According to the 2015 Remodeling Impact Report from the National Association of Realtors, topping the list of interior remodeling projects that scored the largest financial results for home sellers is hardwood flooring refinishes and new floors.
Homeowners who refinished or installed new hardwood flooring recouped 100 percent and 91 percent of the costs of the project respectively upon selling their home, the report said.
New hardwood flooring also ranked fourth in a list of the projects that most appealed to home buyers, and sixth in a list of projects most likely to add to the resale value of a home.
Consumers surveyed for the report said, the top reason they sought a new hardwood flooring was to upgrade worn-out surfaces, finishes and materials (52 percent). The next reason was that it “was time for a change” (12 percent).
The most important results for consumers were that the new hardwood flooring improved livability and functioned better than the previous floor (24 percent), that the new floor was durable (23 percent) and that the floor was beautiful (22 percent).
A new hardwood flooring led to 77 percent of the survey respondents saying they had a greater desire to be home.
Twenty-five percent of consumers who refinished their floors did so because they recently moved into a home and wanted to customize. The most important result among these consumers was beauty. Eighty-two percent of homeowners with refinished floors said they had a greater desire to be home.
“Realtors know that certain home upgrades and remodels can be beneficial to get more buyer eyes on a property, potentially bring in more offers or gain more equity from a home,” said NAR President Tom Salomone in a statement.