When you bought your current home, what made it stand out? Perhaps it was located in a desirable suburb for the kids to go to school or maybe it had a large swimming pool?
Whatever the case, prospective buyers always have a keen eye for particular features – elements that they will bid over the reserve to have their name on. Timber flooring is one of these features that buyers gravitate towards, adding value to your home as a result. For those considering the merits of timber flooring, how much value could it actually provide?
Pushing up house prices
Each day, real estate agents see how valuable timber flooring is to buyers. Around 91 per cent of approximately 1,000 agents in a survey from Australian Timber Flooring Association and the national Re/Max Real Estate network stated that homes with timber flooring are easier to sell than others. Additionally, close to three-quarters (73 per cent) of respondents noted that these properties sold faster than those without timber flooring.
All agreed that timber flooring added value to the saleable price of a home. And by how much? The association stated around 3 per cent, although some agents estimated a rise of about 8 per cent – highlight the real potential of timber flooring.
54 per cent of home buyers would pay more for a home with timber flooring.
On the other side of the coin, 54 per cent of home buyers would pay more for a home with timber flooring, according to USA Today using data from the National Association of Realtors.
Sydney Flooring Founder Bill Durkowyak explained in a 2010 interview that this is the same in Australia.
"Australians are typically at the forefront of global design trends and their perceptions and attitudes towards timber floors mirror the U.S. trends," he said.
What is the appeal of timber flooring?
It's interesting to note that timber flooring is not a new product – far from it. For close to 200 years, people around the world have used timber as a core flooring material in their home. So, why is it such as important factor for house prices?
One of the most significant reasons is its timeless appeal. Timber flooring can last generations, providing aesthetic and style benefits to a home. Throw in the fact that they are durable, easy to clean and low maintenance and you have a feature that attracts a wide audience.
"Additionally, timber flooring is often selected for its perceived health benefits. With allergy concerns at a peak, consumers look to timber as a healthier option to, say, carpet, due to the timber's inability to harbour dust mite particles," Bill explained further.
"What is clear from recent trends and customer comments is timber flooring is without a doubt becoming a favourite flooring option for consumers who demand a stylish, modern and comfortable flooring option for their home but are also considering the long term commercial value of the property."
What if selling is not in your plans?
Of course, there will be countless homeowners who get timber flooring installed without the intention to sell their house. In any case, there is still long term value to be had through this flooring option.
Renters look for properties that are clean and of low maintenance, according to realestate.com.au, exactly the benefits of timber flooring. Furthermore, with the rise of homeowners advertising spare bedrooms on sites like Airbnb, the presence of sleek and stylish timber floors might put your property above the rest.
Although timber flooring might add some cash to your back pocket come sale, its advantages can be valuable in many other ways as well. For more information, get in touch with the team at Sydney Flooring today.