There is no doubt that wood flooring can make a tremendous impact on the appearance of a room. It immediately adds a distinctive touch of elegance that makes the expense and effort of installation worthwhile. Oak wood floors can easily last for a decade or more, so there’s plenty of value in that regard, but what if you’re considering this type of project simply to add value to your home? Can you expect to get a significant return on your investment?
According to the National Wood Flooring Association, the installation of a wood floor could actually increase the value of your home by as much as 10%. In addition, 12% of estate agents believe the increase could be even greater. Additional data collated by the National Wood Flooring Association stated that more than 82% of estate agents achieved faster sales for properties with the right type of hardwood flooring than those without. But it is important to choose the type of wood flooring wisely when you decide to invest.
Wood Floor Materials
Engineered wood is made from glued layers of nondescript planking with a thin, 4 mm veneer of real wood placed on top. It costs around $19 per square metre, has a realistic appearance and is relatively hard-wearing with a lifespan of approximately twenty-five years.
Hardwood floors consist of solid planks of timber with a thickness of around 20 mm. The cost of a hardwood floor such as oak is often around $100 per square metre. It also needs to be professionally installed to make the most impact in appearance and use. Installation can be expensive. However, the cost is balanced out by the fact that hardwood floors can last for years.
Many solid hardwood floors outlive the buildings they’re installed in and are resold as reclaimed wood at a cost that varies enormously from $25 to $100 per square metre. They frequently lack the polished look of new hardwood floors and often come complete with surface damage, nails, and even woodworm. However, with a great deal of attention, they can be sanded and painted to achieve a fashionable vintage look.
Installing a wood floor to attract buyers for your home could have greater success if you follow the standard advice of a neutral colour scheme. Some wood floors such as cherry with its distinctive red tones, or dark brown walnut, could be too extreme and restrictive for many buyers. Oak is known as the king of floors simply because it’s the most versatile and attractive with its light to medium golden hue acquiring a beautiful mellow tone as it ages. Oak also provides a new owner with the option of staining the floor in a different shade whereas the darker cherry and walnut are impossible to lighten.
Some of the most popular home improvements on many potential buyers’ wish lists include kitchen and bathroom refurbishments, additional laundry rooms, and loft or garage conversions. They are the main features that offer practical solutions to wanting more living space that’s instantly usable. The majority of buyers look forward to settling into a new home quickly and easily without having to think of refurbishing outdated amenities. Wood flooring is hygienic and ready for a new buyer to appreciate, saving the expense and time of laying new carpeting.
If you are planning to improve your home with a view to selling it, it’s up to you to decide which improvements might provide the best ROI. Modest kitchen and bathroom refurbishments can cost up to $5,000 while a loft conversion can reach up to $11,000 or more. In terms of adding value to your home, these features can add approximately 10%. A laundry room could increase the value by around 5% and a conservatory could add as much as 15%. The right type of hardwood floor with a timeless appeal competes well by adding up to 10%. If your home is already well-appointed with up-to-date amenities, installing a beautiful hardwood floor could be the finishing touch in persuading a buyer to purchase your home without delay.
Zoe Dromgoole is the Marketing Executive at Wood Flooring Ireland and runs social media marketing. Wood Flooring Ireland sell bespoke engineered wood flooring throughout the entire country.