The question of whether or not installing wood floors will increase the value of your home has been a topic of much debate. There are many factors to consider when answering this question, but, indeed, installing quality hardwood floors will continually improve the look and feel of any space in which they are installed. In addition, hardwood flooring can be easily refinished and updated with different stains and finishes over time as your taste changes.
When you take into account all the benefits that come from installing new hardwood floors, it becomes clear that adding this improvement to your home should cause an increase in its value!
Increase Buyer Appeal – Low Maintenance and Durability
Installing wood flooring can be an expensive and time-consuming process. However, the value of your home will most likely increase with this type of investment. Wood floors are low maintenance and durable, so they won’t need to be replaced as often as other types of materials that you might want for your homes, like carpet or tile.
If it does happen that there is any wear on the wood, refinishing them may cost less than replacing other material because only sections will need to be fixed instead of the whole thing in its entirety, which would require more effort and money upfront.
The Majority Appreciates Solid Wood Floors
The majority appreciates solid wood floors. Most people would rather have their homes with hardwood flooring than carpet or tile any day. It’s considered more luxurious and adds to the value of your home when you sell it down the road. The average cost for installing new hardwood is $11 per square foot; however, this all depends on what type of wood and quality you’re looking for because sometimes a cheaper option can be just as good if not better.
Calculating The Resale Value Of Wood Floors From An Appraiser’s Perspective
The appraisal value for hardwood floors is calculated by subtracting all expenses from the installed price. So if you paid $200 per square foot for your wood floor and had an average job, that would be about 100 hours worth of work; this could lower their resale value by a few hundred dollars. If they’ve been in place long enough, then there isn’t anything wrong with them, but today’s buyers want something newer, so that may lower its resale value even more than expected.
A significant factor that appraisers take into account is the type of wood flooring you’re looking for. If it’s solid hardwood, this may increase your resale value by about $500 per square foot. However, if it isn’t high quality or grade but still has the look and feel of being expensive floors, they’ll charge more to compensate for the lower quality product.
The Bottom Line
Wood floors are durable and can hold up well over time. This doesn’t mean that you should put wood flooring in areas of higher traffic, but it does highlight their durability. Some people believe that a home with hardwood floors will be more valuable than one without them because buyers like to have this option in a property.