If you’re considering a flooring renovation for your house, chances are you’ve looked into solid and engineered hardwood options.
Hardwood is not only clean, stylish, and elegant, but theee is likely no other flooring option on the market that can add as much value to your home.
While we are fully aware of the beauty and elegance that hardwood floors bring to a home, an important question demands a prompt answer. How much does hardwood floors increase the value of a home?
In general, homeowners can expect a 75% return on investment when installing hardwood floors. This is because hardwood is typically more expensive than other flooring materials on the market.
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How Much Does Hardwood Floors Increase the Value of a Home?
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Along with improving the value of your property, hardwood floors have numerous advantages over other materials such as vinyl, laminate, and carpet.
When compared to carpet, hardwood floors offer beauty to your home while also delivering superior air quality. Hardwood floor is long-lasting and requires low-maintenance, so there are little costs associated with keeping the flooring in good shape once it has been installed in your home.
When it comes to the home value increase caused by hardwood flooring, it is believed that the addition of hardwood floors can improve the value of a property by 70-150 percent.
If you invest $10,000 to install hardwood flooring in your home, the value of your home should rise by $7,000 to $15,000.
The materials for installing hardwood floors in a 2,000 square foot room will cost between $13,000 and $20,000. As a result, the average cost of hardwood flooring is between $3 and $10 per square foot.
While the increase in your home’s value may not be enough to offset the overall expenditures of adding hardwood floors, this form of remodelling is regarded as one of the greatest for increasing a home’s value.
If you want to eventually be able to sell your property for a much higher price than you paid for it, adding hardwood flooring should be worth it in the long term.
The statistic shows that around 54 percent of all buyers are looking for homes with hardwood flooring, making the installation of hardwood floors a money-wise decision.
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What’s the ROI on Hardwood Floors?
You now understand that installing hardwood floors will increase the selling price and the interest in your home.
But how much money will you have to pay before you can reap the benefits of this upgrade? And how much of that money will you earn back when you sell the house? Before calculating the ROI, we need to know how much it will cost to install hardwood flooring.
As you might assume, the installation cost varies depending on the sort of wood you select, the amount required, and where you obtain it.
However, hardwood flooring typically costs $3-7 per square foot for the material, plus another $3-$5 per square foot for installation. As a result, expect to pay $6-$12 per square foot for hardwood floors. This indicates that the average homeowner will pay between $2,500 and $6,800 to lay hardwood floors.
In conclusion, you may expect a 70 to 80 percent ROI on your new wood floors. That’s a significant return on any investment! Hardwood floors not only add value to a property, but they also have a high return on investment.
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Why Do Buyers Like Hardwood Floors?
1. Hardwood Floors are Beautiful
Clearly, hardwood floors are visually appealing, which is probably one of the main reasons you’re considering installing them. They’re not just beautiful to look at, but they can add a polished, stylish atmosphere to any home.
2. Hardwood Floors are Easy to Maintain and Clean
When compared to carpet, you realize that hardwood floors are easier to maintain. Just sweeping and mopping regularly will keep hardwood floors clean, whereas carpet collects dirt and dust with time.
There is also the case of spills and stains that are difficult to remove. Even if the seller has kept the carpet looking clean, it can retain scents from previous owners.
Most purchasers simply do not like the notion of having a carpet that may still have other people’s spills and odors in it, which is why many rip it up and replace it before even moving in.
3. Hardwood Floors are Durable
Another reason why purchasers love hardwood flooring is its durability. It can survive for several decades if properly maintained, such as cleaning with the proper products and refinishing every 5 to 10 years.
Most homes are unable to keep the same carpet or even tile for that long, so this is a significant selling point for hardwood.
What Colored Hardwood Floor Is Best for Resale?
Dark-stained hardwood flooring is the greatest option when it comes to overall popularity and resale value. Espresso, dark walnut, and antique brown are some of the best dark stains for wood. Since they lack a yellow or orange tint, these darker hues frequently give room for additional color combinations.
Read: How to remove haze from hardwood floor
In answer to the question, how much does hardwood floors increase the value of a home? We can emphatically answer that greatly increases the value of a home.
Finally, once your hardwood floors are installed, make sure you take care of them. To avoid scratches and stains, sweep them daily and mop up spills quickly.