I’m often asked, “How much will hardwood flooring add to the value of my home?”
My answer is, “There are too many variables to know for sure.”
When home buyers are deciding how much they’re willing to pay, they’re considering so many things that it’s impossible to isolate the impact of the hardwood flooring. I’ve seen estimates that hardwood floors can increase the sales price by as much as 2.5%, but any estimate is just a guess.
However, I can say this with certainty: If you talk to Realtors, most of them will tell you that hardwood floors help a lot when selling a home.
Pushing up the sales price is just one aspect of that. From what I’ve seen, probably the biggest advantage is that hardwood floors help homes sell faster.
Home buyers have come to expect hardwood flooring in homes. Carpeting is a turn-off for many buyers, particularly younger ones. To be move-in ready, they want hardwood floors that don’t need refinishing.
Beautiful, immaculate hardwood floors also make prospective buyers say “Wow!” The floors set a positive tone for their whole impression of the home.
For these reasons, if a seller’s hardwood floors don’t look fresh, Realtors suggest refinishing (and re-sanding if necessary).
If there’s carpeting in a home, with hardwood flooring underneath, tearing out the carpet and restoring the floor is also a smart move. And even if there’s only sub-flooring underneath the carpeting, installing new hardwood floors might make sense in some markets and price ranges.
I’m proud to say that one piece of anecdotal evidence I have about the value of hardwood floors is the fact that a Realtor once included “Hardwood floors by Ralph’s” in a home’s description for the Multiple Listing Services (MLS).
So, while I can’t put an exact number on how much value hardwood floors add to a home when it’s sold, I can say that hardwood floors often increase the sales price and usually help a home sell faster, which typically is financially advantageous.
But I’d be remiss if I didn’t point out that the greatest value of hardwood floors is the enjoyment they bring while you’re living in your home. If you’re ready to sell immediately, then it’s a non-issue, but if you’re looking at future financial benefits as a justification for the cost of hardwood floors, don’t forget to factor in their value to you now.
Image courtesy of American Advisors Group, Creative Commons
