Homeowners can recover 106% of the cost of installing a wood floor when selling their home, according to a report by the National Association of Realtors (NAR), and refinishing provides a value that recovers 100% of the cost.
The report estimated that installation of new wood floors costs a median of $4,700, but sellers recover $5,000 from the investment.
A survey of consumers found that 78% of customers feel a “major sense of accomplishment” when they think about their new wood floor installation, and that 67% had an increased sense of enjoyment when at home. The top two reasons consumers had new wood flooring installed were to upgrade worn-out surfaces (52%) and that it was time for a change (15%). Twenty-four percent of consumers reported better functionality and livability after having a new wood floor installed.
Refinishing hardwood floors also provides full-value recovery, costing a median of $2,600 and recouping the same amount when the home sells, according to the report. As with a new installation, 78% of consumers reported feeling a “major sense of accomplishment” after having their wood floors refinished, and 65% reported an increased sense of enjoyment when at home. The top two reasons for refinishing wood floors were to upgrade worn-out surfaces (39%) and to modernize/time for a change (22%). Twenty-six percent of consumers reported better functionality, livability, beauty and aesthetics in their home after having their wood floors refinished.
The full NAR remodeling impact report can be found here.