Hardwood Floors – How Do They Impact The Value Of Your Property

Flooring is a Low-Cost Investment

When you compare the cost of other custom home renovations, flooring upgrades are a relatively lower cost investment. At the top of the list, kitchen and bathroom renovations are numbers 1 and 2, with flooring upgrades coming in well below both of them. You don’t always have to choose to install new flooring for the entire house at one time, you can choose to install flooring on the main floor only for maximum impact, or room by room, depending on your home renovation budget and timeline.

Hardwood Flooring is the Best Choice

There are quite a few choices when it comes to choosing a new material for your flooring renovations. This being said, hardwood flooring is the best choice, and here’s why. Hardwood flooring is durable, gorgeous and last for a long time. If you are renovating to sell, many potential buyers are on the lookout for hardwood flooring when purchasing their new home. Hardwood flooring is also desirable because it is easy to repair, refinish and update. With hardwood floors, you do not have to strip the entire flooring if there is an issue.

Hardwood Flooring May Be Essential to Compete

When searching for their new home, many home buyers desire hardwood flooring. Your home will potentially be up against other Calgary home listings that have had hardwood flooring installed as part of their pre-listing renovation plan. Hardwood flooring may be important to keep your home competitive in the current market. If you’re having issues with getting offers, you want to make sure you’re doing everything to compete in the local market. This may mean installing new flooring so that your home stands out among the other comparable listings.

You will still need to know the average cost for installing new hardwood flooring in your home so that you are able to find a fair rate that will get you quality floors installed by a licensed Calgary home renovation specialist. Hardwood floors can range in price from approximately $3,000 to $6,000. For 300 square feet, you can budget in $2,500 to $4,000 to your home renovation costs. Of course, your final costs will be affected by how much surface area you want to have redone with hardwood.

It may not be feasible in your home renovation budget to install hardwood flooring throughout your entire home, especially if you’re renovating just to put it up on the market. So it may be important to be selective on the specific areas that will be getting a flooring upgrade. Keep in mind that the living room and kitchen are areas that have the most significant impact on buyers looking for a new home or investment property.

How Much Can You Expect Back from Your Investment?

The question many homeowners have during their home renovations is, “What can I expect to see back from this flooring investment?”. The reality is that, it of course, can really vary. Some homeowners say they saw anywhere from 20-80% net return on investment. Additionally, some research suggests that installing new hardwood floors increases the value of the home from anywhere between $2,000 to $5,000. It is important to keep this in mind when you are considering new flooring in your home.

Even if you break even, it still may be smart to upgrade your flooring, as it will keep you competitive in the local market if you’re planning to sell. Don’t go overboard on your flooring budget though and ask your licensed Calgary renovation contractor for any guidance they may have and information about the installation process.

Now you should have a better idea of how installing hardwood floor affects your home’s value. While it doesn’t increase the overall value significantly, there is still a decent return on investment. Flooring is an important part of any home renovation project and should not be overlooked for other upgrades.