Many people who are building a new home with hardwood floors—or thinking about adding hardwood floors to an existing home—will naturally want to know how much hardwood flooring will add to their home’s worth.
There will never be a definitive answer because of all the variables that determine a home’s value, but generally speaking, hardwood floors can drive up the price of a home by several percentage points, which can translate into thousands of dollars.
“There's not a ton of data on the correlation between the home value and hardwood floors, but the data that is available says the increase in home value can be up to 2.5%,” according to Reuven Shechter, the outreach coordinator at Clever Real Estate, an online service that connects buyers with real estate agents.
“If you're the last one in your neighborhood to update the floors, do so before you sell. You don't want your house's perceived value to drop when the only distinguishing factor between your house and the one for sale down the street is hardwood floors. That could significantly impact how much a buyer will pay,” Schechter recently wrote.
“What makes or breaks the value that the hardwood floors add is the design and type of hardwood, and the updates in the rest of the house,” Schecter explained.
The direction and pattern in which the planks are laid out can be very important. Short planks that are placed in a herringbone or cross pattern can look old-fashioned. If all the planks are going in one direction, it can be an issue as well. This is why you need to consult a flooring expert to help you find the perfect pattern for your home.
What is the ROI for Hardwood Floors?
The ROI for hardwood floors is somewhere between 70% and 80%, according to Professional Builder. If you don't plan to sell the home right away, it could be even more.
Much of the ROI is related to the low-cost upkeep of the floors. Not only does hardwood look beautiful and luxurious, hardwood floors can last many years without further investment if they are properly maintained, which is easy to do.
Hardwood is also easy to refinish and re-sand, and the color can be changed if the future homeowner has different tastes. This unproblematic restoration and interior-design flexibility give hardwood flooring a higher resale value.
Whether you want to stay in your home or sell it, having hardwood floors is definitely worthwhile. You will have the luxurious beauty and warm feeling of the wood and make your personal balance sheet stronger.
You win either way with hardwood floors.
Image: Shutterstock
