Hardwood Flooring May Help Homeowners Turn a Profit
The most in-demand home improvement likely to boost resale value is refinished hardwood flooring, a feature that stands out in photos for online buyers, according to Realtor.com. A recent remodeling impact report from the National Association of Realtors reveals that homeowners who spent an estimated $3,400 on refinishing their hardwood floors earned roughly $5,000 in resale value, while homeowners broke even on updates like roof replacements and new insulation or garage doors.
Also high on the list of profitable remodeling projects were kitchen and bathroom upgrades, but adding additional space or high-end features didn’t always pay off for sellers. A new kitchen can cost upwards of $80,000, but even at that price tag, sellers only pulled in about $60,000 in value.
Homeowners recouped about 147% of their investment for refinished floors and 118% of what they spent on new flooring when they sold their homes.
“It looks beautiful in photos and more people are relying on technology to search for homes these days,” says Jessica Lautz, NAR’s vice president of research. “Wood flooring really feels more hygienic than having a carpet in your home. … And pet lovers and owners want hardwood floors for the ease to clean.”