Do Hardwood Floors Add Value to My Home?
Your home is your castle. It’s also your investment. While most people take out a 30-year mortgage when buying a house, few of us actually stay in our homes that long. Here in Tulsa, the average homeowner will sell their house within 16.8 years. (In Broken Arrow, our neighbor to the east, it’s 13 years.) When doing improvements, it’s natural to think in terms of what might increase your home’s value if and when you sell. So are hardwood floors a good investment, and will they add value to your home?
The answer is yes, and yes.
Yes, they are a good investment in that when you take care of them, your hardwood floors can last the life of your home—however long you live there, and for generations of future owners of that home.
And yes, they will also increase your home’s value—not just in actual dollars, but in a variety of other ways. Let’s explore some of these.
Ease of Sale
Hardwood floors are one of the most desirable home traits among house hunters. Real estate agents across the board report that it’s much easier to sell a home with hardwood flooring than with carpeting, for example. And according to data compiled by USA Today, 54 percent of home buyers are willing to spend more money on a home with wood floors. It’s why most builders and developers these days install hardwood flooring by default.
Timeless, Broad Appeal
Architectural styles have changed a lot over the past decades and centuries, but one thing holds true: hardwood floors look good in all of them. America is a young country, but some homes in Europe are more than 500 years old, and a few still have their original wood floors. Wood carries a broad appeal with almost every aesthetic, every personality type and every age bracket. All this to say—wood flooring never goes out of style.
Increased Dollar Values
Does a wood floor give you a good return on your investment? The estimates vary, but overall the numbers are good. While it might not increase your selling price as much as a full kitchen remodel, it can increase your home’s value by as much as 2.5 percent, according to Realtor.com. That might not sound like much, but in actual dollars it really adds up. (For example, in a home worth $400,000, a 2.5 percent increase means an extra $10,000!)
Of course, most of us choose hardwood floors not because of the added value, but because we love them and we want them in our home. However, if you ever need to sell your castle, it’s still good to know a good hardwood flooring installation will always be a good investment. For quality wood flooring in Tulsa, Jenks, Broken Arrow, Glenpool, Sand Springs and the rest of Green Country, give Renaissance a call at 918-298-4477.