When you are one of the people who are planning to sell their property or home in the near future, it is absolutely normal how you would want it to have a higher value once the assessment is done. This is because appraisal reports can be used at the time where you would want to put your property into the market.
Although a higher appraisal value does not mean that it is guaranteed to sell your property at the exact price, it would be very helpful when the time comes in where you have to negotiate with a potential buyer. After all, when an appraisal report is used properly, it can be the weapon that will yield a fair selling price for both the seller and buyer.
There are many things people do in order to increase their home’s resale value. Some of these are finishing basements, changing paint colors, and landscaping their lawn. Aside from these examples, owners are curious about whether changing their flooring will have some advantages or if their current one is already enough.
Does hardwood flooring really increase resale value?
There are many hearsays that tell owners flooring does not really matter and will not be of any help when it comes to having your home appraised, however, this is simply not true. In fact, there are many appraisers and real estate agents who assess the flooring in your property and take it into consideration among other factors that determine the value of your property.
According to many real estate professionals, the flooring of your home will be a significant factor that will change your home’s value. There are many types of flooring, such as carpet, tile, and wood. This would mean that depending on the specific flooring on your home, appraisers can make a decision on whether some aspects of your home’s value will increase or decrease.
Due to the reason that many buyers prefer hardwood flooring, this makes homes that are installed with one have a more attractive value compared to others that are made with a carpet.
Why does hardwood flooring increase a home’s resale value?
Appraisers, or the professionals who put a value on your home, assess it using several factors. One of the most important things that appraisers take into account while inspecting your property is if potential buyers would want to live in it. Of course, a house would not sell if there are no interested buyers, which means that if your home is not attractive to a buyer, it will receive a lower appraisal value. This would also translate to this equation: If people like hardwood flooring, it would mean that they are more likely to buy a house with hardwood floors, which would then result in a higher appraisal value.
The reason why buyers prefer hardwood flooring is that:
- Hardwood floors are very nice to look at.
One of the reasons why buyers want hardwood floors is that they are very attractive and will suit most people’s tastes. There are many types of hardwood floors such as vinyl, laminate, parquet, strip, plank, and engineered hardwood and they can come in different shades and patterns that will surely fit the theme that they are going for, depending on the wood that you will use.
Hardwood floors are also very timeless and classic, which would mean that they will never go old when it comes to style. There will always be buyers who would prefer the classic look to carpets and tiles which can be gaudy as time passes by.
- Hardwood floors are very easy to clean and maintain.
Hardwood floors are very popular as they can be very convenient to clean. Compared to other types of flooring, a weekly clean-up or two would suffice, as hardwood does not need extreme care for it to be clean from dirt and dust. Spills are not a disaster in this type of flooring as well, as long as it is immediately taken care of, which can be done by simply wiping the spilled liquid on its surface. Compared to others that will need vacuuming, washing, and steaming, hardwood floors do not really need to have these done regularly, which makes it very ideal for families who have children or elders in the household.
- Hardwood floors are allergy-friendly.
When a house has hardwood floors, it will be more friendly for most people who have allergies to dust, pollen, animal hairs, and other allergens. This is because the type of material makes it harder for the dust to accumulate, and hardwood floors do not have a lot of gaps in between the flooring to have space for dirt to stay either. Because of this reason, there are many potential buyers who are specifically looking for homes with hardwood flooring, making its value increase its rate. In fact, there are millions of people who are allergic to dust mites, which are less present in hardwood flooring.
- Hardwood floors can help in sound-proofing your home.
Another advantage that comes with having a home with hardwood floors is that it helps with its acoustics, which can be a big deal for many potential buyers. Although there are many cheaper alternatives to hardwood that can also assist with soundproofing, people who are very particular with the look of the material while also wanting it to perform some functions is what makes hardwood a popular choice.
Hardwood floors reduce the vibrations and sounds in the room or area it was placed in, which in turn makes it better to be used in music rooms, theater rooms, and other places that will need sound insulation.
- Hardwood floors last longer.
Finally, the last common reason why hardwoods are very much highly preferred in real estate is due to the reason that it is proven to last longer compared to other types of flooring, As long as it was properly maintained, there will only be few problems that come with having one installed on your property, such as scratches.
We know that hardwood floors are expensive, however, it will truly be worth the price. Aside from the reason that they have a classic look, they can also be refinished, which would change its shade if its owners are tired of its look or if they are looking to remodeling their home.
Due to the reasons mentioned above, it is not surprising that many potential buyers want to get a house with hardwood floors already installed in their property, which makes it have a higher resale value.
Are hardwood floors a good investment?
If you do not have hardwood floors in your home and are planning to sell your property in a couple of years, having one installed would be a generally good investment. However, if you are in the process of selling your property already, it might be a huge hassle and inconvenience to you and your family. Make sure that you have the time, money, and effort that are needed when you will have your floors replaced. Although hardwood is significantly easier and more convenient to install, resources will still be needed in order for the process to be done properly.
The reason why we are saying that hardwood floors make for a good investment before deciding to sell your property is that they have a high ROI or Return on Investment. This means that the cost you have paid to have it installed will most likely be returned to you at the same price or even higher value once you have decided to put it in the market. According to many real estate experts, hardwood flooring yields a 100 percent ROI, which makes it a great investment for your home or building.
What are the different types of flooring?
Hardwood floors are great investments, and if you do not have them at the moment, you might be looking for the best type of hardwood or alternatives for your home or building. As was mentioned above, there are several types of flooring to choose from. Some of these are vinyl, parquet, laminate, engineered, and solid hardwood. Each of these types has its own advantages and also disadvantages.
To help you choose which one would work best for you, we have compiled a list that will hopefully help you in the process. After all, you would not want to have one installed and then realize later on that the particular flooring you chose will not fit your specific need or may not be suitable to your home, which can instead decrease its resale value in the future.
Type of flooring: Vinyl
Vinyl Flooring is one of the most popular types of flooring that is available in the market. This is because vinyl is very adaptable and will be able to fit most preferences when it comes to its appearance, as it is available in different colors, styles, and textures. It is also used to mimic other more expensive floorings, such as hickory, at a lower price.
Vinyl Floors are made of synthetic materials such as PVC or polyvinyl chloride, pigments, and other solvents.
Advantages of Vinyl Flooring
Here are the benefits of having vinyl floors installed in your home or building:
- Vinyl flooring is water and slip-resistant – Vinyl floors are made in a way that will not absorb moisture. This would mean that when there will be spillage on your floors, it can be easily fixed by wiping with a dry cloth. Also, the material is also not slippery, which is due to the friction of the surface. Both of these factors make the floor work great if the household has smaller children, the elderly, and pets.
- Vinyl flooring is cheaper – Compared to other hardwood types, vinyl floors are cheaper when compared by their price. As flooring is computed by the square foot, vinyl floors usually cost around $3 to $7 per square foot along with other fees such as installation or floor removal, which would depend on your contractor. This would mean that if you have a 600 square foot area, you will need to prepare around $1,800 to $4,200 plus other fees for the procedure.
- Vinyl flooring is easy to install – Vinyl floors can be installed on most subfloors and can easily be glued or laid using click lock and loose lay.
- Vinyl flooring is easy to maintain – This type of floor is easy to clean, sweep, vacuum, and wipe.
Disadvantages of Vinyl Flooring
Here are some of the disadvantages of having vinyl floors installed in your home or building:
- Vinyl Flooring can be easy to scratch – Vinyl does not bode well with sharp objects, which means that they can easily be scratched or punctured when it comes to contact with sharp things such as high-heeled shoes. Because of this, it may not be the best flooring if you are aiming to increase your home’s resale value, as you may need to have it repaired as time passes.
- Vinyl Flooring can be difficult to remove – Vinyl floors are easy to install, but can be very difficult to remove. If you are unsure of your choice, it would be best to think carefully before having them installed.
- Vinyl Flooring can fade over time – Another disadvantage that comes with vinyl floors is that they can fade over time, especially when they are frequently exposed to sunlight.
Where should you use Vinyl Flooring?
Because vinyl floors can fade, it is recommended to only use them in the interiors of your home. Vinyl floors are best for kitchens, bathrooms, and other areas that may be exposed to moisture, as it is water-resistant.
Type of flooring: Laminate
Laminate wood floorings are simply beautiful, which is why there are many homes that have switched to using them instead of other traditional flooring types from the past. They are often made with synthetic materials that are used to copy the appearance of other hardwoods.
Advantages of Laminate Flooring
Here are the benefits of having laminate floors installed in your home or building:
- Laminate Flooring is harder to scratch – Compared to hardwood flooring and other types such as vinyl, laminate flooring is more resistant to scratches, and can hold its own against sharp materials, which makes it durable. Of course, hardwood is a lot stronger, but laminate also does best in most homes.
- Laminate Flooring is significantly cheaper – Laminate flooring is cheaper and can only be around $2 to $8 per square foot. For an area that is around 600 square feet, having laminate installed would cost you around $1,200 to $4,800 with other costs such as labor or floor removal excluded.
- Laminate Flooring can make your floor appear like real hardwood – One of the reasons why laminate flooring is very popular is that they are able to imitate the look of most hardwood floors, which is great for aesthetic reasons.
- Laminate Flooring is easy to install – This type of flooring can be easily installed using the snap-together method, which makes it a very convenient process.
- Laminate Flooring is easy to clean – Laminate floors are easy to clean and are not fragile, which would also mean that they can accommodate more foot traffic.
Disadvantages of Laminate Flooring
Here are the disadvantages of having laminate floors installed in your home or building:
- Laminate Flooring is not water-resistant – Most laminate flooring is made with wood, which makes it susceptible to water damage. To avoid this, water and other spillages should be wiped immediately so that the material will not stain.
- Laminate Flooring is not environment-friendly – Laminate floorings are made with materials that can be harmful to the environment in the long run, such as plastics that do not degrade which makes way for more waste. Also, it is hard to repair laminate once it is damaged, which means that it will need to be replaced after a couple of years. This can also mean that laminate flooring may not be good if the goal is increasing resale value.
Where should you use Laminate Flooring?
Laminate floors should be installed in places that are dry and are not exposed to direct sunlight.
Type of flooring: Parquet
A classic type of hardwood that is well-noted for its classic beauty is called parquet flooring. Parquet floors are designed using geometric patterns that form shapes such as triangles and squares with wood. They are also customizable and comes in different patterns and colors.
Advantages of Parquet Flooring
Here are the benefits of having parquet floors installed in your home or building:
- Parquet Flooring is easy to clean – It is easy to clean and maintain parquet flooring. Just make sure to stay away from products that contain too many chemicals and you are good to go.
- Parquet Flooring lasts long – When parquet floors are maintained properly, it is possible to last for many years.
- Parquet Flooring is popular – Because parquet flooring is considered timeless, there are many people who think it is beautiful and prefer it compared to other materials, making your home increase its resale value.
Disadvantages of Parquet Flooring
Here are the disadvantages of having parquet floors installed in your home or building:
- Parquet Flooring can fade and scratch – Although parquet floors are easy to clean, they are unfortunately easy to scratch and can discolor due to exposure to sunlight.
- Parquet Flooring is not water-resistant – Compared to vinyl floors, parquet can be damaged due to exposure to moisture or humidity. Because of this, you may need to have them sealed or polished every now and then in order to keep their original color vivid.
Where should you use Parquet Flooring?
Parquet floors are ideally used in the interiors for your home where it will not be exposed to sunlight and moisture, such as the master’s bedroom or office.
Hardwood flooring type: Solid or Engineered Hardwood
Solid hardwood is entirely made of hardwood, while engineered hardwood is made by using solid hardwood on top of the layer and other materials at the other bottom layers. These types of floorings are the most popularly preferred materials that will surely increase the resale value of your home once they are properly installed and maintained.
Advantages of Solid or Engineered Hardwood
Here are the benefits of having solid or engineered hardwood floors installed in your home or building:
- Hardwood flooring increases the value of your home or building – Real estate experts view hardwood flooring as high in ROI, which makes the investment worth its price.
- Hardwood flooring is easy to clean – Hardwood floors do not harbor dirt and dust, which makes them easy to clean.
- Hardwood flooring can last for many years – As long as the floors are properly maintained, most hardwood flooring can last for several years.
Disadvantages of Solid or Engineered Hardwood
Here are the disadvantages of having solid or engineered hardwood floors installed in your home or building:
- Hardwood flooring can be very expensive - Hardwood flooring could cost around $4 to $10 per square foot, more so if the wood used is exotic. This would mean that a 600 square meter area would cost around $2,400 to $6,000 to have hardwood floors installed, along with other fees such as the labor fee of your trusted contractor and floor removal fees when necessary.
- Hardwood flooring can be weak against moisture – Although engineered hardwood is made to withstand moisture, most hardwood floorings are not meant to be used in humid places.
- Hardwood flooring can be easily scratched – If you want to have hardwood floors installed, you should expect to be careful when placing sharp materials or things on the surface of your floors, as they can be easily scratched.
Where should you use Solid or Engineered Hardwood?
It is recommended to have hardwood floors for your interiors, especially in places that are not exposed to sunlight.
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