Each and every upgrade that you make to your home has the opportunity to improve or take away from the resale value of your property. If you plan to sell your home in the near future, the upgrades that you make today will matter.
The simple decision of installing hardwood floor or carpeting could leave you between a rock and a hard place as you ask yourself which flooring will improve the resale value of your home.
Do Buyers Prefer Hardwood over Carpet?
In more urban areas, buyers are on the lookout for hardwood flooring, such as when shopping for a condo in the heart of San Francisco. As a rule of thumb, most buyers expect a townhouse or condominium in a city to have hardwood flooring in high traffic areas, like the dining room and living room, as opposed to carpeting.
As a note, there are some buyers that may prefer to see carpeting in bedrooms since hardwood floors may give the impression of a cold floor on a winter morning. Of course, these buyers remain in the minority; most buyers will appreciate a home’s upgrade to hardwood flooring in at least a few central rooms.
Yet here’s where it gets tricky… If you have recently installed brand-new carpeting throughout your house, there’s no reason to tear it up just yet. While a number of buyers may prefer hardwood flooring over carpeting in a room like a living room, brand-new, luxury carpeting may still be an attractive selling point throughout a home or condo.
Will Hardwood Floors Help Your Home to Sell Faster?
If you’re desperate to sell your home because you need to move for a job transfer or can no longer afford your mortgage, taking out a loan to upgrade to hardwood flooring could be your ticket into a new property. At face value, many buyers are on the lookout for extra features in a home, like newly installed hardwood floors.
But making this upgrade may not necessarily provide you with a high return on your investment. Even though you have taken the time to pay for hardwood floor installation, your home may be likely to sell for the same price as it would with carpeting.
The catch is that new hardwood flooring could enable you to sell your home faster, not necessarily at a higher price. As the housing market bounces back and it becomes a buyer’s market once again, subtle upgrades like wood flooring could make or break your ability to sell your home in a timely manner.