Hardwood floors are a significant investment for your home, but also a very smart one. They boast a ton of benefits and most buyers will notice the extra money you’ve put into your flooring with real hardwoods. With a new hardwood floor installation by Barnum, you can guarantee the increase of value in your home and reap the rewards from making the splurge.
If you’re still feeling a bit hesitant, we can assure you of all the reasons this home renovation should be at the top of your list.
Why Hardwood Floors Are Worth It
While hardwood flooring isn’t the cheapest option, the long-term benefits make the initial investment well worth it. Not only are hardwoods aesthetically pleasing, but they’re also incredibly durable and last for decades with regular care.
In an article by Realtor.com from 2017, they estimated that hardwood floors can increase your home value by about 2.5 percent. So if you think you may sell your home one day, hardwood flooring is a desirable perk for homebuyers.
If you plan to remain in the same home for the rest of your life, your hardwood flooring will make you love living there even more. According to a survey by the National Association of Realtors, 90 percent of homeowners who upgrade to hardwood floors have a greater desire to be home and 77 percent also have an increased sense of enjoyment when they are home. Hardwood flooring creates warmth and a cozy ambiance.
The ROI of New Hardwood Floors
As with any home renovation, you’ll want to consider the return on investment (ROI). You already know hardwood flooring can increase what you’re able to ask for your home when selling, but the keyword in ROI is investment.
The idea behind ROI is basically that the more you invest into your home remodel upfront, the more money you will get back when you sell your home in the future. Putting money into your home through renovations adds value that translates into more money in your pocket when you sell.
The average ROI for installing hardwood floors in your home ranges between 70-80 percent, potentially adding up to 2.5 percent to the sale price. So, if you spend $15,000 on new flooring, you can expect a little over $10,000 back when you sell—if not more. A home with quality hardwood floors will sell faster than others homes in the same area.
Hardwood Flooring vs. LVP and LVT Flooring
Some homeowners are opting for luxury vinyl planks (LVP) or luxury vinyl tile (LVT) for flooring instead of real hardwood. These options are cheaper and do resemble real hardwood, but something to keep in mind is that since you invested less money on flooring, your flooring is worth less to homebuyers. This means you may not get as large of an ROI compared to if you had invested in real hardwood floors.
While LVP and LVT flooring are durable, they don’t last forever, are not recyclable, and do not add value. Even with the proper care, these alternative flooring options don’t last as long as hardwood floors that are being properly cared for. So while these other options are available, they still pale in comparison to the allure of real hardwood floors from Barnum.
Get Started on Your Floor Renovation Today with Barnum
At Barnum, we specialize in installing hardwood floors and staircases that will instantly add value and beauty to your home. We offer a variety of wood types and colors, along with the expertise to create your desired design. Contact us today to schedule your new installation or refinishing!