £17.5K, while Chelmsford residents installing quality composite decking can expect to add a healthy £18.1K to their property value. Those in Suffolk can also maximise their property value with houses in Ipswich and Bury St Edmunds bolstered £16.5K and £15.9K respectively by adding composite decking.
Dura Composites have estimated the average decking material cost for a 3-bed terrace for customers in the East of England at approximately £2,126. Given the 5% rise in property value estimated by Boydens, this provides an almost sevenfold return on investment.
The number of people who stand to benefit is rising, as Dura Composites have also revealed a recorded growth in sales of 367% of its Dura Deck composite decking and composite Dura Cladding over the past 5 years.
Managing Director of Dura Composites, Stuart Burns, explains how installing decking can be an effective way of raising the value of a property for those looking to remortgage or for those participating in the Government’s Help to Buy scheme.
“Whilst a property’s value can increase over time naturally, if you’re planning improvements to your home it’s important that you focus on those aspects which can make a real difference should you decide to move on in the future. In this day and age, owning a home is not, in itself, going to earn you enough money to move up to the next price bracket, so you have to take active steps to create that extra value for yourself. Many of those using the Help To Buy scheme look to add additional value to their home where possible in order to release the equity to repay the loan. Installing composite decking is a great way to achieve this. Its natural wood appearance, long lifespan and low maintenance make it an attractive prospect to potential buyers.
“Added to this, is the transferable warranty. At Dura Composites, the warranty that comes with Dura Deck in a residential or commercial application can be transferred during its 10 year period, from the purchaser to the subsequent buyer of the property, thus strengthening its appeal both for the initial purchaser and for subsequent owners.”
Boydens Marketing Manager, Paul Howe, explains further the influence home improvements can have both on a property’s asking price and the mindset of the potential buyer.
“There are several ways people can add value to their homes; from larger projects, such as building an extension or conservatory, to simpler tasks that create a dramatic impact on how you maximise your ability to use all of the space available such as installing decking. Having a well-maintained and presented home and garden maximises the desirability and therefore the ultimate value of your property.”