Trying to estimate how flooring will impact resale value of a home involves looking at a few factors. First, what is the current condition of the floors? Second, when do you plan to sell? Third, which floors need replacing? Fourth, what is the expected retail range for the home? Knowing the answer to those questions helps you determine what type of flooring you should install for the best return on investment (ROI) for your floors and the greatest relative increase in retail value.
The first question is what is the current condition of the floors? Are the floors damaged, worn, outdated, or stained? Will a professional cleaning, restretching, or refinishing restore them to good condition? If so, then replacing flooring may not be your best option, depending on when you want to sell.
When you want to sell impacts your choice of flooring. If you are looking for a quick resale, then you may consider inexpensive carpeting to replace existing carpeting in bedrooms and less expensive laminates to replace flooring in living areas of the rest of the house. These choices are less expensive than other options and will look great when newly installed. However, in addition to not being on-trend, carpet picks up wear, tear, and dirt relatively quickly, so you probably do not want to install them if you do not plan to sell your home for a few years.
Next, think about the floors that need replacing. If you are in an open floor plan, you do not want to have contrasting floor types meeting in high-traffic areas, which may mean replacing floors even in areas without wear and tear. Laminates may be great in living areas but are not good in bathrooms and kitchens because of their susceptibility to water damage. Even hardwoods, which are a consistent favorite among homebuyers, may scare potential buyers if they are installed in kitchens or bathrooms.
Finally, think about the price point for your home. Sure, high-end hardwoods are going to increase the retail value of any home and may even increase a home’s value up to 10% over comparable homes in the area. However, you do not want to install $40k in flooring to get a $10k increase in your sale price. Honestly evaluate the prices of homes in your area and make your new flooring picks with those numbers in mind.