As CNN reported, hardwood floors can also increase home value by 3-5%. This makes them a very attractive prospect for anyone looking to sell their house in the near future. However, even if you don't plan on moving any time soon, hardwood floors may still be a good investment.
Hardwood Flooring Increases Home Value: Installing hardwood floors can be an excellent way to increase the value of your home when you're ready to sell. Many buyers are attracted to this type of flooring because they know they won't need to spend extra money on repairs or replacements down the road.
The average cost for installing hardwood floors is around $4-$6 per square foot. But, doing so can increase home value by 3%-5% on average, making it a wise investment for those looking to sell.
Overall Look and Feel
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 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%.
Carpeting used to be a must-have in the bedroom, but today, there seems to be an even split between carpet and hardwood floors. “The times have changed a bit when it comes to carpet in bedrooms,” says Jeb Smith, broker associate with Coldwell Banker Realty in Huntington Beach, California.
You should also keep in mind that vinyl plank and tile flooring might not increase the value of your home as much as laminate flooring. However, vinyl flooring can still make all the difference in how long your floors will last, which could be vital as we head into a more competitive real estate market.
An example of improper communication would be asking an appraiser to provide a valuation that matches the asking price of a particular home. Another example could be telling an appraiser he or she will not receive future assignments if the appraisal does not facilitate a transaction.”
Outdated Systems, Appliances and Interiors
Updating appliances or any major systems, like plumbing, electrical or HVAC, can be costly, so if yours are outdated, it could affect the overall value of the home.
There are many factors that can hurt a home appraisal, such as the home being in a specific neighborhood, school district and varying market conditions. Know that, if your appraisal comes back low and you think it's inaccurate, there are ways you can appeal.
Return on Investment (ROI)
Hardwood floors are mainly seen as upscale and possess features home buyers frequently look for. For this reason, you can expect up to 80% ROI and a 2.5% increase in home market value after installation. Hardwood flooring can last for decades when they are correctly cared for.
If it makes a bad impression, buyers may decide that the house isn't for them, no matter how attractive and updated the rest of it is. If you're thinking about selling your home and it has hardwood flooring that's scratched and worn, you would be wise to have it refinished before listing the property.
When over 30% of your hardwood floor has received damage, it is more cost-effective to replace the flooring rather than trying to refinish the hardwood. Common severe floor damage comes in the form of warping, chipping, stains, or termite infestation.
Greige and white oak are two of the most popular choices for hardwood flooring when it comes to house resale. They provide timeless elegance and neutrality, making them ideal for any home.
You may love the look of your hardwood flooring, but it's really not a good idea to put it in your laundry room. Foyer– All manner of things can be tracked in from outside, and the foyer of your home will bear the brunt of all of them. Sand, dirt, mud, water, snow, and more can all damage hardwood.
Value from a Real-Estate Perspective
According to the National Wood Flooring Association, 99% of real estate agents say homes with hardwood are easier to sell, with 90% saying they sell for more money.
Most real estate appraisers use a Comparative Market Analysis, or CMA, to compare your home to recently sold homes in the area. Size, type of house, number of rooms, garage or no garage, and square footage are some of the elements used for comparison.
The halo effect is one of the most common errors in a performance appraisal. This happens when an appraiser generalises one of the employee's traits and extends it to all the other aspects under review.
What kinds of mess can affect a home's appraisal? Appraisers are trained to overlook clutter. Stray clothes, scattered toys, unwashed dishes, unmade beds, disorganized closets, and other items that suggest you actually live in your house should not affect an appraisal if they don't affect its structural integrity.
In most homes, the appraiser will have no reason to look in the cabinets because they do not need to open them to measure living space.
Many homeowners, interior designers, and builders are opting for Luxury Vinyl Flooring as a substitute for other vinyl-type options due to its hardwood style. Compared with other hardwood flooring it is an attractive choice for those who want some classic hassle-free flooring without high-price tags.
Are you looking for the best ways to increase the overall value of your home that gets you the most bang for the buck? New flooring can increase the value of a home by nearly 10 to 54 percent. Potential homebuyers say that they will put in a higher offer if a home has new flooring.