Though home sellers often overlook their flooring while trying to sell, it’s one of the first things buyers consider while making their first impression. Great floors make a world of difference when it comes to longevity, comfort, aesthetics, and your home’s overall value. Without well-installed hardwood flooring, you may as well kiss those potential buyers goodbye.
So does hardwood flooring increase home value? Absolutely. Let’s take a closer look into why you should consider a remodel if your flooring is outdated.
Better ROI on Housing
Homeowners often install hardwood flooring for the warmth and durability it brings. Hardwood is also easier to maintain and healthier than other types of flooring; it traps significantly fewer allergens and dirt particles than carpet. If you plan on putting your property up on the market one day, it’s these features that will grant you a significant ROI when you sell.
New flooring can last for decades — solid hardwood often outlives the person who installs it. You’ll be able to boost your selling price by 2.5% and enjoy an 80% ROI, no matter when you decide to list your home. That may not sound like a whole lot, but if you have a $300,000 home, hardwood flooring could earn you back nearly $8,000!
You probably won’t be seeing that money if your floors aren’t in good shape. Remember to protect your investment with regular maintenance. If you have hardwood floors with visible scratches, a dull finish or uneven coloring, improve your investment by sanding and refinishing your floors. Solid hardwood can be sanded down and refinished several times before they need replacement.
More Offers When Selling
According to a survey conducted by the National Wood Flooring Association, a resounding 99% of realtors report that homes with hardwood flooring are easier to sell. 90% of realtors also believe that these homes sell for more money.
If you plan on flipping your property and are hoping for guaranteed easy selling experience, you’ll want to make sure you have hardwood floors installed. Sellers will prefer almost anything over carpeting, but solid hardwood offers the best ROI. Try to avoid trends — most homeowners prefer wood with a natural-looking finish. Darker finishes require more work to maintain but are seen by most as stylish and elegant. If you plan on using lighter wood, avoid red or yellow undertones or finishes as they are less popular overall.
What You Can Do to Increase ROI
Take a look at your current flooring. Will it yield the highest possible value when you put your property up on the market? If you have stained carpet or 70’s-style patterned linoleum, the answer is probably no. As previously mentioned, poorly maintained hardwood flooring can also cause potential buyers to run toward the exit.
If your floors are damaged beyond repair or were trendy decades ago, it’s time for an update. Installing 300 square feet of hardwood can cost between $2,700 and $3,800 — the type of wood you use and the cost of labor can both cause the price to vary. For the best ROI, you’ll want to select a durable wood floor that can handle plenty of foot traffic. Oakwood, for example, is popular for its density and ability to withstand heavy traffic. Oak is also more resistant to dents and scratches, meaning it will look newer for longer.
Buyers appreciate consistency. Varied materials in bathrooms and kitchens are expected. Multiple patterns and colors across the rest of your main floor, however, can be off-putting. If this sounds like your home, it’s time to redo your floors.
Installing new hardwood flooring is an exciting venture, but selecting the best wood for your home can be a challenge. Are you in need of a helping hand? Give Floorverse a call! We offer an incredible selection of hardwood flooring and professional advice on which styles will best suit your needs. Call us at +1-949-668-9257 or send us a message today.