The short answer is 'yes.' New floors will improve the value of your home. That said, there are also degrees of value and tips that realtors want you to think about.
From an IRS perspective, home improvement projects not only add to the value of your home, but they may also be tax-deductible. You'll want to consult your accountant for a professional opinion.
However, generally, if you plan on redoing your floors - as opposed to doing a repair - that project becomes a capital improvement project. That means that refinishing your basement and adding a Luxury Vinyl Tile floor or even carpet is a good thing, as is redoing a bathroom.
Similarly, adding hardwood floors throughout your living room, dining room and hallways will benefit you in the long run.
>> How to Choose the Right Hardwood Floor for Your Home
>> See Are Home Improvements Tax Deductible
And then there's the perspective that a realtor will give you based on experience closing sales in your local area.
According to What Kind of Flooring Increases Home Value?,
"It’s no surprise— hardwood flooring has long been the top choice for buyers and remains so in today’s market. According to the National Wood Flooring Association, 99% of real estate agents say homes with hardwood are easier to sell, with 90% saying they sell for more money.
A recent study conducted by the National Association of Realtors found that 54% of buyers were willing to pay more for homes decked out in hardwood. And although many buyers would be relieved to find hardwood over carpeting, not all hardwood floors are equal, with the current trend gearing towards wood floors in rustic-chic applications... (such as) hand-scraped finished, old, or have an engineered look.”
Okay, so that last statement about current wood trends really depends on your personal taste as a home-buyer, and local design preferences. What works in Florida or Arizona, isn't necessarily what is tops in Connecticut.
In other words, if your Realtor recommends that you look into new flooring, listen to them! Remember, they're the expert in this arena and want you to get as much as possible for your house, just like you do.
What's more, they know what your competition is in terms of comparable houses for sale in your immediate area. If they say your flooring is going to prevent you from getting top dollar for your home or lengthening the days on market (DOM), listen to them.
That doesn't necessarily mean you need to redo all the floors in your home. The most important rooms to focus on are the common areas of the home, such as:
Basically, common areas of the house are those areas prospective buyers see on a showing or the parts that someone coming over for a dinner party would see. They welcome visitors to your home and the floors help set a positive first impression.
And, if they're looking worn and sad, out-of-date, or too overbearing in terms of style or color, that first impression may encourage buyers to check out the listing nearby that has a more up-to-date, neutral theme instead.
>> See How to Evaluate Your Flooring Options
Here, then, are five tips to help you maximize the value of your floors.
Although tile patchwork trends are hot, patchwork flooring especially in the common areas of your home isn't. Patchworks tend to break spaces up so there's no sense of flow. That, in turn, makes rooms look smaller and messier.
To combat the patchwork look, be consistent in your choice of flooring for your common areas and high-traffic areas.
Area rugs are fine - as long as they look good. After all, they help identify conversation areas or other interesting nooks.
Remember the goal during the home-selling process: you're helping prospective buyers imagine themselves living in that house.
Touches that are excessively personal make it harder to do so.
Although hard surfaces are in vogue, that's not to say that all carpet is bad. In fact, carpet in bedrooms is fine and can even be amazing as long as the carpet looks clean and in good condition.
>> See Try Flatweave Wool Carpet for that Nubby, Natural Sweater Look
Consider steam-cleaning the carpet to refresh it. If that's not enough, consider replacing it.
It's not just with carpet. Excessive wear and tear on any kind of flooring will drive buyers away. That's the reality. Consider then the following advice:
If your hardwood floors are worn, consider refinishing them.
Check whether you need to replace a plank or two that are damaged beyond repair.
We mentioned steam cleaning for carpeting. Consider it for hallway and stair runners, too.
If you have tile floors, make sure the grout lines aren't grungy.
If you've been reading this blog, you're aware that flooring choices have evolved considerably. In addition to stunning carpet and rug patterns and styles, you have options that include:
And much more!
>> Read about flooring trends from the Floors To Go Convention
Yes, we already brought this up. However, it bears repeating: listen to your real estate agent.
Set time during initial meetings with your realtor to determine what the floors in your home need. Whether it’s a quick clean or a full replacement, it’ll pay off when the buyers arrive.
If you're looking for flooring that will help your client sell their home quickly and for the maximum price, we'd love to help. We have more than 20 years of experience working with homeowners and Realtors to help buyers project their image onto a home.
We invite you to visit one of our two showroom locations in Middletown or Orange, where you can ask more questions about flooring product options. Or, you can let us know of questions in the comments or contact us.
We look forward to helping you.
Thanks for reading,
Note: We originally published this article on 04/17/2019, and have updated it.