Do engineered wood flooring installation cost increase the value of your home? Is it worth replacing the floor? What will your return on investment be? There are many factors, including your neighborhood, so consult an experienced real estate agent to find out.
Do Wood Flooring Increase Home Value?
According to realtors, there isn’t much data on the correlation between the home value and wood flooring, but the available information says that the increase in home value can be as much as 2.5%. Some buyers’ eyes widen when they see a home with hardwood floors, but it’s become the norm in certain areas. If you are the last person in your neighborhood to update the floors, do it before you sell. You don’t want your home’s perceived value to drop when hardwood floors are the only differentiating factor between your home and the one for sale down the street. This can significantly affect how much a buyer will pay.
How do wood flooring updates affect resale value?
However, adding hardwood flooring to a home will not change or destroy the value. There are plenty of homes with original hardwood floors – and original garish paint and tile backsplash. So what makes or breaks the deal value that hardwood floors add? Add design and type of hardwood and updates throughout the rest of the home.
The pattern and direction in which the wood flooring panels are placed can add or detract from the appeal. For example, if you have short boards placed in a herringbone or cross pattern, it can look dated. Similarly, if all the panels are facing one direction, the room feels tighter, which can also be a problem. Talk to a flooring expert and local realtor to help design your home’s perfect pattern and direction.
Before installing all hardwood, consider upgrading your kitchen or bathroom. The two rooms in the house add the most value to the dining room and kitchens. No amount of wood flooring will cover up an outdated kitchen or bathroom. Instead, get the most appealing look by adding paint, replacing countertops and appliances, and remodeling your shower/tub. From there, decide if adding hardwood floors to your living or dining room is within your budget. At that point, the value will only continue to grow.
What is the ROI for wood flooring?
It should be clear that adding wood flooring to a home will increase its value because the home supports it. But what is the profit on investment for adding wood floors?
According to Professional Builder, the return on investment for hardwood floors is between 70% and 80%. This means that if you spend $20,000 on hardwood floors (2,000 square feet at $10 per square foot), you can expect to see $14,000 to $16,000 reflected in the sale price of your home. Again, these numbers depend on other aspects of the house and the type and design of the wood floors. However, if you don’t plan to sell right away, the return on investment can be even higher.
How can you get a reasonable price on wood flooring?
Consider hardwood floors if you’re looking for a floor that will give you more value when selling your home later. Vinyl or laminate wood flooring can still provide the luxury feel buyers are looking for at half or less of the initial cost of hardwood. Depending on the home’s value before the flooring, you can see over 90% ROI on flooring that costs less than $1.30. Don’t spend money on hardwood floors unless the home’s value calls for it, and you won’t be living in it for a while.
Is wood flooring worth it?
Wood flooring can increase the great value of your home by up to 2.5%. Many buyers like to see hardwood floors, but the rest of the house needs to be updated to bring down the value. You can expect an ROI of between 70-80% on your hardwood floors, but the best ROI comes when you enjoy low-cost floor maintenance. Wood flooring may not be the best if you’re looking for an ideal way to increase your home’s resale value. Depending on the worth of your home, installing vinyl or laminate flooring can increase the value of your home to the same price for less.
The ultimate style of wood flooring!
The ultimate appeal of wood flooring is often overlooked, and unlike other carpets, linoleum or tile patterns do not suffer from going out of style. No plank is the same, so color and shade variations add an extra authentic, natural look to any floor surface. In addition, wood floors have been used in homes for centuries, so you can be sure that the same trend will not change in the years to come, saving you time and money. Another advantage is that if the floor starts to look tired after years of use, you can sand and seal the wood and instantly bring it back to its original state.