There are many factors involved, including your neighborhood, so talk to an experienced real estate agent to find out. Work with an expert real estate professional to make the right decisions on flooring choice, whether it's new hardwood or a different material.
Some buyers' eyes grow wide when they see a home with hardwood floors, but in certain areas, it's become the norm.
Adding hardwood floors to a house won't make or break the value, though. Similarly, if you have the planks all going in one direction, that makes the room feel tighter, that can also be an issue. No amount of hardwood flooring will cover up a dated kitchen or bathrooms.
Get the biggest bang for your buck by adding some paint, replacing countertops and appliances, and re-doing the shower/bath. Again, these numbers depend on the other aspects of the house and type and design of the hardwood floors. Experts tell you to get your floors refinished about every 7-10 years, and costs between $1,000 and $2,500 each time, depending on your square footage.
If we use the example of the 2,000 square foot house we used earlier, in 100 years, you'll have spent on the high-end, about $47,500 on your floors if you refinish 9 times.
If you go with the highest quality of carpet (best value year-over-year), in 100 years, you'll end up paying about $168,000 in flooring. Laminate flooring can look similar to wood and be just as durable sometimes, however, you can't refinish it.
The cost is fairly low though, between $2-$8 per foot, with a foam underlay and adhesives or glue. Vinyl or laminate flooring can still give that luxurious feel buyers are looking for at half or less the initial price of hardwood. In fact, depending on the pre-floor value of the home, you could see more than a 90% ROI on the flooring you spend less than $1.30 on.
Many buyers love seeing hardwood flooring, but to make a dent in the value, the rest of the house needs to have updates, too. Depending on the value of your home, installing vinyl or laminate could raise your house value to the same price for a lower cost. The best way to determine which upgrades are worth it is to consult an experienced local realtor.
A top real estate agent will be able to perform a comparative market analysis (CMA) and advise you on which updates will increase your home's resale value. Get a free home valuation from a top local agent today! Answer a few simple questions about your property to receive an estimated sales price in minutes.
At the low end, traditional hardwoods typically cost $3-5 per square foot for materials like pine, with about the same for installation. Some engineered hardwoods can even be sanded once or twice and refinished, so it may be a good choice for a quick turnaround ROI. If you’re staying in the home for a long time though, solid hardwood is a better choice.
Kitchen remodeling, including updating the countertops, cabinets, and appliances