Do Hardwood Floors Add Value to a Home?
We’re all told that hardwoods are one of the best ways to upgrade our homes. They’ll add beauty and value, they say. You’ll make more on the sale of your home than you’ll pay to install them, they say. Of course, the payout is sweetened if you do it yourself.
No doubt we’ve all heard this advice. And personally, it rings true for us. We upgraded to hardwoods in our last home and they were a major attractor according to the feedback we got from our Realtor as he surveyed prospective buyers. Hardwoods are a timeless design element for sure. Ever since we’ve been stick-building houses, hardwood floors have been a part of their construction.
A recent conversation with a friend prompted me to do some online research to see whether there’s any hardcore statistics about hardwoods and value. Here’s what the research turned up.
Hardwoods Add Appeal… and That Adds Value
Woodfloors.org (the Hardwood Flooring Association of America, an admittedly biased resource) reports that 90% of real estate agents surveyed indicated that hardwoods made a house sell faster, or at a premium price. While real estate agents aren’t appraisers, if 90% of them believe wood floors are a significant factor in house buying, we think that says a lot. Plus, a faster sale means more money into the pocket of a seller faster. That’s real money into the seller’s bank account earning interest.
An Appraiser’s Perspective
Some more searching brings us to Yahoo Answers, where Joe L, an appraiser, points out that a lot of factors would go into determining whether wood floors would add value, but as a universal rule, hardwoods don’t directly increase the appraised value of a home. What’s more important is the quality of whatever surface is present on the floor. So, if a floor is completely worn out, hardwoods will add value, but so would any new flooring surface.
Local Market Factors Always Prevail
It’s hard to escape the reality that a buyer’s expectation will play heavily into whether hardwoods add value. If most of the homes in your neighborhood feature a hardwood entryway and staircase, but your house sports tan carpet, chances are not having hardwoods is costing you. Notice that in this case, its not so much that hardwoods add value, as they take away value if you don’t have them because a buyer’s expectations aren’t met. Its a subtle difference, for sure, but nonetheless a reality.
What do you think? Do hardwoods add value? Weigh in and let yourself be heard!
Image courtesy of Lars Lentz, via Wikimedia Commons.
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5 Responses to Do Hardwood Floors Add Value to a Home?
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February 24th, 2009 10:33 am
I LOVE hardwoods. We were lucky to be able to salvage the originals in both of the bedrooms at This D*mn House, but the livingroom/dining room were beyond hope.
I bought laminate — strictly as a financial choice over hardwood — when it came time to replace our 12-year-old carpeting in 2007. If I had it to do over, I’d have bided my time, saved my money, and gone with the actual hardwood. (Although, I also wasn’t sure it was a job I could handle. After doing the laminate, that’s no longer an issue. If we’re in the house long enough, I may end up replacing it!)
February 24th, 2009 12:50 pm
I also used laminate to replace the carpet in my LR & hall, which I now regret. It was what I could afford at the time, and I was doing several upgrades at once, including kitchen cabinets & counters. I probably should have waited til I had the money to do the floors in hardwood… The laminate still looks good, 2.5 years later, but I can tell it just won’t last.
When I look at a house what I DON’T want to see is carpet in the living areas! I did replace the carpet in the bedrooms with carpet, but I probably wouldn’t do that again either.
We have ceramic tile in the entry, kitchen & both baths, and in this climate (New Orleans area) I would consider doing the entire house in tile and wood.
February 24th, 2009 7:08 pm
If I were shopping for houses and saw one with carpet 1) if the carpet wasn’t new I would thing “yuck, I wonder what’s been on this? I’ll have to replace it ” or 2) if it were new it wouldn’t be my color or texture preference and I don’t want carpet anyway. So I agree that while wood may not add so much value, carpet certainly takes away value. Carpet is hideous and dated and tile can be kind of cold if it’s throughout the whole house. HW is the way to go.
February 24th, 2009 7:09 pm
Sorry, I would “think” yuck, not “thing” yuck.
April 11th, 2009 6:48 pm
In our house the previous owners had glued down 12″x12″ institutional formica tiles over the hardwood throughout the house. So yes, the first thing we did was scrape up each tile by hand ourselves and then have the hardwoods sanded and refinished. Boy what a difference! There’s no question in our case that we added to the value of our home.