According to the National Association of Realtors (NAR) 2022 Remodeling Impact Report, hardwood floor refinishing has an impressive ROI of 147%. This means that for every $3,000 you spend on refinishing, you could add approximately $4,410 to your home's resale value.
Overall, refinishing floors is generally a smart move if you plan to sell your home, especially if the floors are in good condition. It can improve aesthetics and perceived value, making your property more appealing to buyers.
Hardwood is a High-End Choice
While new styles of luxury laminate flooring look beautiful, hardwood tends to be the best flooring to increase home value. Made of natural materials, hardwood exudes a luxurious aesthetic in any home whether it's old or brand new.
In short, you should consider refinishing your hardwood floors when they have scratches, fading, and/or discoloration that cannot be removed by thorough cleaning or polishing. And, of course, you can always refinish perfectly good hardwood floors if you simply want to change their stain color.
In fact, the research report found that refinishing hardwood floors had the highest return on investment (ROI)—a whopping 147%—of any interior remodeling project. (By comparison, they put the ROI of refinishing your kitchen somewhere around 67%, and the ROI of adding a new primary bedroom suite at 56%).
This makes it one of the smartest investments you can put into your home. Hardwood floors are even a capital improvement and can lower the sales tax, though this varies by state.
Hardwood floors are a top feature that buyers seek, significantly increasing your home's resale value. Homes with hardwood flooring often sell faster and for a higher price, making it a smart choice if you're looking to maximize your investment.
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.
Before it's time to sand the floors, many homeowners ask: “Can I stay in my house while my floors are refinished?” The answer is usually yes. If you'd like to read about the best ways to prepare for and manage the refinishing process, read on!
The average cost of a professional floor refinishing project is $1,800, but the cost varies based on square footage and other factors. Flooring pros usually charge $3–$8 per square foot to refinish hardwood floors, so a single bedroom could cost $300–$800, while a whole home could range from $2,400–$6,000.
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%.
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.
According to the National Wood Flooring Association3 : 99% of realtors feel homes with hardwood floors are easier to sell. 82% feel they sell faster. 90% feel they sell for up to 10% more.
After floor refinishing, you should stay out of your house for at least 3-4 days if oil-based finishes are used, due to longer drying times and stronger fumes. For water-based finishes, it's advisable to wait at least 2 days.
Even with an excellent dust containment system, a careless refinisher can leave your home in a mess. This often happens due to poor connections to the dust vacuums, improper dust shrouds, and other small issues that add up to a lot of dust being left in your home.
Depending on a floor's thickness and the experience of the flooring professional, a floor can be sanded around 4-6 times in its entire life. Hardwood floors can be refinished every 7-10 years, making the 4-6 refinishes more than enough.
Store Furniture in Your Garage
If you don't have a spare room large enough or you need to move multiple rooms' worth of furniture, you can always try your garage. As long as you can go without storing your car(s), garages have a lot of space that will be out of the way of your hardwood floor refinishing project.
Plus, it depends on whether you have to move furniture and prepare your space to begin refinishing. It's important to allow floors to dry completely before returning to use and putting furniture back in place. On average, expect it to take 3 full days at the very least to refinish your wood floors.
So, when all is said and done, refinishing hardwood is definitely the more affordable option. Even if it requires removing a few severely damaged planks here and there, refinishing will generally always be less costly than tearing out the entire floor.
The finish is worn or damaged: One of the most obvious signs that your hardwood floor needs to be refinished is when the existing finish is worn or damaged. This can happen over time from normal wear and tear, or it can be the result of a spill or other accident.
The sanding process can be quite intricate with parquet flooring due to the varying grain directions in the blocks. Start with coarse-grit sandpaper to remove the old finish and surface imperfections. Remember to sand along the wood grain, not against it.
Since moisture can have detrimental effects on hardwood flooring, it is not recommended in areas where moisture is high or water leakage is probable, like bathrooms. Before you decide to install hardwood, consider how often the floor gets wet. A more waterproof material might be a better choice.
The average ROI for installing hardwood floors is about 70% to 80% according to Realtor.com, with hardwood floors boosting resale value by as much as 2.5% for a strong return on investment home renovation.
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!