LVP or hardwood floors
I am doing a flip in the Classen-Ten-Penn neighborhood. For those of you not familiar with OKC it is an older neighborhood with houses built in the 1920’s that is just south of the Plaza District, which is a very popular business district with local restaurants, art galleries, entertainment venues, and retail shops. The property I bought has great curb appeal and a good downtown skyline view from the front porch.
The floors in this property were in rough shape and had to tear out what little original hardwood remained and replace majority of subfloor. I know a lot of these older homes have hardwood and that hardwood will typically bring higher returns. But the cost will be significantly higher (probably close to 7k more) than if I went with a nice LVP. And my budget is already getting stretched pretty thin.
The question I had is whether I should bite the bullet and pay for the hardwood floors or go with a nice LVP and save my budget.
@Michael Williams Comps, comps, and comps. Have you looked or walked any sold properties in the neighborhood? This question is no different than laminate vs. granite countertops. Those projects can be expensive but crucially important to the ARV. I'd consider the scale of your property and overall appeal. If you're targeting high-end buyers the materials you choose should be high end. If you're targeting budget friendly buyers go cheaper and list it for less.
I've seen some alarmingly high purchase prices in our market. $350k for houses in C- class neighborhoods. Granted the properties were fully remodeled with nice everything but as a local REI I won't pay those prices. We can't stomach the crime and location. We honestly think it's OOS buyers or transplants that don't have intimate knowledge of the neighborhood. Maybe that's the case in your market. Maybe your property draws good attention and sells quickly. Your neighborhood sounds nice. That's just my 2 cents. Cheers.
Yeah, it depends. If it's a high-end/luxury flip, it might be worth it to splurge and go with engineered hardwood. Anything else - budget flip, mid-level filp, rental, etc. - it's probably best to stick with LVP (or laminate for that matter - they come at similar price points. See other posts for pros and cons of each). YMMV.
If you want my 2 cents - Personally, I would never want engineered hardwood in my own home. Yes, it's beautiful, but it's double the price of LVP/laminate/tile, it's a headache to maintain, and it does not do well in wet areas. I don't know why people keep installing it in kitchens, but maybe that's just because I'm one of those people who splashes water all over the place whenever I cook or do dishes lol.
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The returns do not directly correlate the way you may think, putting hardwood in a property will not increase your value by x amount. I go with LVP.
I own a few and manage a ton in that neighborhood. If you do LVP you will hurt your value. If you are renting it out fine but if you plan to flip it then you need to do hardwood to get the full effect of the historic homes in the area.
@Michael Williams
LVP for sure
I agree with @Rhett Tullis. While hardwood floors won't have any net effect on your appraised value, they're a must - at least in high traffic areas. Perhaps you can reduce your budget some by using a high-end LVP or laminate in some areas (e.g. bathrooms, kitchen) or install carpet in the bedrooms upstairs (if it's a 2-story) home.