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.
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.
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. Make sure you get your carpets deep cleaned before you get your home appraised.
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%.
Two big trends in home design are open floor plans and consistent flooring. As such, it may make sense to replace additional flooring in your home to make your property move-in ready. Such an update can have a dramatic effect on the aesthetic of your home and also help you achieve a higher price point.
While luxury vinyl flooring has come a long way from its creation and has increased in durability and visual appeal, unfortunately vinyl may decrease your resale value in the long run. It's important to recognize that while you may spend less on vinyl vs.
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.
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.
Buyers tend to prefer hard surface floors over carpet. If you choose a quality laminate, you'll likely get a decent return on your investment. Laminate is also relatively affordable, which means you won't have to shell out a lot of your budget upfront.
“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.
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.”
Appraisers will check the materials and condition of the windows and doors, flooring, plumbing and electrical systems, the number and quality of appliances, the kitchen, bathroom, and all other important parts of the home.
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.
While there are many factors that influence a home's value, hardwood flooring can certainly increase its worth. Not only does it add a warm and inviting aesthetic to any living space, but it also makes a home easier to sell and can even add resale value when the time comes.
If your old floors are in bad shape, any new flooring will help. While solid hardwood flooring would add more value, laminate will give your home the look of hardwood at a much lower cost, will look good for years, and your return on investment should be solid.
There's no consensus on an exact percentage, but many experts have said it's between 3% and 5%. So replacing carpet with hardwood flooring can definitely make a difference in your selling price. In fact, one study found that 54% of home buyers said they'd be willing to pay more—up to $2,080—for hardwood floors.
Colonial. Colonial-style homes have the highest resale factor when all other elements are equal.
Install new flooring. "Replace what's worn out," says Haynie. "Buyers don't want to deal with replacing carpet, and giving an allowance is generally not attractive enough. Spring for new, neutral carpeting or flooring."
Flooring is the Cornerstone of Your Home
Cracked tiles, carpet stains, or scuffed hardwood floors are enough to change buyers' minds and could affect the appeal of buying your home. Flooring sets the precedent for the rest of your home, so it's important to make a good first impression.
Neutral shades such as light brown, gray, and black are timeless classics that will look good for years to come. These hues make a great backdrop for any room in your home, so you can easily accessorize the space without worrying about the color clashing with your floors.
Timeless hardwood floor colors are typically the natural hues that are found in the hardwood species that are most often used for flooring. Walnut, for example, is renowned for its dark, chocolate hues while Cherry is prized for its deep red tones.
Finally, given the tone of light floors, they tend to appear cleaner longer. Light-colored flooring often shows less dust, debris than do dark floors and pesky, inevitable scratches and damage will be less obvious.
Firstly, it can be difficult to install and may require professional help. Secondly, vinyl plank flooring is not as durable as other types of flooring such as hardwood or tile. It is also prone to scratching and denting from heavy furniture or objects being dragged across the surface.
Maintenance and Longevity
In general, you can rely on vinyl flooring to last anywhere between 10 and 25 years.