Whether you plan to remain in your home, know that you will eventually move, or have definite plans to sell – it is important to know what kind of flooring is best for more lucrative profits. Here is the ultimate guide to flooring for better resale value.
What Affects Resale Value in a Home?
In an article on Forbes, there are nine major factors that affect a home’s resale value and flooring makes the cut.
These Factors Include:
This one is a given – homes that have the best locations are going to have higher resale values than those in areas that are undesirable. Homes that are near schools and popular places are always desirable, as well as those that have the utmost in privacy.
Age of the Home
There is a certain age of a home that puts it into a less than desirable age and ages that are more popular. For homes that are old, you get a historic home with plenty of charm. A brand new home is ideal because it doesn’t need renovations or work. But a home that is from 30-50 years old is in the middle. It doesn’t qualify as historic, yet it’s not new and will need work done.
This doesn’t mean a home built 30 years ago is undesirable, it just won’t have that historic charm or that brand new factor.
Here is where your flooring comes into play. A home that is outdated looking has less resale value. If your home has wall to wall green carpeting with dark paneled walls – that can be a negative factor. However, a home covered in stone flooring with bright and eye-pleasing walls will have a higher resale value.
In this situation, it is important that the appliances, the decor, and the overall look of the home not be outdated in a bad way. Antique appliances in a historic home are fine. A home that has simply not been updated at all is what is meant by outdated renovations.
Another area that can include the flooring is owner-specific renovations. A seller may not enjoy your choice of a myriad of flooring types in the home, which we will discuss more in detail.
An extreme example is a home that has pink walls or purple carpeting – this is owner specific and will not appeal to the masses. Don’t include renovations that only suit your individual taste. Instead, think about how others will perceive your home’s decor.
This doesn’t mean you cannot put your personal touch in your home’s look, but make sure it’s not too extreme if you choose to sell.
Was your home haunted in the past? But seriously, a negative history affects resale value. Just for fun, let’s look at the infamous Amityville home in New York. According to Newsday:
The home came on the market in June for $850,000. The house was on the market 165 days. The seller bought the house in 2010 for $950,000. At the time, it had been listed for $1.15 million.
Whether it’s the curious who often drive by just to see the home, the murders that make some superstitious, or the hauntings that some believe happened – it affected the value considerably in the past. So much so, that the home’s address was changed to deter onlookers and the outside was changed dramatically – including the infamous windows.
If your home was in an area that had flooding and may have mold, this is a negative history. Other things include a crime being committed there or a fire on the property.
Being Too Large or Too Small
Size matters when it comes to a home. If your home is too large then it can be hard to take care of or have high maintenance and property taxes. Too small, and there is not enough room for a family. Oversized homes haven’t been the “in” thing since 2008 but smaller homes also have a more difficult time selling.
Too Few Bedrooms or Bathrooms
Let’s face it, people love having the bathroom to themselves. Remember how all of the kids had to share one single bathroom in the Brady Bunch? No one wants to do that and that is why having enough bathrooms is important no matter how much your home has to offer otherwise. The same thing applies to have enough bedrooms. People want enough bedrooms that they can have guests over, allow a family member to move in, or extend their own family. Some simply want extra storage space.
Different From the Surroundings
One component of resale value is how your home looks in its neighborhood. If your home is a single family home surrounded by apartments or condos, this can be a problem. Plus, a bank needs to look at comparable sales, called area comps. If there are none, it is more difficult to assess the value.
The Wow Factor
Last but not least, your home should have something that sets it apart from the rest, making it an easier sale with its “wow” factor. For example, unique architecture is a good selling point or how close it is to a major or famous landmark. You want your home to stand out, not go unnoticed.
What Are the Floor Choices and Why?
There are quite a few good flooring choices you can make and here is more about each one, with its benefits for resale value.
Carpet is a mainstay in home flooring choices but what about the resale value? Well, that depends on the type of carpet and the look. While carpet may have been more popular in the past, keep in mind that back in the 70s there wasn’t a lot of choices like there are today.
There is absolutely nothing wrong with wall to wall carpeting and you can choose from a wide range of styles, cuts, and materials to choose what is best for your needs – and for the best resale value.
For instance, there is cut pile carpet, loop carpet, cut and loop carpet – and the materials range from wool, nylon, and polyester. For a luxurious look that has a higher resale value, wool carpet is a good choice. Not only is it stain resistant but it is comfortable and indulgent.
Ceramic and porcelain tile is highly sought after because who wouldn’t want flooring that is durable and resistant to impact, chemicals, water absorption, staining, and scratching? Not to mention that it is easy to care for and best of all, it looks beautiful.
Tiles come in varied options in color, textures, patterns, and designs and is very complimentary to your choice in-wall designs.
This is a less expensive option for flooring that looks similar to hardwood flooring. It may not be the first choice when it comes to resale value, but it is certainly a good option for those working with a budget that doesn’t allow for hardwood.
Laminate is also quieter than genuine hardwood, so this is a good option for cost-effectiveness as well as those who want more sound absorption.
This is one of the most popular choices when it comes to resale value. Hardwood flooring seems to make homes more profitable although solid evidence is pending. But, there have been a few studies.
A USA Today study that uses National Association of Realtors data found that 54% of potential home buyers said that they would be willing to spend more for wood flooring–up to $2,080.
And wouldn’t realtors know what sells? Besides, hardwood floors are not only attractive but they wear well and are fairly easy to clean and maintain.
For an elegant look that will last for years, the stone is a natural (see what we did there?) choice. It is durable and keeps its beauty for a lifetime. While this is a more expensive choice, stone and hardwood are the two most popular choices when it comes to home buyers.
There are many stone flooring choices including marble, granite, slate, travertine, limestone, and more. These range in price with marble and granite being the more luxurious options.
Vinyl Plank Flooring
Last but not least, there is vinyl plank flooring. This resembles hardwood but is cheaper to buy and install. There are plenty of variations in colors and species that ensure that the luxury vinyl experience is perfect in mimicking hardwood.
According to Refined Rooms, there are four reasons that vinyl flooring was the best for their home and their worries over resale value were not an issue after the endorsement from the flooring experts:
- It looks beautiful
- It’s easy to install (we do the installation for you, but it is easy to do yourself with this type of flooring)
- It is extremely durable
- The cost was extremely cheaper than hardwood, yet it looks like it is genuine hardwood
Which Type of Flooring is Best for Resale Value?
There are all types of flooring available, which we will go over in detail. According to Homelight:
While sellers can get away with carpeting in the bedrooms, buyers like to see hardwoods in the main areas of the house, like the living rooms and the hallways. Consistency throughout the house is what really matters. “The number one thing a seller can do to kill the resale value of their home is to put multiple types of flooring in a house,” says Petrocco, a prominent member of Cave’s real estate team. She sees a lot of buyers walk away when they notice home with a rainbow menagerie of flooring and argues for having the same type of flooring, irrespective of what it is.
This makes a lot of sense because potential buyers may like one room of flooring and not another. Not to mention that having various flooring choices never looks cohesive in a home although you can get away with it in some cases.
For instance, it is acceptable to place carpeting in bedrooms with another form of flooring elsewhere in the high visibility areas of the home. Plus, it makes sense to put in carpet in the bedrooms where it is soft on your feet, helps with noise control, and is warmer in the winter.
But, it is important not to mix flooring choices in a blatant manner. One of the worst mistakes is to have two different kinds of flooring in main visibility areas. You do not want a kitchen with ceramic tile touching a dining area with carpet or a hall with stone and a living room leading into that hall having laminate.
Instead, choose one style and then you can enhance it. For instance, if you have hardwood flooring throughout the house, you can still use area rugs to offset the look while showcasing your individual style. Besides, potential buyers can easily change out an area rug much easier than redoing the entire floor.
Let Us Help You Decide
With a free in-home estimate, our professional team helps you make an educated design decision. They can offer advice on which flooring is best for your home as well as your budget and we can install your new flooring in as little as one day.