Are you planning to sell your house? A key renovation like changing your flooring can dramatically boost your home’s resale value.
At The Reno Superstore, we sell flooring to interior designers, contractors and homeowners alike, so we know flooring is often at the top of a buyer’s list of must-haves.
So, which flooring solutions are best for improving your home’s return on investment (ROI)?
Here is a simple guide to help you get started.
Top Flooring Solutions to Increase Your Home’s ROI
Improving your flooring is an investment that can yield high returns. But which option is best for your home? Let’s have a look at the top flooring solutions.
But First… Why Improve The Value of Your Home?
Property values are constantly changing, so any valuation of your space is only an estimate. Even if you get your property professionally appraised, it is just an idea that helps you understand its current market value. That is why the condition of your property makes a huge difference to the value of your house.
Boosting your property’s value can be done through carefully planned renovations that improve the standard of living of its residents. No matter what you decide to do with your property –sell it, rent it or use it – here is a quick look at the benefits of improving your property values.
- Homes in better condition always sell faster and more easily. So, make sure to do some home improvements to turn your property into a turnkey solution for prospective buyers.
- Improving your property also helps you rent more easily. It is always a good idea to have additional revenue streams. Small improvements to your property like changing your basement flooring into a renter-friendly space can help you have a steady income on the side.
- It allows you to get better refinancing. Depending on your loan program, banks usually permit you to borrow a maximum of 75% to 96.5% against your property. Needless to say, a better home value helps you qualify for a better mortgage.
- It improves your standard of living. Little things like broken doors and cracked tiles can decrease the quality of your life. Simple renovations such as opting for better flooring can immediately better your life.
- Even if you don’t plan to do any of these renovations now, knowing how to improve your home’s property value is useful information to have in the future.
Now, let’s look at the flooring options that can transform your space.
1. Hardwood Flooring
Who doesn’t love hardwood floors? Realtors can testify that prospective homebuyers in and around Toronto and Mississauga want hardwood floors. In fact, according to a survey conducted by the National Association of Realtors, prospective buyers are willing to spend more on homes with hardwood floors.
To that end, make sure to check out the most durable hardwood flooring species before you buy.
2. Engineered Hardwood Flooring
Engineered hardwood flooring looks just like hardwood flooring but has increased stability against moisture and temperature fluctuations. This is thanks to a real hardwood veneer and plywood base.
According to realtors, this flooring option also fetches quite a good amount from prospective homeowners. As it is more affordable than real hardwood, this is a great option if you are looking to improve the look of your home on a budget.
But first, learn to pick the best engineered hardwood flooring for your next project. Understanding how to shop for this flooring will make choosing the right kind easier.
3. Stone Tiles
Stone tiles are the epitome of luxury. Natural stones like marble and granite make a sensational statement. They are also durable, versatile, and long-lasting. So it should be no surprise that homeowners love this option as well.
Natural stone tile flooring can be used indoors and outdoors, and is ideal for both residential and commercial spaces. Unlike hardwood, these water-resistant flooring solutions can be used in kitchens and bathrooms. They also make stunning kitchen countertops.
That aside, they boost the resale value of your home tremendously. But beware: stone tiles can be quite expensive, so make sure you have the budget for it. At The Reno Superstore, we ask our customers to be realistic about their budget and lifestyle expectations, as they play a key role in their remodeling plans. That said, we offer financing starting on purchases as low as $50.
4. Porcelain Tiles
Love the look of natural stone tiles but don’t have the budget? Or want the look of hardwood in the bathroom but can’t due to fear of water damage? Porcelain tiles are an amazing alternative.
Waterproof, stunning and just as beautiful as any popular flooring option, porcelain tiles are great solutions for both indoor and outdoor environments. In addition to looking like hardwood or marble, this flooring can boost your home’s resale value.
Homeowners expect tile flooring and walls in their bathrooms and other humid areas so much that it would be fair to call them staples. We carry a wide range of brands, so make sure to check them out.
5. Laminate Flooring
How much you have to spend is a very important consideration when it comes to planning a renovation. So, it does not make any sense to invest in real hardwood when you simply don’t have the budget. But, if you still want the look of hardwood on a budget, laminate flooring is a suitable alternative.
Laminates imitate the beauty of hardwood at a lower price and are lower maintenance. They can also withstand high foot traffic, making them resistant to staining, indentation and scratches. So, you may want to consider this if you want a pet-friendly flooring option.
What Is the Best Option for My Home?
It all comes down to your personal preference. The value of your home can be improved drastically if you redo your flooring. No matter which option you choose, make sure it aligns with your lifestyle, end goals, and budget. We have looked at different flooring options that are suitable for all spaces, budgets, and families. Take your time to make this decision. If you require guidance, the team at The Reno Superstore in Mississauga and Toronto can help you select the best options for your space.