Wood is one of the most important construction materials, and its use in building applications has increased in recent decades. In order to enable even more extensive and reliable use of wood, we need to understand the factors affecting wood’s service life. A new concept for characterizing the durability of wood-based materials and for predicting the service life of wood has recently been proposed, based on material-inherent protective properties, moisture performance, and the climate- and design-induced exposure dose of wooden structures. This approach was validated on the decking of a model house in Ljubljana that was constructed in October 2013. The decay and moisture content of decking elements were regularly monitored. In addition, the resistance dose DRd, as the product of the critical dose Dcrit, and two factors taking into account the wetting ability of wood (kwa) and its inherent durability (kinh), were determined in the laboratory. DRd correlated well with the decay rates of the decking of the model house. Furthermore, the positive effect of thermal modification and water-repellent treatments on the outdoor performance of the examined materials was evident, as well as the synergistic effects between moisture performance and inherent durability.