Homeowners who have their wood floors refinished recover 147% of the cost, according to the 2022 Remodeling Impact Report, a joint study by the National Association of Realtors and the National Association of the Remodeling Industry. The return on investment was the highest of all remodeling projects. Installing new wood flooring was second at 118%.
Americans spent an estimated $460 billion in 2020 on home remodeling projects, and hardwood floor refinishing earned a perfect “Joy Score” rating, indicating that homeowners “felt happiness and satisfaction in their home after undertaking the upgrade.” Other projects to receive a perfect score included painting, closet renovation, adding a home office and insulation upgrades.
Of the respondents to the poll, 64% reported an increased sense of enjoyment when at home with new hardwood flooring, and another 64% reported that “just thinking about” the completed flooring gives them a “major sense of accomplishment.”
The report found 35% of homeowners hired a professional for the entire remodeling project, and 28% reported hiring someone for the labor but purchasing the material themselves. Another 22% of homeowners reported completing the entire remodeling project themselves.
The full report can be found here.
