Whether you’re thinking about selling your house soon or just want to make some home improvements, you might be considering installing hardwood floors. You probably already know they’re gorgeous, which is why you’re thinking about this upgrade! But do hardwood floors increase home value? This is a pretty important point to consider before you make any decisions, especially if you want to sell your house soon. Here’s what you need to know about the effect hardwood floors will have on your home’s value.
Hardwood Floors Can Increase Home Value and Help You Sell Faster
The short answer is yes, hardwood flooring can improve the value of your home! Combined with the fact that this type of flooring looks stunning, it makes sense to seriously consider installing it.
So, how much do hardwood floors increase home value by? There’s no consensus on an exact percentage, but many experts have said it’s between 3% and 5%. So replacing carpet with hardwood flooring can definitely make a difference in your selling price. In fact, one study found that 54% of home buyers said they’d be willing to pay more—up to $2,080—for hardwood floors.
This suggests that hardwood floors are in high demand, meaning your home will likely sell faster than average while also selling for more when you have these floors. After all, hardwood flooring regularly shows up on lists of the top 10 in-demand home features. So, do hardwood floors increase home value? Absolutely!
What’s the ROI on Hardwood Floors?
Now you know installing hardwood floors will increase your selling price and the interest in your home. But how much will you have to spend before you can benefit from this upgrade? And just how much of that money will you get back when the house sells? Let’s start with an estimate of what it costs to install hardwood floors before we can determine the ROI.
As you might expect, the cost of installation varies depending on what type of wood you choose, how much you need, and where you get it from. But in general, hardwood flooring costs about $3-7 per square foot for the material, plus another $3-$5 per square foot to get it installed. So expect to pay about $6-$12 per square foot for hardwood floors. This means the average homeowner pays about $2,500 to $6,800 to get hardwood floors installed.
Note that you can save a little money on this home improvement project by going with engineered hardwood rather than real hardwood. This way, you get a very similar look—and similar interest from buyers—without spending quite as much. This type of flooring usually starts at $3 per square foot and can be cheaper than real wood to install—especially if you install it yourself.
Regardless, you can expect the ROI for your new wood floors to be pretty impressive, at about 70% to 80%. That’s a big deal on any investment! Not only do hardwood floors increase home value, but their ROI is hard to beat.
Why Do Buyers Like Hardwood Floors So Much?
Clearly, hardwood floors are appealing to the eye, which is likely a big reason you’re thinking about installing them. They’re just nice to look at and can give any home a classy, chic feel. But is that the only reason most home buyers prefer them to carpet or other flooring materials? Actually, there are a few more practical reasons.
First, hardwood floors are much easier to clean than carpet. Sweeping and mopping regularly will keep them clean, while carpet tends to accumulate dirt and dust over time, not to mention spills and stains that are tough to remove. Even if the seller has managed to keep the carpet looking clean, it can hold in odors from over the years. Most buyers simply don’t like the idea of keeping carpet around that could have other people’s spills and scents still in it, which is why many rip it out and replace it before even moving in. Granted, some buyers do like carpet in the bedrooms, as long as it looks new and clean. But you’ll want hardwood floors throughout most of the house if you want to appeal to the majority of home buyers.
Another reason buyers prefer hardwood flooring is that it’s durable. As long as it’s well maintained—such as cleaned with the right products and refinished every 5 to 10 years—it can last for several decades. Most homeowners can’t keep the same carpet or even tile for that long, so this is a big selling point for hardwood. Plus, hardwood floors don’t have grout lines or fibers that hold in pollen, dander, dust, or debris, so they’re ideal for buyers who are worried about allergens. All of this is likely why one survey found that 83% of home buyers want hardwood floors in the house they buy!
Tips on Getting the Most Out of This Investment
If you’re ready to spend the money on hardwood floors, make sure you do it right. You don’t want to end up with floors that you—and buyers—don’t love!
Start by deciding where you’ll put hardwood floors. You can choose to install hardwood throughout the house if you just want to keep it simple. But if you can’t afford that or want more than one type of flooring in the house, the most important place to put it is in high-traffic areas, such as hallways. It’s also a good idea to put it in the family room, living room, great room, home office, den, or dining room. And while it’s common to leave carpet in the bedrooms, it’s recommended that you put hardwood in the master bedroom, as many buyers look for this upgrade.
Next, think about what type and color of wood you want for your house. Do you want wood that’s dark brown, such as walnut, or lighter wood, like maple or white oak? How about hardwood that’s tinged with red tones, like cherry? Think about both your personal preferences and the shade of your furniture and walls when considering the best color.
Finally, make sure you take care of your hardwood floors once they’re installed. You should sweep them daily and clean up spills immediately to avoid scratches and stains. And if your floors are looking a little worn after several years, you should sand and refinish them to make them look like new. This way, you can impress buyers with your beautiful hardwood floors.
If you’re ready to sell your home—and buy a new one—it’s time to find a real estate agent who can help you throughout the entire process. Contact LemonBrew today to get matched with a Partner Agent who can determine the right listing price, help stage the house, and find a buyer who will appreciate your home’s features—such as the hardwood floors. LemonBrew can even help with important services along the way, like mortgage lending and title insurance. So contact us today to get in touch with professionals who can meet all your real estate needs!