While every homeowner is preoccupied with fantasies of a new kitchen or living room, envisioning the sleek, sophisticated old-world charm they’ve always admired, many people overlook opportunities to add value to their property. Whether you are planning to move within the next year or five years down the road, you’ll want to maximize your profits when it comes time to put your house on the market. A great way to add value to your home is your space. Many people revamp their master bathroom or fill out their unfinished basement as a way to increase their property value.
A worthwhile investment that would significantly amplify the value of your home, as well as the aesthetic appeal, is installing hardwood flooring. Not only will it be a beautiful addition to your home, but people are often surprised by the plethora of benefits that come along with adding hardwood to their space. Hardwood floors last a lifetime and will be a source of enticement for prospective buyers when you decide to place your home on the market.
While there are no exact numerical figures that demonstrate what your return on investment would be if you installed hardwood flooring, interior designers, architects, and real estate experts all agree that there will be a notable increase in your property value. Of course, everyone has their own individual style – from postmodern to Spanish colonial – and your home’s artistic ambiance won’t please every buyer’s design taste. However, as a general rule of thumb, hardwood flooring is a highly-coveted feature that buyers typically vie for and are willing to spend additional dollars to procure.
Still not convinced? The National Wood Flooring Association conducted a study to determine the statistical correlation between homes with hardwood flooring and resale. Their report concluded that households that possess authentic hardwood floors have a 99% resale rate. This is a hard number to ignore as it justifies investing in a new hardwood floor. If you truly enjoy the look of carpeting and still want to incorporate it into your space, you can simply add an area rug to your room for an extra stylish touch.
Additional research, conducted by USA Today, analyzed statistics from the National Association of Realtors and found that 54% of potential home buyers were willing to shell out extra cash for hardwood flooring. How much more? The study found that these individuals were ready to fork over more than two thousand dollars for some earth-inspired flooring. This number may not have you running to the nearest flooring contractor, but keep in mind that it could mean the difference between breaking even and making a profit.
There’s a popular alternative to hardwood flooring on the market known as laminate flooring. Laminate floors are a great option for homeowners seeking to mimic the appearance of authentic wood flooring without having to cover the expense. There are advantages and disadvantages to opting for laminate flooring in lieu of hardwood, but it should be noted that laminate will not enhance your resale value like solid hardwood will.