Hardwood Flooring ROI: Maximizing Value for Your Home
Hardwood Flooring ROI is a key factor for homeowners considering flooring upgrades. According to a 2023 Today’s Homeowner report, new hardwood floors offer a 78% return on investment (ROI), making them a high-value renovation. Additionally, the National Association of REALTORS® (NAR) found that installing new hardwood flooring has an ROI of 118%, proving its worth as one of the best remodeling investments.
First-time home buyers highly value hardwood flooring, ranking it among the top 10 most desirable home features. Buyers see hardwood as an attractive, durable, and easy-to-maintain flooring option that enhances a home’s overall aesthetic. In Illinois, particularly in urban areas like Chicago, hardwood flooring complements the classic architectural styles of homes, further increasing a property’s appeal.
The ROI of Hardwood Flooring vs. Other Flooring Options
New hardwood flooring recovers 78% of its cost, compared to laminate flooring’s 56% ROI. While laminate is a budget-friendly alternative, it lacks the durability and long-term value of hardwood. According to NAR’s 2022 Remodeling Impact Report, refinishing existing hardwood floors provides an incredible 147% return, making it the highest-yielding remodeling project.
Other flooring options, such as tile and carpet, tend to offer lower returns due to wear, maintenance requirements, and shifting buyer preferences. Carpet, for example, often needs replacement after a few years, while tile can feel outdated depending on design trends. Hardwood, on the other hand, remains timeless and adaptable to evolving interior styles.
Durability plays a significant role in ROI. Hardwood floors can last for decades when properly maintained, making them a worthwhile investment. Homeowners looking to sell can significantly increase their home’s value by upgrading to hardwood floors, as buyers often prioritize move-in-ready properties with high-quality finishes.
Why Home Buyers Want Hardwood Flooring
Hardwood flooring ranks among the top 10 most desirable home features for first-time home buyers, according to a NAHB study. Buyers prefer hardwood for its easy maintenance, durability, and aesthetic appeal, making it a top priority when searching for a home.
First-time home buyers focus on functional and visually appealing features. Hardwood floors in main living areas, such as the living room and kitchen, enhance the home’s overall attractiveness. Unlike cork or bamboo flooring, which some buyers dislike, hardwood remains a widely accepted and appreciated choice.
Another factor contributing to its popularity is its ability to complement various interior styles. Whether a buyer prefers modern, traditional, or rustic decor, hardwood flooring seamlessly adapts, making it a versatile choice. Additionally, choosing neutral wood tones can further enhance a home’s marketability, as buyers can easily envision their own design preferences without making additional renovations.
How Hardwood Flooring Enhances Home Resale Value in Illinois
In Illinois, particularly in Chicago, hardwood flooring complements classic architectural home styles. Many urban buyers prefer hardwood over carpet or tile, making it a strong selling point in competitive real estate markets. The timeless look and durability of hardwood appeal to both new and experienced buyers looking for long-lasting quality.
Luxury buyers often expect hardwood floors, and many prefer homes that don’t require flooring upgrades. In historic neighborhoods, refinishing original hardwood flooring can boost home value even more, as it maintains the home’s authenticity while improving its condition. Homeowners who invest in high-quality hardwood flooring often find that their property stands out in Illinois’ competitive housing market.
Illinois’ real estate market reflects broader national trends, where buyers consistently favor hardwood flooring over alternatives. In competitive neighborhoods, sellers with well-maintained hardwood floors can command higher prices and attract more buyer interest. Investing in hardwood flooring ensures that a home remains desirable and marketable, even as trends evolve.
Maximize Your Home's ROI with Hardwood Flooring
Hardwood flooring is a smart investment for both current homeowners and those looking to sell. With an ROI of up to 118%, installing or refinishing hardwood floors can significantly boost resale value. The durability, aesthetic appeal, and widespread desirability of hardwood make it a preferred choice among buyers, especially first-time home buyers.
In Illinois, where architectural styles favor hardwood flooring, upgrading to wood floors can enhance a home’s marketability. Choosing the right type, finish, and installation method ensures the highest return on investment. Homeowners should consider consulting with real estate experts or flooring professionals before making upgrades to maximize ROI.
By investing in hardwood flooring, homeowners not only enhance their living space but also secure a strong financial return when it comes time to sell. With its high resale value and universal appeal, hardwood flooring remains one of the most beneficial home improvement projects available.
To find the right hardwood flooring for your living space, contact the Chicagoland specialists at Scharm Floor Covering.
