Homeowners consider additions to their homes for both convenience and an increase in value that comes into play when they want to sell or finance the house. Many additions extend the house through new rooms or expansions, but not all additions require extra space or add value to your home. Many upgrades focus on increasing the attractiveness of a home. Wood flooring is a common renovation chosen by homeowners to increase the value of a home. While carpeting may not have the same effect, it can also be useful.
Wood flooring tends to add value to a house more easily than alternatives like laminates or carpet. It is long lasting and does not go out of style. The actual value amounts can vary widely, because there are so many different kinds of hardwoods with varying costs. An exotic wood or a high-strength wood like cherry will typically add the most value to a home. Bamboo and cork are eco-friendly examples that tend to be cheaper but promote sustainability. There are a wide variety of wood qualities and ways to lay wood floors, but if they are replacing another type of flooring they tend to increase the value of the house.
Carpet is much cheaper than wood and has several issues that make it more difficult for raising the value of the home. It wears out much more quickly than a sturdy hardwood floor. While carpet can also come in many styles and colors, it can also go out of style easily, and the same carpet in later decades may actually lower the value of the home if it is no longer in style (think of '70s-style shag carpeting). However, if the carpet is brand-new or is replacing older carpet or cheap vinyl options, then it can also increase the value of a home.
Value Versus Selling
The National Wood Flooring Association conducted a study in which 99 percent of real estate agents in the U.S. said that homes that have hardwood flooring are easier to sell. This does not equate to higher value directly, but it can have many benefits for homeowners that want to sell quickly or sell within a brief window to maximize profit. Nearly 90 percent of agents said that hardwoods actually increased the value of the property -- again, this occurs when hardwood is replacing a cheaper material.
Both wood and carpet have a range of costs, but hardwoods tend to be the most expensive and can easily exceed 20 dollars per square foot for the high quality materials in 2011. This does not include labor -- some types of wood floors can be installed by owners, but a professional job is more likely to look good and raise the innate value of the house.