Can Real Wood Flooring Add Value to a Property?

Solid and Engineered Wood Flooring

Increasing the value of a property is one thing always on a homeowner’s mind. It can be done in many ways, from something as simple as a new coat of paint to adding extensions in major renovation projects. But there is one other relatively simple, ultimately more subtle way to increase the value of a property: real wood flooring.

There are multiple types of wood flooring, being solid wood floors and engineered wood floors. The benefit they have of being wood, that is, a real, natural product, is that they can be sanded and refinished multiple times over as the material is the same throughout.  So how can real wood flooring add value to a property?

Solid wood flooring can last for over a whopping one hundred years, a whole century, if properly maintained. Since the board is the same material throughout when damage appears it can be sanded and refinished so that the damage is gone and the board looks good as new, just thinner. Obviously, it would wear over time, as you cant keep sanding it away forever.

This explains why engineered wood floors last less time than solid wood. Because of the construction of engineered wood boards, they only have a veneer of solid oak at the top, the rest of the board under the veneer is plywood. This comes with its merits, both in terms of cost and practicality, however, it reduces the life span of the board. It can only be refinished once or twice before the thinner veneer of oak at the top is worn out. 

That said, a well maintained and looked after engineered wood floor can easily last over twenty-five years. This is long enough for any potential buyer or investor.

These factors would appeal to investors because the need of replacing the floor altogether is reduced over a longer period of time, and the maintenance costs pale in comparison to the cost of buying a new floor, and then getting a professional fitter to install it. Other floorings like carpets would need replacing every ten years or so.

Engineered wood floor - the veneer is the top later of solid oak you see in the picture, under it is a construction of softer woods for the stability of the board.

It is unlikely a lot of people will be put off by a property with real wood flooring already installed. While people can be fussy with floors, a natural coloured, real wood floor will appeal to the vast majority of people so long as it matches the furnishings around it and blends seamlessly with the environment. The fact that the floor would already have been installed would save a big headache for any buyer, as well as plenty of money! This is because other floors, like carpets, can harbour dust, allergens, and odours, and are more likely to be ripped out to be replaced with wood or laminate flooring anyway. This is an extra cost that most buyers will not want to make, meaning an already installed wood floor would be a bonus for them.

Property Value

Since buying new properties comes with major renovation demands from buyers, being able to cut corners such as having a decent floor already installed will make anyone looking to purchase more appreciative of the value. 

If the colours don’t exactly match the buyer’s needs, there are often finishing solutions available to give the wood a darker tone if that is what they desire. Or else they would have to buy a new floor or look elsewhere. Darker wood floors will not be able to be made to look lighter, so they are less versatile in that regard. Another important note here is consistency. The floors should be the same colour throughout the main spaces of the house.

One colour in a living room, then another in a hallway, is not popular with a lot of people, and as such a buyer may want to renovate on that basis, or walk away. The same should be said for material, if real wood in one room, real wood in all the main spaces (where applicable).

Figuring out the exact value a real wood floor would add to a property is not so simple as it depends on numerous factors. That is to say, there is no one calculation for this. Everything from the quality of the floor, where it is fitted, how it works in regard to the heating in the house, and how long it is expected to last will all play a part in the valuation. Simply just installing one won’t add a guaranteed £3000 to the value, but it will be taken into account with various other factors like the number of bathrooms and so on.

A survey by the National Wood Flooring Association showed that most property agents agreed that real hardwood floors will increase the value of a property up to 10% and that they were able to sell it faster. This latter point is a big benefit for a savvy property investor who is looking to flip a house. The faster they can sell it, the more money they keep.

Summary

As real wood flooring appeals to most customers, it can:

• Help your property sell faster

• Increase the price upon valuation of the property

• Gives more leverage in negotiation

• Will attract more interest in the market