How a Flooring Remodel Can Increase Your Home’s Resale Value
If you’re considering new flooring for your home, check out our guide to picking the best type to improve the resale value of your home.
Increasing your home's resale value isn't as hard as it sounds. Subtle changes to home flooring can add thousands of dollars to your sale price. Aesthetic changes can generate significant returns on investment for your home.
A home flooring remodel can transform your house's resale value. When selecting home flooring choices, buyers must avoid overspending.
The wrong remodeling can decrease your house's resale value. Some remodeling efforts can burn a deep hole in your wallet.
This article will teach you how a home flooring remodel can increase your home's resale value. We will discuss best practices for remodeling your floors. We will also discuss what to watch out for when selecting home flooring choices.
What Floors Do Buyers Want?
Homebuyers' interests and desires constantly change. Popular housing designs from a few decades ago look outdated in the modern era.
Carpet flooring is not the best home flooring for commanding a high resale value. Many buyers prefer hardwood flooring over the carpet counterpart. These floors require less maintenance, but you still need to watch out for scratches.
Even with this narrowed focus, you can select the wrong type of hardwood flooring. Each hardwood floor offers varying degrees of protection and price points.
Some hardwood flooring is more attractive than others. Solid and engineered hardwood floors present the best ROI potential.
Waterproof hardwood flooring is another popular home flooring choice. However, this home flooring costs additional money, which will impact your ROI.
A waterproof floor is more important in the basement. If waterproof hardwood flooring is out of the budget, consider vinyl plank flooring. This water-resistant, durable flooring will help in case water enters the basement.
While a waterproof basement carries advantages, it becomes vital in heavily flooded states. Your location plays a role in which home flooring choices will increase resale value.
As an investor striving for an ROI, you must balance buyers' desires with your budget. Start your search with hardwood floors and review the available options.
If hardwood floors extend beyond your budget, review tile flooring options. While hardwood flooring is the preferred choice, tile flooring is a close second.
You can also use laminate flooring to create a hardwood exterior. This flooring is more affordable than real hardwood.
Laminate flooring consists of several layers. The top layer gives the floor a hardwood look.
Home Floor Remodeling Costs
Gathering the necessary supplies is only part of the home floor remodeling costs. A home renovation will increase the resale value. Review costs to ensure your investment doesn't get out of hand.
Not only will you buy materials, but many sellers pay for home floor services. These services assist with installing the selected materials on your floor.
After accounting for services, the cost of the remodel boils down to the total square feet. The material used for the renovation influences the price of each square foot. The low end of the range is $3/square foot, with $22/square foot representing the high end.
Home flooring costs for 500 square feet are roughly $3,000.
Enhanced home flooring will boost resale value. However, you don't need to renovate each floor. Just because you can remodel a floor doesn't mean you should.
Some floors impact a home's resale value more than others. The floors in the living room and kitchen play a more considerable role than bathroom floors. You can cut costs by remodeling some of your floors rather than all of them.
Flooring materials that make sense for most of your home won't make sense for other areas. While hardwood floors are a popular choice, they make less sense for a bathroom. Water spills can damage hardwood, and they often occur in the bathroom.
How Much Can Home Flooring Increase Resale Value?
Home flooring plays a significant role in property values. The ROI varies on the flooring material, location, the market, and the cost of installment. However, homeowners usually see a 70% ROI after adding new floors.
A $5,000 investment becomes $8,500, assuming a 70% ROI. Even if an extra $3,500 represents a small percentage of your resale value, it's better than nothing.
A home flooring remodel can also help you sell your house quicker. Homebuyers will look at your floors when assessing your home. Outdated flooring will scare away potential buyers, prolonging the sale.
Attracting buyers with quality flooring can result in a bidding war. Flooring isn't the sole factor for bidding wars. However, it plays a role in buyers' decision-making process.
Even if you don't intend to sell, a home renovation can save considerable expenses. Flaws within existing flooring can introduce several problems. These problems can cripple your house's structure if unchecked.
Investing in waterproof flooring can prevent mold build-up. These floors will also increase your home's air quality.
Durable floors can last from now until you sell your home. This setup presents a one-and-done opportunity.
Ready to Increase Your Home's Resale Value?
Your home's floors influence resale value. Investing in the right home flooring choices can yield a respectable ROI. A week of work can add thousands of dollars to your resale value.
If you want to learn about different home flooring choices, Eagle Flooring West is here to help. We help homeowners in the Phoenix area find suitable floors for their needs.
We offer installment services for hardwood, laminate, porcelain, and other home flooring choices. Want the professionals to help with your home renovation? Contact us today to see how we can add value to your home.
