Rising interest rates and lack of existing inventory continue to act as significant headwinds on the housing market. While you may not be currently looking to make a move, it’s always a good time to invest in your home’s future.
Wood floors have been proven to offer a great return on investment (ROI), and they are easy to maintain. Plus, wood floors check all the boxes from a home design standpoint with the continued focus on health and safety, a need for comfort and sanctuary, and a desire for versatility.
When properly maintained, the life span of a wood floor can exceed 100 years, making it a tremendous value. Solid wood floors can be sanded and refinished numerous times during their service lives and can even be stained to give them a completely new look. Decorative items like medallions and borders can be added to existing wood floors to provide an updated look. Best of all, wood floors can adapt to any décor and style changes without having to be replaced.
The 2022 Remodeling Impact Report, a joint study from the National Association of Realtors (NAR) and the National Association of the Remodeling Industry (NARI), provided an estimate of the likely dollar value remodeling projects would add to the house at resale. A Recovered Project Cost percentage was calculated by comparing that dollar value to the estimated cost of each project provided by NARI members. The highest percentage cost recovered for interior projects was from refinishing hardwood floors at 147 percent and installing new wood flooring at 118 percent, reemphasizing the long-term value.
Additionally, 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 indicated 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 were to invest $10,000 in hardwood flooring, at an increased home sales value of 10 percent, the home potentially could sell for $220,000, doubling the homeowner’s initial wood flooring investment.
Watch this video to hear a REALTOR® (who visits hundreds of homes each year) explain the value of hardwood flooring.
So, remember, when the time comes to buy a bigger home, or to downsize, homes with wood floors sell faster and for more money than homes without them. And while you are staying in your current home, wood floors are the perfect fit for any lifestyle.