Hardwood Floors increase the value of your home
January 10, 2019 "Most homebuyers nowadays expect hardwood," says Andy Ross of All Hardwood Floors, hardwood floor installer and refinisher in Norwalk, Connecticut "They want things move-in ready, and don't want to do any work. Seeing carpet could make them pass on your place." This is supported by a 2018 Kiplingler survey indicating that 87% of homebuyers want hardwood flooring.
Refinished hardwood flooring was also one of the projects that are most appealing to the buyers, according to the 2017 Remodeling Impact Survey from the National Association of Realtors®. "Hardwood flooring is definitely a bling feature, especially in the living rooms and dining rooms," says Theresa DiScala, a Realtor with William Ravies Real Estate Services in Southport Connecticut. "Hardwoods in the master suite could help win a buyer’s offer."
Old carpets can be a major eyesore and can really turn a home buyer off. They can also negatively impact those who have allergies.
Hardwood floors are durable, easy to clean, and look great. But will installing hardwood floors pay off when it comes time to sell a home? Real estate professionals affirm that this type of flooring is highly desirable for many buyers. 93% of Realtors feel that installing hardwood floors is a good investment.
Hardwood floors deliver a solid return on investment
Besides being an attractive amenity for potential buyers, hardwood floors have proven to have a good return on investment for homeowners. The average ROI for installing wood floors hovers in the 70%–80% range, depending on the project specifics, flooring layout, and your property’s location, according to Travis a home remodeling expert with RemodelingImage.com. When done right, he says new hardwood floors can add up to 2.5% to the sale price.
What is the cost of hardwood floors?
Installing hardwood doesn’t come cheap says Kimberly Villa, marketing manager for Kaminskiy Design and Remodeling in San Diego. Villa says the average cost for popular woods such as oak, maple, walnut, or cherry is around $5 to $10 per square foot. Installation is typically around $4 to $8 per square foot. "With correct installation, proper maintenance, and refinishing, hardwood floors have the longest life span compared to other flooring materials."
"While this may seem a little pricey for an initial investment, you must take into consideration the fact that these floors can outlive you," Villa says. "They will also increase the market value of your home quite a bit."
- Refinishing wood flooring has a 100% cost recovery
- Installation of new wood flooring has a 91% cost recovery
It’s an expense that a majority of experts say is well worth it. Invest in hardwood flooring now and reap the benefits for decades to come.