What additional value would 1000sq feet of engineered Bamboo add to my sales price? Currently it has 494 sq feet. I would be adding an additional 559 sq feet. But replacing all of the wood. The wood in there is very worn. Should I raise my asking price of a custom home in the $340,000 range dollar for dollar cost of the install or what % return should I expect to get on investing in the flooring. I am removing carpet from a dining room and living room and flowing the wood all across an open floor plan. Currently the kitchen has hardwoods and the living room is carpet so there is a break 3 feet off the island. I think it will have a nice wow factor and the homw will be completely renovated. New paint inside and out and the flooring. Thoughts on the value add of that?
It's a tough question to answer and really varies from city to city.
What do the homes in your target market have?
Have you checked the comps in your area to see if anything similar has sold lately?
Are you working with a realtor?
For example in my town almost all the houses have carpet throughout. Also the market has fallen out here for 300k and up homes. Lots on the market and too few buyers.
@Dean R. , Your question about estimating added value and predicting results is one that I personally never try to answer. The only person that could answer with any accuracy would be someone in your market that's actually done it. If you don't know anyone like that, you should ask a bunch of your local real estate agents to get their opinions. They should know better than anyone what buyer's will pay for things like that. Be careful though.... most of them will only be guessing based on their own experience. Good luck!
It worked out. I ended up getting 2k over asking price by agreeing to install them. I was negotiating with a buyer and was trying to decide to just do the floors regardless and then raise my price if our negotiation fell through. Thanks!
Great! Glad it worked out! That's the best scenario where you get to negotiate the deal before the installation. That way you know you're doing the right thing. Good for you!
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