The residential housing market is heating up, but before posting that "For Sale" sign, let's talk upgrading with American Hardwoods to maximize your home's value. Here's why.
"It all comes down to dollars and 'sense,'" says Linda Jovanovich of the American Hardwood Information Center. "In addition to warmth, beauty, and durability, hardwood features increase your home's resale value. Even with a modest budget, if you take the time and price your options, updating worn floors, dated cabinetry, and lackluster walls will make a significant difference. And it's easier and less expensive than you think."
Survey Says? Hardwood Floors Sell
When it's time to sell, hardwood floors not only add good looks, they increase the value of your home. According to a nationwide survey of real estate agents commissioned by the National Wood Flooring Association in 2012, 99 percent of respondents agreed that homes with hardwood floors are easier to sell. In addition, 90 percent said these homes sell for more money.
"Absolutely true," says Bob Strader, a real estate agent with The NORTH Group of Keller Williams Realty, Atlanta. "Between two similar properties," Strader adds, "buyers will gravitate towards the home with hardwood floors, and that home will sell in half the time."
Debbie Gartner, known as The Flooring Girl by customers at her New York-based flooring store, agrees and says quality increases value. "Hardwood sells," notes Gartner adding that you're in luck if you already have a hardwood floor under a carpet. "Clients are shocked when I tell them it's almost always less expensive to refinish a hardwood floor than it is to re-carpet a room."
What about the Kitchen?
Real estate agent Strader advises sellers to "upgrade their kitchens prior to going on the market because buyers see kitchen upgrades as being rather expensive." He adds that, "Homes without updated kitchens will take longer to sell, and will sell for less."
Gerry Henley, president of Kitchen Solvers, a national kitchen and bath remodeling franchise, suggests simple cabinetry updates that won't break the bank but will result in a higher return on your investment. And hardwood products offer plenty of options.
"Many homeowners overlook the low cost and high impact of re-facing their existing kitchen cabinets," he says. "By swapping out dated doors and drawer pulls, a homeowner can get the look of a newly updated kitchen and save up to 50 percent of the cost of a complete overhaul. Cabinet re-facing is a quick-moving project and the kitchen remains functional throughout installation."
Value in the Details
Architectural details - hardwood crown moulding, baseboards and other millwork - add depth and character, provide a finished look, and change lackluster to extraordinary, so much so that according to the 2012 National Association of Home Builders' What Home Buyers Really Want study, crown moulding ranks higher than other luxury features such as fireplaces, kitchen seating, and window seats.
Strader agrees. "From my experience, millwork adds the 'wow' factor that stays in a buyer's mind. And most sellers are unaware that a custom look can be obtained relatively inexpensively with off-the-shelf moulding patterns available at home improvement stores."
The American Hardwood Information Center offers some additional tips to keep costs low. For crown and other decorative ceiling mouldings, consider using a less expensive species such as poplar. Where durability is a must, such as baseboards, door casings, and chair rails, consider a harder species, like white oak.
Make it a Win-Win
Upgrade with American Hardwood to maximize your home's value. Visit the American Hardwood Information Center, www.HardwoodInfo.com, or visit American Hardwoods' Pinterest page to browse budget-friendly ideas on updating with American Hardwood flooring, cabinetry and millwork. Happy selling!