With the housing market on the rise, it's becoming easier and faster to make a profit on your house. There are those, however, that are not making as much as they could either out of ignorance or budget fears. This can apply to a variety of upgrades and changes, but we are focused on the additional value that new floors can add to your home. The thing is that not all new floors add the same value to a house. Let's take a look at the lineup:
In last place, we have the classic carpet. While this luxuriously fuzzy flooring can add a lot to a room when it's new and beautiful, it has become a less popular choice in recent years due to health concerns. People are now worried about the amount of chemicals that are used in some carpeting, as well as the normal dust mites and allergens that cling so naturally to this type of floor. Beyond that, carpeting is more difficult to clean thoroughly than other kinds of flooring, making it appealing for some homeowners.
The nice thing about carpet is that it adds insulation to your home, improves the acoustics of a room, blends well with other types of flooring, and is cheaper to maintain over time than other hardwood, laminate, tile or vinyl. Plus, if the demographic you're likely to sell to includes young children or elderly adults, the carpet can be seen as a big plus because of its non-slip surface. That being said, don't count it out completely. Just have an understanding of your target audience when considering what to change in your home.
5. Luxury Vinyl and Laminate Flooring
As technology improves we can see these floors becoming more popular. They are easy to clean, scratch-resistant, and look beautiful. The added bonus for you, the seller, is that they are relatively inexpensive to install. That more affordable price tag, however, does mean that they won't necessarily add value to your home.
It's kind of like trying to buy food storage containers. You have the glass kind and then there is the plastic variety. Both do the exact same job, have the same benefits, and both look nice, but the plastic will inevitably be less desirable than the glass. Not to mention it has no resale value, and when we're talking about floors we have to consider the resale value since homebuyers are sure to do just that. If you must buy a new floor, or food container for that matter, spend the money on the good stuff if you can.
3. Tile Flooring
We are huge fans of the elegance that tile flooring brings to a home! These easy-to-clean, durable floors can make your house feel like anything from a palace to an Italian villa depending on the style and color that you choose. They are the perfect choice for families desiring a little extra class or low-maintenance flooring. We can't get enough of them.
As nice as they are, there's a reason that they didn't rank higher on our list. Unfortunately, tile is a poor choice for people who are worried about slipping, have joint pain, or who live in a cold area. Tiles can be dangerous for little ones or elderly relatives because of how slick they can be. The same properties that make them durable also make them extremely hard which can agitate joint pain, and they do a very poor job of retaining heat. Consider carefully what the room you'd like to put tile in is going to be used for before investing.
2. Engineered Flooring
Engineered flooring is just as beautiful as hardwood, but the fact that it is not made completely of wood makes it less desirable than the genuine article that it so affectively imitates. This is a great option for people who have a lower budget but still want to make the most of selling their home.
1. Hardwood flooring
And, to no one's great surprise, reigning in at #1 is the classic hardwood flooring. Hardwood floors have been a sought after favorite among home buyers for years and when they're properly cared for retain their value over time. They are luxurious, aesthetically appealing, easy to clean, and add warmth and sophistication to the home's overall sense of style. If you're looking to make a good return on your investment, these are definitely the floors to go with!
Things to consider:
A) New flooring isn't always necessary. There are a lot of people who are more focused on finding a good deal on a home rather than finding hyper-specific traits like hardwood floors. If the floors you have are in good condition and aren't horrifically out of date, it's probably best to forgo the renovation and save your money for your new home.
B) Trendy flooring will narrow your audience of potential buyers. While being on-trend with the latest styles, colors, and types of flooring is fun and can appeal to a modern audience, it might hurt the overall resale value of your home for its future buyer. You'll do yourself a disservice if you invest in a new floor that could be outdated in the next two years or one that will only attract a very specific demographic.
C) You could hurt your chances of a profitable investment if you try to install the flooring yourself. DIY projects are an admirable attempt to save money and accomplish a worth-while goal, but unless you are confident with the process already you might not want to take on a floor installation. If done improperly it could cost you way more money than it will ever make you.
D) Compatibility is everything. Choose your floor colors and styles very carefully because if you purchase something that does not mesh well with the flooring that connects to it you could be in big trouble. Mismatched flooring is hard to look past and you then put the family that buys your home in the awkward position of having to endure the aesthetic or replace the more flooring than they bargained for.
The Main Point: Assess your primary audience very carefully if you want to make a return on your investment. Know what the buyers looking in your neighborhood want and shoot for that ideal!