Do Hardwood Floors Increase the Value of Your Home?
Posted on: 2022-04-19
In today’s housing market, those looking to sell their homes are always seeking ways to increase the value to get more bang for their buck.
With so many home renovations out there that can increase a house’s ROI (return on investment), have you considered installing hardwood floors?
Hardwood floors can positively impact the value of your home, but they are also beautiful and timeless.
Even if you’re not planning on selling your house anytime soon, you can still enjoy the aesthetic appeal they will add to your living space!
And with the right care, hardwood floors can last a lifetime.
Keep reading to learn more about hardwood floor installation and how doing so can increase the value of your home:
Luxury Vinyl Plank Versus Hardwood
Before we look at how hardwood floors can increase the value of your home, let’s explore a popular alternative known as luxury vinyl plank (LVP).
LVP has the look and feel of natural wood and comes in easy-click or glue-down styles. This type of flooring has multiple layers that include a protective layer, the wood-like design, and a vinyl core.
Hardwood floors are made of 100% natural wood, such as oak and maple, and it’s been shown that homes with hardwood floors sell more easily and offer a higher ROI if they are in good shape.
Although LVP lasts longer, is more durable, and costs less than hardwood floors, it isn’t as appealing to homebuyers. Therefore, it often doesn’t offer the same ROI as hardwood floors.
So when it comes to deciding between the two, it really comes down to what you want to pay upfront compared to how much you want to increase the value of your home.
How Long Do Hardwood Floors Last?
If you already have hardwood floors or are looking to have new ones installed, the important question is: How long do hardwood floors last?
The answer is that hardwood floors can last a lifetime! However, even though the beautiful wood can last forever, its shine and finish will dull over time.
When it comes to increasing the value of your home, look at the condition of any existing hardwood floors.
Recoating is a simple process that can perk up the floor’s finish, while refinishing takes a bit more elbow grease but can make your hardwood floors look brand new.
In fact, refinishing your hardwood floors can increase the value of your home as well!
Rest assured that if you plan to install brand new hardwood floors, they will remain in good shape for many years.
The Cost of New Flooring in a Home
When it comes to installing hardwood floors to increase the value of your home, there are a few things that need to be taken into consideration.
First of all, if you have existing floors, you will have to have them removed – which can run you around $1.25 per square foot when done by a professional.
Plus, if you need to replace the subfloors, this is going to cost approximately $2.10 per square foot.
Hardwood floors typically cost around $7 per square foot, with an additional $2.50 if you hire a professional to install the flooring by nailing and securing the boards.
More expensive woods, such as exotic and distressed woods, cost around $8-$12 per square foot.
However, the prices above are not set in stone and depend on the size and brand of the wood and the current cost of materials.
The ROI of New Hardwood Floors
According to the National Association of Realtors (NAR), homeowners can stand to recover up to 106% of hardwood installation costs when they sell their home!
For example, if you spent $4,700 having new hardwood floors installed, you can recover $5,000 from that investment.
Even though that’s the maximum ROI you expect to receive on installing hardwood floors, the average is around 70%-80% – which is still an amazing boost to your home’s resale value!
Overall, hardwood floors are extremely attractive to homebuyers, and they are willing to pay more for them!
Potential buyers will turn away from dated tile and carpets, lowering your chances of selling your house at a higher price.
Are You Ready to Improve Your Home’s Value?
Hardwood flooring is a cost-effective and long-lasting way to enhance the look of your home and increase its value.
Whether you are looking to sell now or want to enjoy your home renovation projects, hardwood floors are a worthy investment.
Parabola Developments has been installing hardwood flooring in Edmonton and surrounding areas for years. Our priority is ensuring your satisfaction by getting the job done right!
If you’re ready to improve your home’s value with the installation of a new hardwood floor, contact Parabola Developments today and speak with one of our hardwood flooring experts!