Selling your house soon? Looking for ways to increase its value?
Well, one of the options you might want to consider is adding hardwood flooring to your house.
It might sound complicated, messy, and can turn out to be very expensive but your house value can increase much higher by installing hardwood floors.
In fact, according to the National Association of Realtors, around 50% of buyers will pay extra for houses with hardwood flooring. It is also important to note that around 87% of buyers look for hardwood floors in houses worth $1,00,000 to $1,50,000. This means that it becomes easier to sell a house with hardwood floors as compared to the normal ones.
Now, let’s take a closer look at how adding hardwood flooring can affect the value of your house.
Are hardwood floors worth it?
If you look specifically at the increase in house value when using hardwood floors, it is estimated that the value can be increased by 70-150%. And this estimate goes much higher if you don’t plan on selling right away.
So, if you spend $20,000 worth in flooring on your house you can easily expect your house value to increase anywhere between $14,000 – $30,000.
The wide range in the profitability of your house also depends on the types and designs of the hardwood floors you choose to install. Although there are many hardwood floor patterns from simple straight to straight to herringbone flooring, common advice is to choose the one that comes under your budget and goes with the general flow of your space.
Of course, you can always choose to add vinyl, carpet, and laminate instead of hardwood floors but these materials might not appeal to a large variety of Homebuyers.
Hardwood floors also add elegance and beauty to your house. Now pair this benefit up with how hardwood floors also provide better air quality compared to their other counterparts and you have a high probability that your house price will go much higher.
Another huge benefit is they are low maintenance and long-lasting. This means you won’t have to keep spending to keep them in good conditioning once the installation is done.
The other counterparts might be cheaper than hardwood flooring but if your goal is to sell your house it is important to note that buyers are fond of hardwood flooring and will choose it anytime upon carpet or laminate if given the option between the two.
Now, What is the ROI?
By now, it is very much clear that adding hardwood floors is profitable and a safe bet compared to other renovations. But, what’s the Return of Investment a.k.a R.O.I of these hardwood floors?
Well according to the realtor, the R.O.I can be anywhere between 70-150% of your initial investment. That means, even if you end up at the lower end of this range, you will still end up making a profit in this investment.
All in all, it is common advice to consult your realtor before going through with this investment. Because like any other investment there are no guarantees and your realtor can also tell you if your house is worth that investment or not.