If you’re looking to increase the value of your home, you likely know the basic projects that can help you achieve that – a kitchen remodel; updated fixtures and appliances; increased curb appeal. But what about your flooring?
The flooring in your home isn’t just aesthetically appealing – it can also increase your home’s overall worth. According to the real estate experts, newly installed flooring can provide homeowners up to 80% ROI (return on investment), and can even boost the sales price of your home as much as 2.5%.
But not all flooring is created equal. Read on to know which type of flooring will help drive up the value of your home before you get to work on refinishing your floors.
Consistency is Key
When it comes to flooring, consistency is key. According to the realtors that spoke with Homelight.com, “the number one thing a seller can do to kill the resale value of their home is to put multiple types of flooring in a house.” Furthermore, two different types of flooring that meet in a highly-visible area, like a main hallway or leisure space, can be detrimental both aesthetically and to the home’s resale value.
Additionally, the rooms in which you choose to invest in new flooring also plays a factor in the overall value of your home. If you can only afford to invest in new flooring in a few rooms, stick with a single flooring option for the kitchen and main living spaces, while limiting wall-to-wall carpeting to bedrooms only.
Types of Flooring and Their Impact on Home Value
When choosing flooring for your home, some choices can impact your home’s value more than others. On top of remaining consistent in your flooring choice throughout the home, the finish and material you choose is just as important.
Hardwood floors are a top choice amongst potential buyers for their visual appeal and the value they bring to the home. If you’re looking to sell your home, installing hardwood flooring can provide a huge ROI in resale value. Averaging about $9 – 12 per square foot for installation, hardwood floors can increase your home’s value by 3-5%.
While hardwood flooring is a top choice amongst potential buyers, laminate flooring can provide a cheaper alternative (averaging between $6 and $11 per sq. ft.) that’s just as visually appealing. Additionally, when in good condition, laminate flooring can improve the value of your home over traditional wall-to-wall carpeting, and offers about a 70% ROI for homeowners.
Because it’s so easy to maintain, new tile in kitchens, bathrooms, and mudrooms can add value to your home, so long as it’s an on-trend style and installed correctly. Averaging about $10 – 15 per square foot, homeowners can expect an average 70% ROI on new tile flooring. Alternatively, tacking tile and clashing patterns can devalue your home’s resale price, so stick with a neutral tile to maintain the home’s value.
Despite its bad rep, new carpeting won’t really impact your home’s overall value either way. However, dingy, old carpet that needs replacing can reduce your home’s value, since potential buyers can view replacing carpet as “needs work.” Averaging at about $5 per square foot, replacing old carpet can end up saving you a few thousand dollars in terms of overall home value.
Regardless of the flooring type you choose for your home, keep in mind the factors that impact home value most: consistency and it’s up-to-dateness. The newer your flooring, the bigger ROI and increase in home value you’ll see.