Return on Your Flooring Investment: 3 Things to Consider
Installing a new floor in any room should increase the value of your home. That said, it’s important to be realistic about what you can expect regarding ROI when it comes time to sell.
New flooring is always going to be attractive to prospective buyers. It means one less update is required upon purchasing the property, and it removes years of wear and tear from a home’s appearance. But does that mean it’s always in your best interest to make this renovation before putting the for sale sign up in the yard? This article will cover the truth about return on investment after installing new floors.
Hardwood Has Timeless Appeal
For decades, hardwood has remained the most desirable flooring choice for homebuyers. In fact, according to the National Association of Realtors, 54% of buyers are willing to pay more for a home with hardwood flooring.
The preference for wood doesn’t just apply to homeowners with big budgets. A whopping 87% of homebuyers in the $100k – $150k price range said they want hardwood flooring, too. That means no matter where your home price falls on the scale, it’s safe to say your potential buyers will be looking for this flooring type. Installing roughly 300 feet of wood flooring will typically cost between $3k and $4k, and you can expect to see most of this money recouped when it’s time to sell.
Although it’s more expensive than other options, hardwood flooring lasts much longer than the alternatives. Additionally, it can be recoated and refinished every few years to make it look new again. If you want a flooring upgrade that you can enjoy for years while still reaping the benefits when it’s time to sell, hardwood is the way to go.
Practicality Pays Off
Just because hardwood is the preferred choice of homebuyers doesn’t mean it’s the best option in every room. For example, basements, which experience higher-than-normal humidity levels, are not a good place to install a beautiful wood floor.
Consider the spaces in your home that receive significant foot traffic, unusually hot or cold temperatures (and humidity levels), or are regularly exposed to moisture. A highly-durable option that stands up to the elements, like ceramic tile, might be a better flooring choice than hardwood. Similarly, some home buyers might prefer carpeting in “comfy” spaces like bedrooms or living rooms.
If you’re updating the floors in your entryways, laundry room, basement, or bathroom, choose your material wisely. Potential homebuyers don’t want to purchase a property where a major flooring renovation is necessary because of your questionable choice of materials.
Don’t Overlook Luxury Vinyl
There’s no getting around it – hardwood isn’t cheap. When you want to capture the look that wood provides but aren’t sure you have the budget to pull it off, there’s luxury vinyl.
As the technology behind luxury vinyl has improved over recent years, it’s become an increasingly popular choice among homeowners and homebuyers. It’s versatile, can handle moisture and humidity better than real hardwood, and is much less expensive to install than other traditional options.
When it comes to styles, there’s no shortage of luxury vinyl options. It’s available in a wide range of colors and texture appearances, meaning you’ll be able to find something that fits your space.
It’s certainly true that vinyl isn’t going to increase the overall value of your home in the same way that hardwood can, but if you’re concerned about ROI, it’s a solid option. It’s not unusual for sellers to get back nearly all of their investment on luxury vinyl flooring.
Your Flooring Project Starts Here
No matter your needs or budget, we’re here to make your entire flooring project easy as possible. We’ve seen it all throughout our 89 years in business and take pride in always giving our customers the best advice and materials the industry has to offer. We understand that you’re making an investment in your property and want to make we do our job efficiently and affordably.
Whether you’re renovating your space before putting it on the market or simply want an upgrade to enjoy yourself, get in touch online to schedule your free consultation.