Over 5 million homes are sold in the United States every year.
If you’re getting ready to sell your home, you have to stand out from all the competition.
One of the best ways to gain attention is to install hardwood flooring in your home.
Keep reading below to find out how the wood flooring costs will pay off in the long run.
Is Hardwood Flooring a Good Return on your Investment?
The short answer? Yes. Hardwood flooring can give a great return on investment.
Many home buyers expect to find hardwood flooring in homes. According to the 2017 Remodeling Impact Survey, adding hardwood flooring is one of the home improvements most desired by homeowners and interested buyers.
If buyers are expecting hardwood flooring but don’t see it in your home, they may pass your house up and turn their attention somewhere else. Installing hardwood flooring in your home is always a good idea if you have the opportunity.
But what kind of return on investment does wood flooring give you?
Let’s take a closer look below.
How Hardwood Flooring Pays off in the Long Run
New Hardwood flooring can give you one of the best return on investments of any other home improvement project.
The average ROI for this type of floor sits at around 70% to 80%. That’s already a high number, but remember, it’s just an average. If you know what you’re doing and you do it right, you could have a return on investment that’s even higher.
The exact percentage you get will also depend on things like the location of your property, the layout of your home, and other project specific factors.
But what do these percentages mean?
When you sell your home with hardwood flooring, you can add an extra 2.5% on top of your original sale price. That may seem like a small number, but it’ll feel a lot bigger when it comes time to sell your house.
How Much Does Wood Flooring Cost?
This return on investment information might not mean much to you if you don’t know how much it costs to install hardwood flooring in your home in the first place.
So let’s take a closer look at hardwood floor prices.
The price range for hardwood flooring is pretty wide. Different types of hardwood flooring can be priced significantly higher or lower than others. Because of this, you could spend as little as $1,000 on hardwood flooring or as much as $10,000 on hardwood flooring for the same home.
The national average for hardwood flooring is just over $4,000. That means most people spend somewhere between $2,500 and $6,500. Because Oak & Broad flooring is custom made the pricing will vary from these average flooring projects.
But again, it depends on the type of hardwood floor you get and how much of it you need.
Here’s a quick list of different types of hardwood flooring and their corresponding prices.
Types and Prices of Hardwood Flooring
There are a lot of hardwood flooring options out there to choose from. Soft woods, like pine, are often cheaper than harder woods because they aren’t as durable. Exotic woods are beautiful and stable, and they’re the most expensive type of wood flooring.
We’ve put together a quick guide to help you figure out which type of wood fits with your budget.
So let’s break it down.
- Red Oak: costs about $3 to $10 per square foot
- Hickory: costs about $4 to $8 per square foot
- Maple: costs about $3.50 to $6 per square foot
- White Oak: costs about $5 to $9 per square foot
- Black Walnut: costs about $5 to $9 per square foot
These aren’t the only options you can choose from when looking for hardwood flooring for your home, but they are the most popular. If you choose a premium wood like Black Walnut Flooring, you can expect to spend a lot more than if you choose something less expensive like pine.
Which Type of Hardwood Flooring Should I Choose?
There isn’t one hardwood flooring option that’s better than another. As long as it’s hardwood floor, you’ll get about the same ROI benefit.
So the right hardwood for you just depends on your personal preference. Pick something that matches the rest of your home and that you like.
How Much Hardwood Flooring Should I Order?
Again, this will depend on the size of your home and how much of it you’re updating.
But there is one rule you should follow.
Always order 10% more hardwood flooring than you need. Why? Because you’ll have to cut some of the hardwood flooring down to size to fit your home. There’s a good chance you won’t be able to use the leftover pieces after you cut them because they will be too short.
So it’s always better to have more flooring than you think you need. Otherwise, you could run out of wood before your floor is finished. If that happens, you’ll have to pause your project, buy new wood, and wait to keep working until you get it home.
After you pick your favorite type of hardwood flooring, make sure you order a bit more than you need. This will make the installation process a lot easier.
How Wood Flooring Pays off in the Long Run
If you get the right hardwood flooring and know what you’re doing, your wood flooring cost can give you an ROI of over 80%. That means you can add an additional 2.5% to the sale price of your home.
That’s nothing to sneeze at.
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