The ROI of Hardwood Floors for Real Estate Investors and House Flippers
Hardwood flooring has been the favorite of home buyers for decades and has not lost any of its charm in today’s market. In fact, most clients are expecting to see hardwood flooring when they walk in the door — and more importantly — new hardwood floors.
An overwhelming majority of homebuyers would choose a home with hardwood floors over most other options. If the house you are flipping already has wood flooring in great shape, then consider that a bonus. If not, consider the comparables in your area and see if installing new hardwood flooring makes sense for your investment property.
The Beauty of Real Hardwood
Whether you are flipping a 3-bedroom 2-bath ranch or a 6,000 square foot mansion, they both share one thing in common — flooring. Considering how competitive the marketplace is today, why not give your real estate investment property every advantage possible by installing real hardwood flooring — the number one choice for most buyers.
Real hardwood floors are gorgeous. In a world of vinyl, plastic, and synthetic floor coverings, real hardwood brings the warmth and comfort of Mother Nature into your investment. Among the advantages are:
- It is resistant to damage that can ruin other floorings.
- It can be refinished and restored to its original condition.
- The tight grain pattern and professional finish make real hardwood flooring moisture resistant.
Each type of hardwood flooring will have its own unique color variations and grain patterns and that is part of the beauty of the product. This is something that cannot be repeated in man-made synthetic floorings to the same degree. Hardwood flooring goes with virtually any decor. It is made from 100% solid wood and then milled to exact specifications guaranteeing that each piece is totally unique in appearance and will provide a stunning finished floor when installed.
The Cost of Hardwood Flooring
The national average for installing a hardwood floor is between $6 and $12 a square foot (including labor). The prices listed below are an average for materials only. Hardwood is not the cheapest flooring option but it has such universal appeal that the extra money spent to install it rather than less expensive flooring options is usually recouped, and then some.
Of course, your actual cost will vary by region and the availability of professional installers. Hardwood flooring requires a level of expertise that may be above most DIYers with no previous experience, so do your research before tackling the installation yourself. An improper installation can result in cupping and buckling of the wood and defeat the purpose of upgrading your investment.
How Hardwood Floors Impact Resale Value
Buying an investment property to flip requires skill to maximize the ROI (return investment), and when there is the possibility of getting a better than 100% return on any part of the flip, you want to take advantage of it. A recent report issued by the National Association of Realtors says that it is possible to recover 6% more than you spent on installing hardwood flooring in your home. The report also shows that buyers in the entry-level market also prefer hardwood flooring to other options.
This is no surprise considering the history of hardwood flooring in this country. It has been connected with glamorous mansions since the 1900’s in the USA and has a history in Europe of being associated with elegance that goes back to the 1600s. The reason that hardwood flooring can give a great ROI is because the buyer feels like they are getting more than they are paying for. That is always a winning sales strategy.
Get a Better ROI with Hardwood Flooring from BuildDirect
You are going to have to determine which hardwood will best suit the needs of your flip, which is getting the highest ROI, and that means you are going to need a wide selection of product and prices to choose from, and you want to work with a supplier who understands the market as well as the needs of the installer. We offer over 100 different hardwood flooring options in various colors and grain patterns. In addition we have special clearance pricing available on some items and there are always hardwood selections that are on sale.
Our PRO Rewards program for installers can get you free samples within 2 business days as well as a responsive and knowledgeable customer service center. You can get answers on installation procedures, warranties, and product-specific information to ensure that the install is completed properly.
Get a free sample today to maximize your options on the next flip.