By Corey O’Leary
Whether you are trying to add value to your home to refinance or you’re looking to sell, many homeowners question if investing in new flooring makes a big difference in the equity of your home. Some realtors will tell you that it doesn’t matter, but the right flooring can increase your value and attract homebuyers. Ultimately, making or breaking the sale of your home sale.
There are certain variables to keep it mind though. There is flooring that can give you a return on your investment depending on your geographic location and then there is flooring that can help you hold tight to your asking price when you sell while putting your property at the top of a many prospective homebuyers list. According to This Old House, 94% of realtors say that the estimated average investment of $600 to $900 in flooring will typically bring a return in value up to $2,000.
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Here is a rundown of what you can expect in terms of your home’s value when it comes to ripping up those old floors and laying down a new one.
Hard Wood Flooring
Hard flooring takes all the guess work out of adding value to your home. It’s the flooring that can increase the value of your home. More and more homebuyers want hard wood throughout because of its versatility. It’s easy to clean and doesn’t raise health concerns. It holds up to high traffic, can easily be restored and allows home owners to add area carpets and rugs wherever they prefer for their comfort.
It is also easier to find a hardwood that is timeless and appealing to many. Homebuyers will pay more to get hardwood. So if you’re doing renovations to your starter home or your forever home keep this in mind. It’s the flooring choice for many and can boost your asking price. Installing wood such as oak, pine or maple flooring will definitely raise your home’s value.
We Recommend: AAA Hardwoods
Carpet
Wall to wall carpeting was once a major selling point and still may be for some prospective buyers, but the majority of those shopping for a new home no longer view it as a plus on their list. Carpeting now a days draws concerns from many because of the chemicals used that can create an array of health issues like allergies and upper respiratory issues.
There is also the factor of personal taste. What might be appealing to some when it comes to carpet color, texture and patterns may not be attractive to someone else, making it difficult to recoup the money homeowners spend on wall to wall carpeting? The average cost of installing wall to wall carpeting costs on average $30 to $40 per square foot. You can see why many are opting out of buying carpeting as they attempt to add value to their homes or renovate to draw homebuyers. There are too many variables when it comes to carpet so why take the chance? If you’re someone who loves the comfort of carpet and you plan to sell your home in the future, opt for neutral tones and a carpet that can withstand stains and high traffic.
Natural Stone
Another flooring option that will increase the value of your home aside from hardwood is natural stone; travertine, granite, marble and slate to name a few. While it is more expensive than other flooring options, homeowners will get their monies worth because of natural stones life expectancy, as well as the look and feel.
It’s a flooring that can withstand high traffic, is easy to clean, brings a spacious appearance to rooms. All factors that will bring you a higher return on your investment. Putting your house on the market with natural stone can justify a bump in your asking price.
Laminate
If hardwood isn’t in your budget, laminate flooring is an affordable option. It can help you enhance the look of your home and with such a variety of laminates flooding the market it’s easy to find one that suits your taste. The other plus to adding laminate, it looks a lot like hardwood. Although it won’t increase the value of your home it shouldn’t hinder you from selling your home.
Thanks to the rise of home improvement networks and tricks and tips of purchasing a home, most homebuyers have developed an eye for seeing beyond the quick cosmetic fixes homeowners make with paint and more. But few can tell the difference between hardwood and high-end laminate. Of course, being forthcoming about the difference is a must and something many homebuyers will look past if it improves the look and feel of the home.
Tile
Porcelain tile in some geographic locations is seen as an asset and can up the value of a home. For others, it can increase the resale value of your home by letting you increase your listing price. Homeowners and homebuyers alike find tile easy to clean, long-lasting and versatile when it comes to decorating.
Tile is also preferred in kitchens and bathrooms because it is hygienic. Tiling floors in hall ways and living rooms have also become popular since the introduction of tile that looks just like hardwood. With so many options, tile is making a comeback beyond bathrooms, kitchens and entryways.
