Do Hardwood Floors Provide the Best Return on Investment?

Hardwood floors are durable, easy to clean, and look great. But will installing hardwood floors actually pay off when it comes time to sell a home?

Real estate professionals affirm that this type of flooring is highly desirable for many buyers.

“Most buyers nowadays are expecting hardwood,” says Matt Laricy, a Realtor® with Americorp Real Estate in Chicago. “They want things move-in ready, and don’t want to do any work. Seeing carpet could make them pass on your place.”

“Hardwood flooring is definitely a bling feature, especially in the living rooms and dining rooms,” says Janice Caputo, a Realtor with Coldwell Banker Real Estate Services in Pittsburgh. “Hardwoods in the master suite could help win a buyer’s offer.”

Hardwood floors give you a good return on investment
Besides being an attractive amenity for potential buyers, hardwood floors have proven to have a good return on investment for homeowners. The average ROI for installing hardwood floors hovers in the 70%–80% range, depending on the specifics of the project, flooring layout, and your property’s location, according to Alex Biyevetskiy, a home remodeling expert with RemodelingImage.com. When done right, he says new hardwood floors can add up to 2.5% to the sale price.

Refinished hardwood flooring was also one of the projects that are most appealing to the buyers, according to the 2017 Remodeling Impact Survey from the National Association of Realtors®.

And hardwood doesn’t just look great—it’s also durable.

“With correct installation, proper maintenance, and refinishing, hardwood floors have the longest life span compared to other flooring materials,” says Kimberly Villa, marketing manager for Kaminskiy Design and Remodeling in San Diego.

Cost of hardwood floors
But installing all that hardwood doesn’t come cheap. Villa says the average cost for popular woods such as oak, maple, walnut, or cherry is around $5 to $10 per square foot. Installation is typically around $4 to $8 per square foot.

It’s an expense that a majority of experts say is well worth it.

“While this may seem a little pricey for an initial investment, you must take into consideration the fact that these floors can outlive you,” Villa says. “They will also increase the market value of your home quite a bit. Old carpets can be a major eyesore and can really turn a home buyer off. They can also negatively impact those who have allergies. Invest in hardwood flooring now, and reap the benefits for decades to come.”

This post is an excerpt from, “Do Hardwood Floors Provide the Best Return on Investment?,” originally published on December 26, 2017 by Julie Ryan Evans on Realtor.com.

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