Do hardwood floors add value to your home? According to many real estate agents, they do. However, any return on investment when making home improvements or even selling a home with hardwood floors also depends on its appearance and condition. Both have a huge influence on potential resale value.
Homeowners often question whether carpet, hardwood, or tile is more appealing to potential homebuyers. Others are merely concerned about increasing the future sale of a home by making the investment in hardwood flooring now. A lot has to do with preferences. However, a few points should be discussed with your real estate agent before automatically thinking that hardwood floors add value to your home.
Point #1– Not long ago, carpeting was the norm, but then hardwood flooring became more popular. These days, many potential home sellers or buyers think that’s the way to go. However, when other homes around also have hardwood floors, a home has less potential to increase selling price because so many others also have hardwood flooring. In the past, hardwood flooring was a luxury. Today, it’s more common than ever before. It’s the supply versus demand scenario.
Point #2 – Recent consumer reports and data imply that the presence of hardwood flooring can increase the overall home value by anywhere from 3% to 5%, but always take into consideration the cost of the install, when it was done, and its condition. For example, consider the cost of your hardwood flooring choice and the square footage to you want to cover in order to determine overall outlay of cost versus how many years you plan to own the home before reselling. Not all hardwood flooring costs the same. Pine is less expensive than maple, but don’t forget to ask about installation costs. The harder the wood, the more expensive it is.
Point #3 – Not all hardwood is created equal. For example, the options when it comes to hardwood flooring are broad, from planking, to tongue and groove, to wood tile, and how those pieces are cut, assembled, and then installed. Options for wood flooring range from oak, cherry, maple, beach, pine, fir, birch, and even bamboo. Each comes with different price points as well as installation method. Unfinished flooring that needs to be sanded, stained (or not), and sealed can also have an impact on overall cost versus resale value. Keep in mind that some homeowners may prefer dark woods, others light.
Point #4 – Hardwood flooring is known for its durability over carpeting, especially in homes with children and pets. However, it is not impervious to scratches and even moisture damage if not cared for properly and on a routine basis.
When considering whether hardwood floors add value to your home, you can never anticipate what a buyer is looking for. After all, you never know whether the hardwood flooring type or color you chose will be unappealing to a potential buyer. So think carefully, consider cost outlay versus return on investment, and go from there. If you are in the Indiana area, give ProSand Flooring a call, they are a great Indianapolis hardwood floors company.