It is conventional wisdom that hardwood floors will increase the resale value of your home and also make it easier to sell your home. Is that true? While it is difficult to gauge because the housing market is subject to fluctuate and every home sale is subject to dozens of different mitigating factors, it does seem to be true that hardwood floors increase your home’s value. The first factor in the calculations is a return on investment (ROI).
Return on Investment
Return on investment refers to the amount of money you will get back in the future if you spend money in the present. For example, if you spend $5,000 installing hardwood floors on your home, what can you expect to add to your home’s value? Research differs for different time periods and different regions, but many real estate agents say that ROI on hardwood floors is anywhere from 90% to 250%. Obviously, a 250% ROI would be ideal but 90% is very high as well. By comparison, a kitchen remodel has between 60% and 75% ROI. Bathroom remodels are about the same.
Ease of Selling
Hardwood floors can also help you sell your home more quickly. Amongst prospective homebuyers, hardwood floors are considered the most desirable flooring choice. Since removing existing flooring and installing hardwood is very time-intensive, most homebuyers would prefer to just buy a home that already has hardwood. That will lead many people to buy a hardwood floored home over a similar home in a similar area. They might even pay a little more for the convenience.
As an Investment
An investment is something that can generally be expected to yield you a return. Buying a new car, for example, is often called an investment but it’s mostly just an expense. Cars depreciate in value year over year. That means they don’t have much return. A hardwood floor, however, can save you money in the short-term even before you sell your house. Hardwood floors will last for years with very minimal maintenance. If you sweep them regularly and do a deeper clean occasionally, your hardwood floor can last for a decade before you need to refinish it. Other types of flooring will need to be repaired or replaced in that time period. Every period of time that goes without doing major maintenance on your floor is money that you save. In a couple of decades, you could actually achieve a 100% return on a hardwood floor. Then, when you sell it, it’s all profit.
Utilize a Top Hardwood Company in Denver
At Colorado Hardwood Floors, we’ve been refinishing and installing hardwood floors throughout Denver for over 10 years! Get in touch with us today to see how we can help you!