The beauty of hardwood floors is that they are durable, easy to clean and they look amazing. However, if you are planning on moving soon will they give you a good return on investment? Most Real Estate Professionals would agree that this type of flooring is highly coveted by buyers and that they almost expect hardwood floors. Buyers typically want things that are move-in ready so if the floors are done that is one less thing they have to do.
Good Return On Investment
Besides being an attractive amenity for potential home buyers, hardwood floors have proven to really pay off for the homeowners. On average a homeowner can expect a 70%-80% return on investment from hardwood floors. Which adds about 2.5% to the sales price. With the correct installation, proper maintenance, and refinishing, hardwood floors have the longest lifespan compared to other flooring materials.
What’s The Cost?
Installing hardwood floors is not an easy feat. The average cost for popular woods like oak, maple, walnut, or cherry is around $5 to $10 per square foot, plus installation costs. However, experts will tell you that this expense is well worth it. While this may seem a bit pricey for an initial investment, you have to take into consideration that these floors can outlive you. They will also increase the market value of your home quite a bit.
Less Expensive, Similar Payoff
Faux hardwood floors still give the look and feel of the real thing and they are much less expensive. Plus they are also engineered to withstand more wear and tear. The physical cost of faux versus real hardwood varies depending on the species of wood, but where you will really see a difference in price is installation. Faux hardwood is easier to install and can really be done by anyone, while real hardwood should be installed only by professionals.