Will Installing Wood Floors Increase My Home’s Value?
In a recent survey, 80% of estate agents agreed wood flooring increases a home’s value.
But the key question is: By how much?
You don’t want to invest in expensive flooring only for it to never recoup its cost when it comes time to sell.
You’ll be pleased to learn the survey suggested it wood flooring can increase a home’s value by 1-10%.
Interestingly, 12% of all estate agents questioned thought an even larger increase in value was likely.
Read the article below to discover why that is and how you could cash in and make an investment that not only pays for itself but could add considerable value to your home.
Increased Buyer Appeal — Low Maintenance
People often tout laminate flooring or others as the more cost-effective choice over wood flooring.
But have you ever fully considered the life expectancy of wood flooring?
When properly cleaned and maintained, wood flooring can last for up to ten years before it needs to be sanded and refinished.
Carpet generally lasts anywhere from 5 to 10 years and will then need to be completely replaced.
Laminate likewise can become damaged and will likely survive up to 20 years with good upkeep.
Wood flooring can be sanded and refinished up to 10 times over its lifetime — and its lifetime will likely supersede yours!
When wood flooring comes with a lifetime guarantee — it’s literal!
But homeowners aren’t the only ones to be attracted to a flooring option that will last a century.
Landlords need flooring options that also stand the test of time.
Spills are much easier to clean with hardwood flooring and a simple polish at the end of tenancy agreements will be far more preferable to having to constantly replace carpets.
Solid wood floors appeal to the majority.
Think about when you are looking at purchasing a new property.
Do you want a fixer-upper?
Or would you prefer to move right in, everything already in place, ready for you to feel comfortable and at home?
Most people prefer the latter.
If selling is your primary concern with installing a floor, it’s often best to go with flooring the majority like, thereby making it easier for you to sell your property.
This is what makes neutral or light coloured wood floors so much more desirable.
Lighter wood floors can also be darkened with a finish, which cannot be said for darker woods that cannot be lightened.
Wood Floors — Calculating Resale Value
Calculating the resale value of any property is not a straightforward and simple proposition.
There are many variables, such as the quality of the wood, its maintenance levels, and how popular the flooring option is.
In the same increasing home value survey as above, 99% of estate agents agreed hardwood floors made it much easier to sell a property.
Let’s take a real-world example.
If a house was for sale for £250,000 and a wooden floor increased the value by up to 10% — and don’t forget most estate agents think a property value could be increased beyond this number — the value of the property would be increased by £25,000.
Not a bad investment.
In fact, this increase in value on the property could pay for the floor installation by itself.
We hope you found this article useful.