If you are looking at flooring options, you already know that hardwood flooring is one of the most expensive flooring options out there. Costing around $8 and up per square foot, installed, adding hardwood floors can costs thousands, even tens of thousands of dollars, depending on the size of your home. They look fabulous and add a warmth to your home that other materials really struggle to match, but at that price point, many people hesitate to add hardwoods unless they are going to increase a home’s resale value.
The answer is an unequivocal yes. Hardwood floors increase a home’s value by 3% to 5%. In many instances, this means that the price increase for your home will completely cover the price to install hardwood floors. For larger homes, it may mean that the price increase for your home will cover the difference between installing hardwoods and installing another type of flooring.
Of course, the increase in value may be more than monetary. Many people feel a greater sense of happiness and satisfaction in their homes after installing hardwoods. That is always important, but if there is a takeaway lesson from 2020 it is that you want to feel at home in your home. When thinking about an increase in value, you want to consider your enjoyment value, not just the resale value if you do eventually sell your home.
There are some other things to keep in mind if you are considering hardwoods. While high-quality hardwoods can last forever if they are well-maintained, they do have higher maintenance requirements than other floors. At some point in time, they will have to be redone. Refinishing floors involves removing the top layer or two of finish and reapplying a finish to the top of the floors. Resurfacing, which is required for floors that are more damaged or aged, may require replacing any bad boards, fixing floor joists, grinding down uneven boards, and nailing boards back in place. However, regular maintenance should keep your hardwood floors looking warm and inviting for a lifetime or longer.