As a real estate expert, I am often asked about the best ways to increase the value of a property. One question that frequently comes up is whether luxury vinyl flooring can have a positive impact on resale value. The answer is yes, but it depends on the type of home and the flooring options available. For homes that are considered a “starter home,” such as duplexes or townhouses, buyers are often looking for durable flooring that can withstand the wear and tear of young children, pets, and first-time homeowners. In these cases, luxury vinyl planks (LVP) can be a great option.
However, when it comes to overall resale value, hardwood is still king.
Hardwood floors
have always been in high demand and are seen as a premium flooring option. Their durability and timeless appeal make them attractive to both potential buyers and current residents. With a variety of options available, such as maple, oak, walnut, and pine, hardwood floors offer maximum customization for any home. In fact, real estate experts estimate that hardwood floors can increase the selling price of a home by up to 2.5 percent. One of the main reasons why buyers may walk away from a sale is due to the condition of the flooring.This is where luxury vinyl flooring can be a cost-effective and attractive alternative. With easy installation and a wide variety of styles to choose from, vinyl flooring has many advantages. However, it's important to note that while luxury vinyl floors have improved in terms of durability and visual appeal, they may not have the same long-term resale value as hardwood.If you're considering installing luxury vinyl flooring in your home, it's always a good idea to consult with a real estate agent first. They can provide insight into current flooring trends and help you make the best decision for your home and budget.
It's also important to work with a professional to ensure proper installation and to choose the right type of flooring for each room. While hardwood floors are generally preferred, there are now more synthetic options available that can give your home a modern look without breaking the bank. By combining different types of flooring, you can add value to your home and make it more appealing to potential buyers. Just be sure to maintain consistency throughout the home and ensure that all flooring options fit seamlessly from room to room. No one wants to invest thousands of dollars in new flooring only to find out later that they could have gotten more out of their project. If you do decide to mix different types of flooring, it's crucial to make sure they all flow well together.
Ultimately, the key is to choose a flooring option that is consistent and complements the overall aesthetic of your home. One selling point for luxury vinyl flooring is its resistance to scratches, making it an attractive option for families with children or pets. In fact, a study showed that finishing existing hardwood floors had a cost recovery of 147%, while installing new hardwood floors had a cost recovery of 118% in terms of increased resale value compared to the cost of the project. In conclusion, luxury vinyl flooring can increase the resale value of a home in certain cases, but it's important to consider the type of home and other flooring options available. By working with professionals and maintaining consistency throughout the home, you can maximize the value of your property with luxury vinyl flooring.
