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  3. Financing Deck Construction

Financing deck construction is sometimes a necessity, particularly when the project includes a number of amenities and high-end materials, such as composite decking. While many smaller-sized residential decks can be relatively inexpensive, more elaborate sized outdoor living/entertainment spaces might be too expensive to cashflow upfront. So, read on to learn more about financing deck construction and some of the basics of what you need to know.

Financing that construction might be a necessity if the exterior amenity is large enough. The average size of a household deck runs from 300 sq ft up to 400 sq ft. However, some homeowners go with an even larger size, up to 500 square feet or even more. Since the average cost for regular lumber is around $25 per square foot, an average deck could run from $7,500 up to $10,000. But, when building with high-quality composite, that figure increases significantly, rising to $45 per square foot up to $55 per square foot. This would increase the overall cost to $18,000, up to $22,000.

Financing debt construction can be done through a personal loan, obtained through a regional bank or credit union. Some homeowners elect to tap into their equity and take out a line of credit in order to finance their deck construction. Another common way to finance debt construction is through a 401k loan or through private third-party financing, provided either by the construction company itself or another entity. Of course, some homeowners use one or more revolving lines of credit in order to finance their deck construction.