If you’re redoing your floors, you’ll want to consider how the type of flooring you choose will affect the resale value of your home. There is no doubt that hardwood floors are the best choice if you’re looking to boost your home value. That being said, they are typically more expensive than other flooring options, and you may wonder if the initial investment is worth it. This post will explain the relationship between hardwood flooring and home value so you can make the best choice for your home!
When considering new flooring for your home, homeowners will want to know the approximate return on investment (ROI). In other words, how much will you be spending on your floors, and how much do you expect to be returned in the form of a resale? Although this can depend on many factors, hardwood floors generally tend to show a 70-80% ROI and can boost a home’s value by 2.5%. Installing hardwood floors are shown to sell homes faster and for more money than any other type of flooring. Most other types of flooring, including carpet, laminate, and vinyl, while cheaper initially to install, will have little to no effect on your home’s value.
You may not be looking to sell right away. Even if you’re not planning to sell your home in the immediate future, it’s still important to consider the relationship between the flooring type you choose and your home’s value. If you’re still planning on living in your home for years, consider the durability and maintenance needed for each flooring type. Hardwood is a very durable flooring type and, with proper care, can last up to 100 years. In other words, your hardwood floors will likely outlive you, as opposed to less durable flooring like carpet that will need to be replaced occasionally. Any replacements and costs spent on upkeep might add to your floor’s initial cost. Remember that hardwood floors must also refinish every several years to restore their original shine.
Again, there are a lot of other factors to consider when it comes to your home’s resale value. If you are planning to sell soon and looking at where to make upgrades, it’s a good idea to talk to an experienced realtor to see where your money would be best spent to attract potential buyers. For example, even with beautiful, gleaming new floors, buyers may back out if you have a very outdated bathroom or kitchen. You’ll want to consider your home’s overall appearance when selling.
When selling, it’s important to consider all different aspects of your home to get the best bang for your buck. Hardwood is undoubtedly the best choice when it comes to increasing your home’s value with new flooring. Despite its initial investment, hardwood is the only flooring type to drastically affect the resale value of your home compared to other types.
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