According to Move, Inc., approximately 35 million people move each year in the United States. Around 70 percent of those moves take place From Memorial Day to Labor Day.
Summer is likely prime for moving because the timing is less disruptive since kids are out of school and the family hopes to be settled before the new school year begins. Or, if a recent high school graduate is headed off to college, parents may be eager to downsize. It can also be the case in northern states because the weather is more cooperative and there’s no snow to worry about!
Are you considering making a move and wondering which home improvements may really floor potential buyers? The National Wood Flooring Association (NWFA)’s research has shown that nearly 80 percent of homeowners believe that wood floors add the most value to their home. Additionally, a recent survey by the National Association of Homebuilders (NAHB) listed hardwood floors as one of the top 10 features desired by U.S. homeowners.
A survey of real estate agents concluded that homes with wood floors sell faster and for more money than homes without wood floors. The survey further concluded that the increase could be as much as 10 percent more, which is a significant increase in overall home value. This means if a home valued at $200,000 invested $10,000 in hardwood flooring, at an increased home sales value of 10 percent, the home potentially could sell for $220,000, doubling the initial wood flooring investment.
When it comes to yielding a return on investment, wood floors are at the top of the list for interior home remodeling projects. In the 2017 Remodeling Impact Report REALTORS® noted that installation of new wood flooring recovers 91 percent of the costs. REALTORS® also said refinishing hardwood floors recovers 100 percent of project costs upon resale. On top of that, more than 20 percent of REALTORS® who responded to that survey had recommended a seller have new wood floors installed prior to placing their house on the market and seven percent said that project helped close the sale.
So, why is wood flooring such a strong selling point for homebuyers? NWFA’s research shows that people want wood floors because they are beautiful, easy to clean, and durable. That durability also translates into value for homeowners because wood floors can last for hundreds of years when maintained properly. Most wood floors can be sanded and refinished several times to restore beauty and luster. They can also adapt to many décor and style changes over the years while other flooring options need to be replaced based on decorating trends.
