Do hardwood floors boost the value of your home? Is it worthwhile to replace your flooring? What is your expected return on investment (ROI)? There are other aspects to consider, including your area, so consult with an experienced real estate agent to learn more.
Are you considering installing new floors in your home? If this is the case, you may be wondering, “How much value does hardwood flooring contribute to a home?” This is generally followed by the sister inquiry, “What is the return on investment?”
If you want to sell your home, you may be wondering what type of flooring will appeal to potential buyers and raise the value of a home.
Work with an experienced real estate consultant to determine the best flooring options, whether it’s new hardwood or a different material.
Does hardwood flooring raise the value of a home?
There isn’t a lot of research on the association between home value and hardwood floors, but according to realtor.com, the rise in home value can be up to 2.5%.
Other buyers’ eyes widen when they discover a property with hardwood floors, but it’s becoming the norm in some communities. If you are the last person in your area to renovate the floors, do it before selling.
You don’t want your home’s perceived value to fall when the only difference between it and the one down the street is hardwood floors. This could have a big impact on how much a buyer is willing to pay.
What is the return on investment for hardwood floors?
It should go without saying that installing hardwood floors to a house will boost its value if the house is structurally sound. However, what is the return on investment for installing hardwood floors?
According to Professional Builder, the ROI for hardwood floors ranges from 70% to 80%. That means that if you invest $20,000 on hardwood floors (2,000 square feet at $10 a square foot), you can expect your property to sell for between $14,000 and $16,000 more. Again, these figures are dependent on the other components of the property as well as the style and design of the hardwood floors.
If you do not intend to sell right away, the return on investment could be considerably greater.
What is the typical cost of installing hardwood flooring?
The cost of installing hardwood flooring varies according to the type of flooring. Traditional hardwoods often cost $3-5 per square foot for materials like pine, with installation costing around the same. Mahogany, cypress, and other exotic woods can cost $8-$15 per square foot at the high end, with installation adding another $4-8 per square foot.
Does engineered hardwood raise the value of a home?
Engineered hardwood is composed of real wood veneer that is glued to layers of cheaper wood backing to save money. Engineered hardwood, on the other hand, can be more durable than many solid hardwoods. It costs between $3 and $14 per square foot, with installation costing between $3 and $10 per square foot. Some engineered hardwoods can even be sanded and refinished once or twice, making them a wonderful choice for a quick ROI. Solid hardwood, on the other hand, is a preferable choice if you plan on staying in the house for a long time.