WATCH: This One Trick Can Increase Your Home’s Selling Price
When it comes to selling your home, you’re going to want to use every tip and trick out there to make sure you’re getting the most value out of your home. You’ve updated the bathrooms, installed a new roof (which is recommended by 45% of realtors), upped your curb appeal with paint and plantings, and painted the dining room an alluring shade of grey, which could add $1,926 to your home’s sale price. Maybe you’ve even baked cookies or apple pie to fill your home with their delicious aroma before an open house.
There’s one more trick to try, though, and it could increase your home’s selling price by 2.5%. According to Realtor.com, the site that knows a thing or two about selling homes, swapping out wall-to-wall carpet for hardwood floors can make your home much more attractive to buyers, because they are durable, easy to clean, and look great. Anyone who has watched a lot of HGTV may not be surprised by this news. After all, how many times have Chip and Joanna Gaines pulled up a carpet to reveal the hardwood floors underneath?
Hardwood floors can translate to real money for sellers. The median home value in Atlanta is $217,600, adding hardwood floors would add $5,440. In Knoxville, hardwood floors would add $3,400 to the average home price of $136,000, and in Durham, NC, sellers could add $4,900 to the average home price of $196,000.
Swapping carpets for hardwood floors can be a pricy endeavor, with popular woods like oak, maple, and walnut running around $5 to $10 per square foot, plus the cost of installation running between $4 to $8 per square foot, most experts believe it’s a worthwhile investment. Not only do hardwood floors attract buyers, but carpet can actually discourage buyers. “Most buyers nowadays are expecting hardwood," real estate agent Matt Laricy told Realtor.com. "They want things move-in ready, and don’t want to do any work. Seeing carpet could make them pass on your place.” Not only do hardwood floors attract buyers, but it can raise the selling price and many homeowners make back 91% of their expenses after finding the right buyer.
If you love the look of hardwood floors, but can’t swing the expense, consider faux hardwood, which is engineered to be as durable and nearly as good-looking as the real thing, without the hefty installation price tag.