NAR: Hardwood Projects Provide Highest ROI
Dollar-for-dollar, wood floors are worth the investment, according to NAR and Footprints Floor.
In an interview provided by FCNews.net, Bryan Park of Footprints Floors corroborated this information and provided additional insight.
“Kitchens and bathrooms are often the first A study by the National Association of Realtors (NAR) found that the cost value of refinished or new wood floors has a greater cost-to-return ratio than other home renovations.
Specifically, NAR found that by refinishing wood floors, there was a return of 147% when anticipating the future sale of said home. The figures provided by NAR were that if a homeowner invested approximately $3,400 into refinishing the flooring for their home, they would receive back approximately $5,000 upon selling. Similarly, installing new wood floors had a return of 118%. If a homeowner invested $5,500 into new wood floors, they would recoup $6,500.
This survey information is invaluable for retail sales associates (RSAs) as they can stress to customers that while flooring may have a hefty price tag, the return on investment is financially and emotionally worth it. Customer surveys found that after completing their wood flooring projects, they had a greater desire to be home, greater enjoyment while being home, and it gave them a sense of accomplishment.
rooms to get a remodel, but investing in flooring can pay dividends for years to come,” said Park. For comparison, a kitchen only has a 67% return on investment.
Read the full article here at FCNews.net.
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