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%.
If you have carpets or laminate flooring that need to be replaced, then installing hardwood floors could increase your home's value. However, if you have tile or vinyl flooring in good condition, you may not see much improvement in value by investing in expensive hardwood floors.
So the short answer to “does new flooring increase home value?” is yes—if you're smart about your selections. The right upgrades also make your house move faster on the market. Follow these 5 pro tips to get the most out of this wise home investment.
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.
Outdated Systems, Appliances and Interiors
Updating appliances or any major systems, like plumbing, electrical or HVAC, can be costly, so if yours are outdated, it could affect the overall value of the home.
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.”
Replacing flooring before selling is one of the most common pre-listing home improvement projects for a few different reasons. A survey from Coldwell Banker found that 80% of home buyers would prefer to buy a move-in ready home. Today's buyers want a house that requires minimal work for them.
If the laminate replaces old, worn carpet or sheet vinyl, you could see a value boost. But if the home already has old hardwood, you should refinish the natural wood rather than replace it with lower-quality laminate.
Its durability and water resistance makes it a great material to increase value in rental properties, kitchens, bathrooms, and laundry rooms. However, we don't always choose luxury vinyl for our properties. While the material is durable and stands up to water well, it's softer than hardwood and tile.
Some of these factors are out of your control, such as market conditions, interest rates, and the economy, while others are very much in your control. From unappealing renovations to neglecting maintenance on your home, some projects, or lack thereof, can negatively impact your property value.
“Buyers like carpet in bedrooms, especially in basement bedrooms, for comfort and warmth.” Carpet is also much quieter to walk on than other types of flooring and can help absorb noise. It can mask sounds, such as footsteps and squeaky floors, Fisher adds.
You may have already guessed it, but the floor with the highest resale value is hardwood. Since hardwood is always in demand, it is an easy choice to up level your home.
Dark colored hardwood floors are highly sought after by home buyers because they match modern styles. Lighter hardwood floors don't have that same appeal to many buyers, but buying quality hardwood can help.
After all, your home could have many other beautiful key features that sell it. What you should keep in mind is that today's average buyer prefers hard surfaces throughout the home, over carpeting. If you need to replace carpeting, vinyl/wood laminate is also the best choice if you're on a budget.
LVP flooring is waterproof, less expensive, and faster and easier to install than wood or tile. Even the high-end residential market discovered LVP floors last year. It works in wet areas such as bathrooms and laundry rooms as well as living rooms, kitchens, dining rooms, and anywhere in the house except for stairs.
If you're doing a whole house renovation, you may be looking at replacing carpet with hardwood floors. 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..
Cannot be refinished: Due to its composite construction and wear layer, a laminate floor can never be refinished. Once it has been damaged or worn out, laminate flooring must be replaced.
There are advantages and disadvantages to each, and the value they add also varies. A solid hardwood floor will add more value to your home than a laminate floor in most cases, but that's not the whole story.
The layout of your home
If you have an open concept floor plan, a single flooring material will look more cohesive. The continuity will make your home appear even larger. If your home has a closed layout with each room having its own defined space, you can customize each space to have its own personality.
Well-maintained, high-quality carpet can add value to your home. Here's how to get your carpeting to stand out, according to experts. When you're looking to sell your home, certain home improvements can potentially increase its resale value—a fresh coat of paint, kitchen and bathroom updates, and the floors, too.
The spring and the fall are the most optimal seasons flooring projects.
Your Home. The appraisal professional who performs your appraisal is not concerned with whether or not your dishes are done, or your laundry is put away – these things don't affect the value of your home, and the value of your home is what an appraisal is all about.
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.