When it comes down to finding the best flooring to increase home value, it all boils down to your market. Hardwood will likely give you the highest return, but laminate and luxury vinyl plank flooring also offer plenty of perks to buyers.
It's no surprise— hardwood flooring has long been the top choice for buyers and agents alike, and remains so in today's market.
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. Potential buyers also said they would reconsider putting in an offer if the flooring is outdated, dirty, or worn.
But do they increase your home's value? Yes, they can. If your current floors are old and falling apart, then almost any flooring is going to increase its value. However, in general, laminate floorings are not going to give you as high an ROI as hardwoods.
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.
In high-traffic areas it can show wear and tear, and laminate can't be sanded or refinished for an updated appearance. Because of its lower price point, laminate also won't do much for your home's resale value.
Vinyl and laminate flooring are similar in cost. They're both less expensive than other flooring materials like hardwood or porcelain tile. However, vinyl can get more expensive as you explore the luxury flooring options. Most laminate flooring can be purchased for about $1-5 per square foot.
True value is achieved when the product lives up to your expectations and needs relative to the cost. That's what makes luxury vinyl tile (LVT) such a great investment — it delivers what most homeowners value in upscale flooring, at a budget-friendly price.
Whether laminate will increase or decrease a home's value will also depend on what flooring was there before. If the laminate replaces old, worn carpet or sheet vinyl, you could see a value boost.
The average cost of new flooring installation is $6 to $10 per square foot with some homeowners spending as little as $3 or as high as $18 per square foot depending on the materials chosen. For a medium-sized living room of 330 square feet, you can expect to pay between $1,660–$4,620 for installation and materials.
Vinyl flooring is probably the easiest to clean out of all the options listed here and also one of the easiest to maintain. Also known as Cushion Floor, vinyl flooring is available at a good price and can take plenty of wear over the years, which is why many will come with a 15 year warrantee.
YES! Engineered hardwood is the “real deal,” just like solid. There aren't many differences between the ROI of these two products. This product increases a home's value in a few ways: You'll recoup 70% to 80% of your investment as seen in your property values.
Concrete is the most durable floor you can have in your home. Concrete floors are typically stained to order and can look quite lovely.
Closure of facilities – public services, employment, amenities; if any of these services close, it could impact the value of your house as they're often appealing to buyers. Low school ratings – buyers pay to live in areas with good schools because they want their children to have access to the best education.
Luxury vinyl planks, or LVP, are built in layers, similar to hardwood laminate flooring planks, with a protective finish over multiple layers of pressed vinyl, sealed into a hardboard core, and finished with an underlayment backing.
Vinyl has a longer lifespan and better overall durability than laminate. Don't forget to factor in your budget, however. Vinyl flooring may be more expensive than laminate flooring, especially if you choose luxury vinyl flooring.
Durability. Both vinyl and laminate flooring are extremely durable. Laminate usually lasts for up to 20 years, while vinyl flooring typically comes with a 15+ year warranty. However, you can't refinish or reseal laminate, while you can add extra layers of urethane to vinyl flooring to extend its life.
Vinyl flooring is highly durable. If installed and maintained correctly, it can last upwards of 10-20 years. That said, vinyl is a great choice for the rooms in your house that get the most foot traffic. Additionally, most vinyl flooring has a wear layer on its surface that resists scratches and stains.
Vinyl floors can last anywhere from 5 to 25 years, depending on their quality and how they're installed and maintained.
LVT (Luxury Vinyl Tile) and LVP (Luxury Vinyl Plank) are two different types of luxury vinyl flooring. LVT is vinyl flooring designed in a tile shape, whereas LVP is vinyl flooring designed in planks to resemble traditional hardwood floor planks.