If home improvement shows are anything to go by, you'd think that upgrading your flooring's a rite of passage for new homeowners and thestatistics tell a similar story.
Globally, the flooring market's worth a staggering $369.26 billion.This makes it one of the most lucrative home improvement categories there is.
Does it add value to your home though?There are 15 factors that appraisers look at when calculating the appraisal value of your home, and your home flooring affects five of them.
1. The Style of Your Home
In this area of home appraisal, there’s a fine line between too trendy and too old-fashioned.
Interior design fashions come and go. So, while the latest trends might appeal to some prospective buyers, an appraiser’s likely to see them as something that could date your home in years to come.
Due to this, modern flooring won’t always have a positive effect on the value of your home. Yet, well maintained classic types of flooring like solid hardwoodcan add a lot of value.
These timeless classics are hard wearing and fit in with most design styles, so they never go out of style.
2. Recent Improvements
Along with new kitchens and bathrooms, hardwood floors are among the most valuable homerenovations you can make.
These types of renovations can create a substantial increase in your home’s value from one appraisal to the next.
That’s because these improvements have a long lifespan and thus add considerable value for a new homeowner.
In the case of hardwood flooring, repairing any chips or cracks is often enough to improve the appearance and longevity of the floor, and thus the value of your home.
3. Overall Look and Feel
There’s no doubt that hardwood flooring improves the appearance and value of your home but it has its place.For instance, this article might make you think twice about installing hardwood everywhere.
Carpet suits bedrooms better, and tile floors work best with kitchen and bathrooms.
The main way that flooring affects your home appraisal in this way is by means of consistency. Contrasting floor colors and textures butted up against each other can detract from your home’s overall style, and thus it’s value.
Make sure you get your carpets deep cleaned before you get your home appraised. Dirty carpets can smell and look worse for wear than they really are.
4. Heating and Airconditioning
Any aspects of your house that contribute to conserving energy add considerable value to your home.
In this way, flooring that helps reduce heating costs by virtue of its insulating properties is a big bonus.In this way, carpet is an asset in cold climates, while engineered hardwood adapts well to both heat and cold.
5. Comparable Homes' Appraisal Value
Recent sales in your neighborhood have a huge impact on how appraisers value your home.
They’ll take a close look at what comparable homes with similar floors, floor areas, and upgrades are selling for in your area before assigning a value to your home.
If most of the recently sold homes in your area have carpet, then they’ll price your home accordingly. Always consider this before you perform upgrades to your home.
Appraisers are reluctant to price your home out of the surrounding market. So, you might not get a good ROI if you go overboard.
The Ins and Outs of Real Estate
Are you looking to increase the appraisal value of your home, or simply fascinated by the world of real estate?
Either way, you'll find plenty of food for thought on our blog.Keepbrowsing for more insights.
Posted by PreReal™ Prendamano Real Estate onLeave A Comment
As an expert in home improvement and real estate, I have a deep understanding of the factors that contribute to the value of a property. My expertise is grounded in practical knowledge and a keen interest in the field, allowing me to analyze and interpret the nuances of the industry.
Now, let's delve into the concepts mentioned in the article and expand on them:
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Flooring Market Value: The article highlights the global worth of the flooring market, which is an astounding $369.26 billion. This figure emphasizes the economic significance of the flooring industry within the broader scope of home improvement.
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Appraisal Factors: The author mentions 15 factors that appraisers consider when determining the value of a home. While the article specifically addresses five factors related to flooring, it alludes to the complexity of home appraisal and the multitude of elements appraisers take into account.
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Style of Your Home: The style of a home plays a crucial role in its appraisal value. The article emphasizes the delicate balance between modern trends and timeless classics. Classic flooring types like solid hardwood are highlighted for their enduring appeal and positive impact on home value.
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Recent Improvements: Hardwood floors are identified as among the most valuable home renovations, contributing significantly to a property's overall value. The longevity of improvements, such as hardwood flooring, is underscored as a key factor in the appraisal process.
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Overall Look and Feel: The aesthetics of flooring, its compatibility with different spaces (e.g., carpet in bedrooms, tile in kitchens and bathrooms), and the importance of consistency in floor colors and textures are discussed. The article emphasizes the need for deep cleaning carpets before appraisal to maintain a positive appearance.
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Heating and Air Conditioning: Energy-efficient features, including flooring with insulating properties, are highlighted as valuable additions to a home. Specific examples, such as carpet in cold climates and engineered hardwood's adaptability to various temperatures, are provided to illustrate the impact of flooring choices on heating costs.
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Comparable Homes' Appraisal Value: The importance of considering the appraisal values of comparable homes in the neighborhood is stressed. Appraisers take into account recent sales with similar flooring types, floor areas, and upgrades when determining the value of a property. The caution against overpricing relative to the local market is also discussed.
In conclusion, the article provides valuable insights for homeowners seeking to enhance the appraisal value of their properties by making informed flooring choices. It underscores the multifaceted nature of home appraisal and the need for strategic decisions based on both individual preferences and broader market trends.
