Swimming Pool Financing

What are the pros and cons of deck financing?

PROS

• usually a good investment for your home
• can leave your savings intact

CONS

• decks need replacing often if not looked after
• you may not see a good return on investment if your financing has terms over 5 years due to the way most decks age (you can talk to your contractor about long-lasting options to minimize this risk)

How long do decks last?

If your deck is made from untreated wood it can last anywhere from 10 to 15 years, whereas a deck made from treated wood or a composite deck will last between 25 and 30 years. Some composite decks may even last as long as 50 years if they are meticulously installed and maintained.

How much does it cost to get a deck installed?

The cost of a deck ranges anywhere from $4,000 to $12,000, with a national average of $6,000, including both material costs and labor costs. This works out to around $30 to $60 per square foot.

The cost of your deck will depend on the size, design, shape, and type of material you choose, as well as your location and contractor.

How much does it cost to build your own deck?

You can expect it to cost you around 65% of what you would pay if you were to have a deck installed by a professional. (For example, if a deck costs $10,000 with a contractor, you may be able to DIY the deck for $6,500.)

You will find that a contractor will be able to find the materials at a lower cost, and they will be able to complete the project in a shorter time, so you will likely only be saving on labor costs.

Will a deck increase my home’s value?

One of the benefits of adding a deck is that it helps to increase your home’s value. In fact, according to the 2021 Remodeling Cost vs Value Report, a deck addition increased home value by 63.2% to 65.8%. It is worth noting that this added value will depend on how well you maintain your deck - a deteriorating deck will be seen as a liability, not an asset.

What credit score do I need to qualify for deck financing?

To qualify for deck financing, you should be looking to have a credit score of at least 600, although a score of 660 or above will help you to qualify for the best and most affordable financing options.

Best Lenders for Deck Financing

Some of the best lenders that offer deck financing are:

• Avant
• Axos
• LendingClub
• LightStream
• OneMain Financial
• Prosper
• Universal Credit
• Upstart

 To find out which lender can give you the best rate for deck financing, check out our comparison tables.

Compare and Apply

If you don’t want to save up to improve your outside space with a deck, now is the time to start looking at financing. It will be helpful to get a few quotes from contractors to see how much financing you are going to need, so you can make sure that you are only borrowing as much as you need.

Once you know what loan amount you need, you can decide which financing option is right for you and compare rates. We have made it easy for you to compare rates of different lenders and apply to receive the funding you need to get your deck project started as soon as possible.