I just bought a home and I want to fix it up and resale at a higer price. By installing floating hardwood floors will I get my money back when I resale??
2007-03-28 05:15:14 · 8 answers · asked by Matt and Diane 2 in Home & Garden ➔ Decorating & Remodeling
Hi Matt. I totally believe you will, as there are many people out here looking for homes with hardwood only. I have asthma and our whole house has to be redone(the floors) I have been pricing homes for a few years now, with the sliding of the real estate market back and forth. I see the ones with the nice shinny floors are selling for more. Its a good investment in my opinion. We own a home and we are doing the floors over so we can get more money for it and for my asthma!
2007-03-28 05:24:37 · answer #1 · answered by Denise K 3 · 0⤊ 0⤋
Yes, definitely. There are some new hardwood laminates out that are much less expensive that solid hardwood but still give the look of real wood. As far as where you should put you're money if you are planning on selling the house here is the order:
1. Kitchen
2. Bathrooms
3. Master Bedroom
4. Floors
While master bedroom appears before floors on the list, money put into floors will increase the overall value, while a nice master bedroom will just help to sell the home faster.
2007-03-28 06:11:17 · answer #2 · answered by Aunt Bee 6 · 0⤊ 0⤋
Your question is very difficult for anyone to answer, since we'd need to know more details. But here are some things to consider:
1. How much will it cost to install the floors and will they be done in a professional manner? (They need to be done perfectly!!)
2. In what shape are the present floors? Are they bad enough that you'd have to do something--whether carpet or hard flooring--before selling? If so, the cost of hardwood would be effectively reduced.
3. What is the desired norm in your neighborhood? Are hardwood floors more or less expected? (In some locations, hardwood is not particularly sought-after, no matter what you hear on television!)
4. What can you realistically sell your house for, with and without hardwood?
Unless you've purchased your home for an extremely low price, compared to other similar properties in the neighborhood, it's very difficult to recoup the cost of major improvements immediately or even in the next few years, now that most markets have cooled. From your question, I can't tell whether adding hardwood floors would be a large investment or a minor one, since you didn't mention the area covered or the price.
The best and cheapest way to know for sure is to ask the most competent real estate agent who sells homes like yours, right in your neighborhood. He or she could tell you very easily what the suggested marketing price might be, with or without the hardwood flooring. An opinion of this sort shouldn't cost you anything and would give you an excellent idea of what you could expect and what closing costs to budget in.
Keep in mind that home prices may change and, in fact, are decreasing now in many markets. I've always found that, in general, smaller improvements are far more likely to have their cost recouped. While it's a good idea to make an eye-catching change, sometimes that can be done without a major investment on your part.
I'm a real estate author and real estate talk show host, so I've heard lots of stories, some successful, some not. Good luck to you!
2007-03-28 05:58:33 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Professional valuers (I'm one) do place a premium for houses that are upgraded within the last five years. However there will a deduction for each year that the upgrading transpired. Eg if you have spent $50,000 three years ago, then the residual worth is about $20,000 -$30,000.
The other variable factor is whether the buyer likes your upgrading - if he happen to like your hardwood flooring then you are lucky and may get a better offer.
2007-03-28 06:10:48 · answer #4 · answered by Frankenstein 3 · 0⤊ 0⤋
Absolutely!! It's best to buy the pre-done like Bruce offers as opposed to laying, cutting, sanding and staining. They hold up so much better. I have hardwoods throughout my home including my kitchen and they look as beautiful now as they did when they were new 9 1/2 ago. Maintenance is so much easier than carpet as well.
2007-03-28 05:45:47 · answer #5 · answered by dawnb 7 · 0⤊ 0⤋
Generally speaking yes. Because hardwood floors don't have a specific generation. Its not like carpeting whose color "fad" could change year by year.
2007-03-28 05:34:17 · answer #6 · answered by Student12345 2 · 0⤊ 0⤋
Probably you will recoup your expenses. If you choose the right hardwood - laminate for the area you are reflooring AND you take care of it after.
2007-03-28 05:24:23 · answer #7 · answered by professorc 7 · 0⤊ 0⤋
i would call a realtor to ask what upgrades pay back. call a few to get different opinions. who else would be better to ask then someone who sells homes for a living
2007-03-28 05:23:51 · answer #8 · answered by Anonymous · 0⤊ 0⤋