Of all the upgrades and remodel projects a home-owner can take on, Hardwood Flooring gives both the best return on the investment and delivers the most satisfaction above all the other work one can do! Home-owners remodel to upgrade worn-out surfaces and to bring new life to existing features in a home. No one wants to look at an old scratched-up hardwood floor and further use/traffic will only make it look older and more damaged.
Sure, carpet is warm and fuzzy but you won’t get a warm and fuzzy while walking on nasty old carpet! Once the deal is closed, most home-owners can’t wait to get rid of it and put down a new hardwood floor. When they do so, they have an increased sense of enjoyment when home. So, not only do home-owners get their money back (and then some) when addressing the hardwood floors, they appreciate their homes more after they do it.
* Cost Recovery – 147% on Hardwood Floor Refinishing, 118% on new Hardwood Flooring Installs!
* 100% of home-owners have a greater desire to be at home after completing the project!
* 64% have an increased sense of enjoyment at the home after hardwood floors are addressed!
* 64% feel a major sense of accomplishment after doing their hardwood floors!
Some examples on the ROI – if a home-owner were to spend $3400 to have the floors refinished, NAR estimates $5000 in recovered cost. At 118% ROI on hardwood flooring installs, if one should spend $5500 on a new floor, NAR estimates $6500 recovered cost!
Of course a kitchen remodel is a big “to-do” but for ROI it pales in comparison to hardwood floors, only 67%! The most disappointing stat I found was that it’s only 22% of Realtors that recommend refinishing the hardwood floors prior to listing. For a new hardwood floor installation, it’s only 13%. Now I understand there can be a lot of factors involved with this but with these kinds of numbers on ROI, hardwood floors should be at the top of the list on the scope of work. Either way, it’s clear that hardwood floors give the best return on money as well as highest level of satisfaction.