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A retractable awning won’t necessarily increase your home’s value very much, but it can offer a boost of aesthetic appeal to potential buyers. In the long-term, however, a well-placed awning will save you money on cooling and protect your deck and outdoor furniture from sun exposure during the hot summer season.

The average cost to build a pergola ranges from $2,200 to $6,400, whereas the average cost of an awning ranges from $1,400 to $4,400, meaning that an awning tends to be less expensive to build or install than a pergola. Ultimately, the less expensive option depends on a few factors, including size, quality of materials used, and location.

You can indeed open your awning in winter. It’s a misconception that you can only open retractable awnings in the warmer months. In fact, modern awnings are strong enough to offer a little respite from the snow if you’re someone who enjoys sipping hot cocoa outside on a beautiful winter day. But if a big storm is coming, such as a hurricane or a blizzard, it’s best to close your awning until the weather calms down.

Metal awnings last much longer than fabric thanks to their durability and resistance to fading, sun damage, and damage from the outside elements. They also need less maintenance than fabric options. Both items add curb appeal to your home, but you shouldn't expect either type of awning to add property value to your home.