Adding value to your home can be very simple, and one of the best ROIs when it comes to improvements is adding new flooring. If you have thought about selling your home, but you don’t know whether or not changing the floors will add value to your home, you might want to do a bit of research. Have a look at this fantastic article that will help you figure out what type of flooring you should add to your home and what kind of value it will add.
Types of Flooring that Add Value to your Home
Hardwood flooring is one of the most popular things people look for when it comes to new homes, and the term is often one of the most popular searches on real estate websites. Adding hardwood is a fantastic way to add value to your home, and it can make any room look much more welcoming.
When it comes to adding new floors, the overwhelming choice for adding value is hardwood floors, but there are plenty of less expensive options that you can consider if you want something similar.
Home much Value can you Expect to be Added?
According to the experts at realtor.com, adding hardwood floors to your home can increase the final sale price by about 2.5%.
If you are selling your home for $400,000, hardwood floors could add about $10,000 to your final sale price. The final investment price all depends on how much you are spending on the flooring in the first place, as some states have a higher price than others.
Let’s look at a few states and see what the going rate is for a hardwood flooring install so we can see which ones have good ROIs and which ones are just throwing money away.
Quick note: Cost Factors
Hardwood flooring costs greatly depend on whether or not you are using a company to install it for you or if you are doing it yourself. Going the DIY route will save you money on labor, but you have to factor in how long it will take and how much you need to spend on extra supplies. The averages we provide are based on users that have used a company to install the flooring, so keep that in mind. A professionally installed floor is a great idea if you are looking to do other repairs yourself, but you can choose to install it yourself if you have the knowledge and the time.
California
This sunny state has one of the highest costs for wood flooring installation, and the average cost sits in the $10K to $15K range, based on the average size of a California home (1860 square feet). The average selling price of a home in California is in the $600K range, so the initial investment should give you the same return.
California is also known for having higher shipping fees than other states, so you might even end up paying more for your flooring supplies. Make sure you try and get your flooring supplies as locally as you can to avoid paying any extra costs.
South Carolina
South Carolina is a great place to consider if you are looking for a home that you want to remodel, and hardwood flooring is likely going to be one of the first changes you make. Places like Greer, and Conway have seen a significant rise in new buyers coming to grab some of the fixer-uppers that have been on the market for a long time.
The average home price in South Carolina is in the $260K range, and the average home size is about 2,100 square feet, so you will likely be paying about $12,000 – $20,000, depending on the exact size of the home.
However, renovating flooring isn’t affecting the price in some small towns like Reidville. It’s been almost a year, Reidville’s home price is going down. So, you should consult with a local realtor before making your investment decision.
Iowa
Iowa is a great place for investors to consider as the home prices are significantly lower than in the rest of the country. The average home price in Iowa is in the $190K range, and the average size is about 1,600 square feet. Hardwood flooring will cost about $12,000-$18,000. This investment is much higher than others based on the size of the home, but Iowa has many smaller homes, and the shipping costs are some of the lowest in the country for hardwood flooring, so it’s still a good upgrade to consider.
Mississippi
Another place people have been flocking to for inexpensive homes is the great state of Mississippi. This delightful state is full of older homes that require a bit of extra care before they can be resold. Hardwood flooring will cost around $12,000 to $24,000, and homes are in the $160,000 price range.
This is quite high for the resale value, but many of these homes also require additional upgrades that could make them worth quite a bit of money when you decide to sell them, so it’s worth looking into how much it will cost.
Utah
There are many different reasons people have been moving to Utah, and one of them is the incredible homes that are available all over the state. Salt Lake City has always been a hit, but Provo has also started to see a huge rise in new residents due to the fantastic job opportunities that have started to arise.
Homes in Utah are the largest in the country (with an average of 2,800 square feet), which means it will end up costing quite a bit if you are choosing to add new hardwood floors. Utah has an average home price of about $500,000, but it will likely cost $20,000-$30,000 to put in new flooring. Your return on investment for a home this size should be about $12,500, so you will likely end up losing some money if you choose to install hardwood throughout the home.
You can make many different improvements to ensure that your home is more desirable to new buyers, and hardwood floors are one of the best choices. People are over dealing with carpet and laminate, and hardwood floors are a classic look, so you are bound to draw in many different types of buyers. Have a look at what it would cost to have some flooring installed by a local flooring expert so you can have a better idea of what the return on investment cost will be for your area.