Hardwood Flooring ROI: The Resale Value of Hardwood Flooring
Hardwood Flooring is still in fashion. It is an attractive flooring option for any space because it is pretty simple to clean, looks beautiful, and is a healthy choice for those with allergies or asthma. Hardwood is loved for its ability to bring warmth, and did you know it can also increase your home’s resale value?
Hardwood Floors Boost Resale Value
Due to the high demand by homebuyers, hardwood floors add serious resale value to your home. It’s not always easy to put an exact price on your ROI for hardwood flooring, but there have been several estimates.
Nerd Wallet estimates that you can recover about 91 percent of the project cost. One study found that new wood flooring could yield an ROI worth 106 percent. Although other experts are more conservative, stating that you can earn up to 80 percent back, which could add nearly three percent to the sale price.
A survey published by USA Today found that 54 percent of homebuyers were willing to pay more for houses that have hardwood. Wood flooring is most desired by younger buyers, according to the survey.
It comes down to the fact that hardwood floors are attractive for durability, versatility, and appearance. It adds a charm to any home that can stand the test of time.
While resale value may be one reason to add hardwood flooring to your home, many homeowners reported enjoying their new flooring. Seventy-eight percent said they had a stronger desire to hang out in their homes with hardwood floors. And 67 percent said they enjoyed their home more since the change.
Uncovering the ROI for your hardwood flooring project needs to start by calculating the costs of installation.
Cost of Hardwood Flooring
The cost of hardwood will largely depend on the type of wood and finish you want and how much space you have to cover. The average cost to install real hardwood flooring is around $4,200, but if you opt for wood laminate, it will be about $2,800.
Any calculation to install new flooring should also include the cost to remove your existing flooring. The price goes up if you need to replace your subfloors as well. On average, removing existing flooring costs about $1.25 per square foot, and subfloor replacement is $2.10.
According to Bob Vila, to get a good estimate of how much it will cost to install hardwood, figure out how many square feet you’ll need to cover and add 5-10 percent for cuts or waste. You’ll also need to add some extra to cover the cost of nails, mouldings, and thresholds.
Other costs that you’ll need to consider include:
Floor underlay – the material that is placed between your subfloor and the upper floor. You can select different features for this material, such as sound control. Depending on the type you choose, you could pay anywhere from $0.20 to $5 per square foot.
Type of wood – the average price of hardwood is $7 per square foot, but if you want a more exotic kind, you could pay up to $12 per square foot. It will also cost about $2.50 per square foot for professional installation.
If you are determined to have a hardwood floor and can be flexible, there are ways to save on the cost of flooring and installation, according to Nerd Wallet. One of the biggest places you can save money is on materials. Consider buying a less expensive type of wood like American cherry or oak. Avoid species like Brazilian walnut and mahogany, which are the most costly.
Homeowners can also adjust their expectations when it comes to the grain and grade of the wood. The less expensive cut is plain-sawn and offers a wavelike pattern to the wood. The quarter-sawn or rift-sawn cut, which appears as a line pattern, is more expensive. As well, wood that has common grades is cheaper than wooded graded clear.
Types of wood
When it comes to the appearance and price of your hardwood floor, it’s essential to know the different types of wood you can buy. Here are the ones that are most commonly used for hardwood floors.
Oak
Oak is known for its durability and is one of the most popular choices for flooring. It has a tight, dark grain and is less expensive than the other wood species. There are different types of oak, like red and white oak, that can offer a unique look without losing the durability you want.
Maple
Maple is nearly as popular as oak when it comes to hardwood floors. Its beautiful patterns and colours give you space a unique appearance. If it is cut from the outer wood, it will have a lighter colour. For a darker or red look, select wood from the centre of the tree. It is best not to stain maple.
Hickory
Another good option for a hardwood floor is hickory. It looks similar to oak but is more expensive and stronger. If you want a hardwood look that is more red-brown, hickory may be the right fit. However, for those looking for something more unique, the outer wood of the tree can be more white with pink and brown lines.
Cherry
For a warmer brown look, cherry can add some charm to your space. However, it is best to use it in low-traffic areas, like bedrooms, because it is a softer wood. This wood can darken over time, particularly in sunlight.
Walnut
To add some drama and sophistication to a space, homeowners can use walnut for their hardwood material. It offers a deep, brown tone and straight grain patterns. The wood can tolerate more traffic than cherry but may not be the best choice for high-traffic areas.
With the variety of selection, durability, and charm that hardwood brings to a home, it’s easy to see how it can increase your resale value. While just how much ROI you’ll see differs from house to house, adding hardwood flooring is a project that pays off.
If you’re thinking of adding hardwood flooring to your space, let Ottawa Diamond Flooring help you get the most ROI from your project.
