When it comes to selling a home, hardwood floors are unquestionably the most important factor to remember. Can hardwood floors, on the other hand, add value to a home? Here’s what Floor Sanding experts say.
Are Hardwood Floors a Good Investment?
Hardwood floors cost between $4-6 per square foot on average, plus $4-8 per square foot for installation. It could take a few days or even a week to complete installation, depending on how many square feet you choose to cover.
Despite this, countless homeowners will get them built every year because they look fantastic.
Hardwood floors can also increase the value of a home by 3-5 percent, according to reports. As a result, they’re a very appealing choice for someone trying to sell their home soon.
Hardwood floors aren’t always created together.
As we mentioned at the outset, the average cost of hardwood floors per square foot will vary. The type of wood you choose is the main cause of this variation.
Pine, for example, could cost as little as $3 per square foot, while Brazilian walnut, mahogany, or tigerwood may cost as much as $14.
Also, bear in mind that hardwood floors can only add value to your home if they are kept in good condition. If you already have hardwood floors, don’t expect them to increase the value of your home if they’re in bad shape. In reality, prospective buyers would have to factor in the cost of replacing them, which could cause more harm than good.
Refinishing hardwood floors, fortunately, provides homeowners with a similar level of satisfaction as installing them for the first time. As a result, even if you aren’t planning on selling for a while, it might be worthwhile to get yours redone.
Although hardwood floors are almost always a valuable addition to any house, there are a variety of other projects that can significantly increase the value of a home.
For example, the top three projects in terms of both “appeal to buyers” and “likely value to home for resale” were the same:
- Renovation of the whole kitchen
- Improvements to the kitchen
- Renovation of a Bathroom
Adding a new bathroom or master suite often beat out “new wood flooring” in terms of projects that are likely to be more valuable if you sell. You must also consider your one-of-a-kind residence. Perhaps it has some flaws that need to be addressed before you install hardwood floors or some of the other improvements we listed.
Homeowners can boost anything from perceived square footage to curb appeal to energy efficiency with a variety of home improvement choices.
If you’re planning to sell soon, it’s a good idea to think about where your money will be better spent before investing in hardwood floors.
The Return on Investment of New Hardwood Floors
Any home renovation, particularly hardwood floors, requires careful consideration of the return-on-investment (ROI).
New hardwood floors, as we’ve already stated, can boost your asking price by as much as 5%.
The keyword in ROI, on the other hand, is investment.
Again, if you prefer a less expensive material, your investment will be lower, but so will the returns you can reasonably expect.
Hardwood floors have a 70-80% return on investment. So, if you spend $15,000 on them, you can expect to get a little more than $10,000 back when you sell – maybe more. This could easily add 5% to the price of your home, depending on how much you paid for it. Hardwood floors can be a good investment even if you don’t plan on moving anytime soon.