Does Refinishing Hardwood Floors Increase Home Value?
Hardwood floors remain a favored choice among homeowners seeking both aesthetic appeal and durable flooring for their residences. With various hardwood varieties available, including hickory, ash, oak, tigerwood, and more, these floors boast a longevity of up to a century, often requiring refinishing approximately every ten years.
Despite the natural wear and tear that hardwood floors endure over time, including scratches, dents, and discoloration, refinishing emerges as a transformative solution. It not only revitalizes the floor's appearance but also imparts a fresh and new feel to the entire space. The pertinent question, however, revolves around whether refinishing contributes to or amplifies the overall value of a home. This article aims to explore this aspect and provide additional insights.
Does Refinishing Hardwood Floors Enhance Home Value?
Undoubtedly, refinishing hardwood floors significantly enhances a home's value. Supported by the 2019 Remodeling Impact Report, this process ranks as the 9th most impactful interior renovation project, contributing positively to a home's resale value.
Another report by the NRA indicates that homeowners who choose to refinish their hardwood floors recover 147% of the cost during resale. Notably, this surpasses the return on investment for installing new wood flooring, which stands at 118%.
Cost Considerations for Refinishing Hardwood Floors
The cost of refinishing hardwood floors typically ranges from $3 to $8 per square foot, resulting in a total expense ranging between $1000 and $2600 for most floors. The actual cost, however, hinges on various factors inherent to each home.
Floor size emerges as a pivotal determinant of the overall cost, with smaller floor plans incurring less expense than their larger counterparts. Different types of hardwood flooring also influence costs, as common and softer hardwoods are generally more economical to refinish than their harder counterparts.
For those inclined towards a DIY approach, refinishing hardwood floors becomes a feasible project. Minor surface imperfections can be easily addressed without professional assistance, requiring only the rental of a floor sander for a day or two, typically costing between $60 and $100.
Engaging a professional for refinishing allows for potential cost savings through furniture removal, space cleaning, and minor damage repairs undertaken by the homeowner. Seeking estimates from various companies or exploring special discounts can further optimize the overall expense.
Determining the Right Time for Refinishing
The recommended timeframe for refinishing hardwood floors typically falls between seven to ten years. However, the actual timing may vary based on specific factors impacting the floor's condition.
Visible signs of wear, such as scratches, fading, dents, and significant discoloration, suggest the need for refinishing. While minor scratches and dents may be addressed through repairs, pronounced surface damage calls for refinishing. Increased foot traffic can accelerate the appearance of wear and tear, prompting the need for refinishing after a few years of use to restore the floors to optimal condition.
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