Investing in a Wide Plank Hardwood Floor
Wise investment isn’t limited to the trading floor of Wall Street. According to realtors and designers across North America, hardwood flooring adds to a home’s value as well as its charm. Aesthetics and economics converge, and the homeowner reaps the benefits.
It’s clear as to what a hardwood floor can bring to a space in terms of warmth and style. The Denver Business Journal reported that Colorado designers and homeowners are opting for more hardwood flooring than ever, as it is seen as “timeless,” “classic,” “elegant,” and “adding style to any living area.” The DBJ was also quick to note the accompanying increased resale value of a home with a hardwood floor. Home décor columnist Rose Bennett Gilbert of the San Diego Union-Tribune and RealEstate.com’s renovation guide came to similar conclusions on the investment value found in hardwood flooring.
Agent Brain Madigan of Toronto, with over 5000 real estate transactions to his credit, believes that hardwood floors are “one of the few improvements that you can make to your house where the resale value may exceed the actual cost of the improvement. The return can easily amount to 150% to 200% or even more” Although Madigan’s numbers represent a best case scenario, statistics from a 2006 National Wood Flooring Association survey of realtors further substantiate the value of hardwood floors.
The NWFA survey found:
99% of real estate professionals indicated that having hardwood floors either “greatly” or “somewhat” aided a home’s salability.
90% of realtors suggested that homes with hardwood floors will sell for more money than homes with mostly carpet. (25% of the realtors stated that hardwood floors would add 6 to 10% to a home’s resale value, while 12 % believed hardwood flooring would add more than 10% to the sale price.)
82% of realtors believed that homes with mostly hardwood floors will sell faster.
84% of home buyers who have lived in homes with hardwood floors are more likely to buy another home with hardwood floors.
By choosing hardwood flooring when building or renovating, homeowners can add to the attractiveness of their house, something they will be able to enjoy every day. They can also view their floor as an investment: When the home is sold, that hardwood flooring will pay real dividends.
(Survey results are available from The National Hardwood Floor Association: