How much does a hardwood floor increase home value? Does redoing your flooring make sense? What is the expected return on investment (ROI) for you? Whether you are considering selling your home or not, you may need clarification on the flooring that will draw in more purchasers and raise the property’s value. When choosing new hardwood or another type of flooring, consult FMH Flooring for the best hardwood flooring options in your area.
The most lucrative flooring upgrades are also the most sought-after by homebuyers. Engineered hardwood and tile come in second and third, respectively, after hardwood. While vinyl is the least expensive alternative, carpet and premium vinyl tiles both add equivalent value. On a case-by-case basis, the amount that new floors improve property prices will depend on the particular products, caliber of work, and the neighborhood you live in. FMH Flooring is an excellent option for wholesale flooring in Georgia.
According to a National Association of Realtors (NARI) study, new hardwood flooring installation appeals to homebuyers more than any other remodeling project. Their 2022 Remodeling Impact Report shows that new wood flooring or refinishing existing floors will draw buyers to your property. This study also reports a 147% ROI on refinishing hardwood flooring and a 118% ROI for installing new hardwood flooring.
But What If I’m Not Planning to Sell My Home?
Have you ever heard of The Joy Factor? This same study also evaluated homeowners’ satisfaction after completing a hardwood floor installation. The Joy Score was initially included in the 2017 Survey of Consumers Who Have Completed Remodeling Projects by the National Association of Realtors (NAR). The Joy Score is determined by how happy homeowners are with their renovations.
The NAR/NARI study aimed to determine how customers felt about their completed projects. Renovations that increased resident satisfaction or made the renovators want to stay put were given a high Joy Score—10 is the mark for perfection in this category.
You’ll notice from the infographic below that installing new hardwood floors brought about the coveted perfect 10 Joy Score.
Use the costs listed in this blog post as a reference, bearing in mind that these are national figures.
Does refinishing hardwood floors increase home value? Yes, it does. Depending on the type of flooring, installing hardwood floors can cost different amounts. On the lower end, materials for classic hardwoods, such as pine, usually cost $3 to $5 per square foot, including installation costs. High-end exotic woods like mahogany, cypress, and others can cost $8–$15 per square foot, plus an additional $4–$8 per square foot for installation. Remember that these are national costs when using the ones in this blog article as a guide; you should research and call FMH Flooring to get current wholesale costs. We think you’ll find that hardwood floors are a great investment.