Buyers often favor homes with updated, durable floors because it's one less thing they'll have to tackle post-purchase. Hardwood, in particular, offers a significant return on investment. In fact, it's not uncommon for sellers to recoup up to 70-80% of the cost.
Luckily, installing new flooring is one of the most rewarding home improvements with an impressive impact on your resale value. In general, replacing old, worn flooring with a new option always boosts your house's resale value. However, some flooring makes more of an impact than others.
The best flooring for resale value: The ROI on wood floors
They're durable, versatile, and most buyers love them. According to real estate experts, the average ROI for installing hardwood floors is about 70% to 80%, and wood floors can boost the sales price of your home as much as 2.5%.
This rule says you should use three flooring types at maximum throughout the whole home. For example, you might use hardwood in public areas of the house, except the kitchen and bathroom, where you use vinyl linoleum.
The 'Less than Three' Rule. Having more than two different types of floors colliding with one another is confusing to the eyes and may make your space seem cluttered or mismatched. When making your design choices, do not exceed more than two different types of material per floor of your home.
Depending on the size, an extra 5 to 15% of ceramic tile should be purchased. For vinyl and laminate flooring, 5 to 10% extra is recommended.
What Flooring Adds the Most Value? Hardwood flooring has long been the top choice for homebuyers and remains so today. According to Realtor.com, installing new hardwood floors may increase a home's value by as much as 2.5%, though some realtors place that figure at 6 to 10% or more.
Flooring installation can cost anywhere from $2 to $20 per square foot of flooring installed, or $1,000 to $10,000 for 500 square feet of flooring. The national average flooring installation cost is around $7 per square foot or $3,500 per 500 square feet, which includes the cost of both materials and labor.
Even a mid-range replacement can dramatically improve your home's appeal and perceived value. Consider replacing high-traffic areas with hardwood or luxury vinyl flooring. This upgrade can increase your home's value and attract more buyers looking for a modern, low-maintenance option.
Does vinyl flooring devalue a home? It's possible. While vinyl plank floors are affordable and versatile, they might not boost your home's resale value like hardwood or tile would.
Rental properties, commercial real estate and fix-and-flip projects are some of the best options for investors seeking high profit potential.
Carpet suits bedrooms better, and tile floors work best with kitchen and bathrooms. The main way that flooring affects your home appraisal in this way is by means of consistency. Contrasting floor colors and textures butted up against each other can detract from your home's overall style, and thus it's value.
The more expensive flooring upgrades yield the highest returns and appeal most to homebuyers. And hardwood is the clear winner, followed by engineered hardwood and tile. Carpet and luxury vinyl tiles add comparable value, though vinyl is the cheapest option.
The average cost to install 1,000 square feet of vinyl flooring is between $2,000 and $7,000 for standard vinyl planks and between $3,000 and $10,000 for luxury vinyl planks. Adding in labor costs brings the total to between $5,000 and $20,000.
As a rule of thumb, the most expensive floors have the better locking systems which make them easier to fit and they also have the thicker, longer lasting wear layer - please keep reading to get more detail!
One of the leading & most affordable flooring options is vinyl flooring. This flooring is crowned just for its adaptability and cost-effectiveness. It saves you even more money due to the peel-and-stick options available.
Conclusion: What Flooring is Best Value for Money
For the best balance of affordability, durability, and looks, consider luxury vinyl plank (LVP).
It's a smart idea; hardwood flooring is preferred by home buyers and renters across the United States so it could improve the resale value of your home when it comes time to sell.. But consider all your options carefully. Here's more about flooring made from hardwood and why you might prefer it to wall-to-wall carpet.
Does Laminate Flooring Increase Home Value? To go easy on the budget, laminate flooring is another option. It may have a lower resale value than solid or engineered wood, but high-quality laminate flooring can bring a higher resale value than cheaper vinyl flooring or leaving bad flooring in place.
Installing a new floor costs $3,163 on average, but can range between $1,531 and $4,861, depending on the room size and type of flooring. For a 500-square-foot space, flooring installation costs between $1,531 and $4,861, for an average of $3,163 (or $12.50 per square foot).
Choosing the same flooring for all the rooms creates a unified and harmonious environment, and creates a visual effect that expands its dimensions, which allows us to better plan a reform. However, in open-plan dwellings such as studios or lofts, the flooring can help to delimit areas in an organic way.
Buy the amount of flooring needed, plus another 20-percent. This number is comprised of the 100-percent of flooring needed to cover the area, plus as much as 15-percent to account for installation wastage and 5-percent to account for defective materials.