When homeowners are evaluating their home improvement projects many times value add is a significant factor. We’ve talked about the value that a deck can potentially add to a home, and now we’re taking a closer look at wood flooring in the home.
A Word About Value
Value is a tricky thing, because it’s heavily influenced by personal preference and perception. In real estate many buyers consider resale and appreciation potential of various home features, but almost everyone considers the aesthetics.
That said, USA Today recently placed hardwood floors #5 on their list of the top features homebuyers will pay more for. They studied information from the National Association of Realtors and found that 54% of buyers were willing to pay up to $2,080 more for this type of flooring. Younger buyers tend to say hardwood floors are “very important” and one of the biggest draws is they’re easier to maintain.
Keep in mind that flooring isn’t the most important feature for a home, and it’s not usually a make or break factor. However, all things equal it could give a home an edge over one that only has carpet.
Ways That Wood Floors Add Value to a Home
Longevity – The flooring is one area of a home that experiences the most wear and tear. The durability and longevity of hardwood flooring is a serious value-add compared to other options like carpet, engineered wood and vinyl. It might cost a little more up front, but since it lasts longer in the end it provides more value.
Demand/Desire – Hardwood flooring is definitely the most popular type of flooring, especially in the northeast. According to real estate agents, the trend towards wood flooring took off in the 1980s and hasn’t slowed down since. That means there is a higher demand/desire for this type of flooring. Buyers may not be searching strictly based off the floors, but hardwood flooring will be a nice bonus in the eyes of most people. Also, if other homes in your area have hardwood floors but you don’t it could mean you’ll need to lower the price to remain competitive.
Quicker Sale – The longer a house stays on the market the less likely it is to get full asking price. As noted above hardwood flooring is a crowd pleaser among homebuyers and can help to sell a home quicker.
Multiple Offer Factor – Homes that are priced right and have many of the features that most buyers are looking for today will drum up a lot of interest quickly. When your home has mass appeal you’re more likely to get multiple offers. This is the Holy Grail for sellers, and extras like wood flooring are what give a home the wow-factor that gets people signing contracts.
A few things to keep in mind before installing hardwood floors include:
- Research to see which types of woods are most popular in your region.
- If you only have enough money to invest in one room make it the living/dining/family room or the kitchen.
- If you have an older home always check first to see if wood flooring is under the carpet.
- Do a quick search to look at available homes that are comparable to yours and what type of flooring they have.
- Classic colors and textures are always a safer bet than what’s trendy right now.
If you are thinking about upgrading to hardwood floors give Timbertown Austin a call. Our experts specialize in outdoor lumber and building, but we can still provide advice on which woods work best indoors as well.
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