ROI: Hardwood floors, or Luxury Vinyl Plank?
We bought a house in July of last year. It was built in 1980, and was in 'fair' condition.
We bought it for $290k, where most 'similar' homes in the neighborhood (Manassas, 20112) that have been updated sell for $375k+.
We've already done some significant rennovations -- and have several more planned (bathrooms, kitchen, deck, garage, etc.)
One of the questions we have, when it comes to upgrading the flooring from carpet (no hardwood underneath), is ... does solid hardwood appraise for significantly more than LVP?
For installation of 1100 sq feet of hardwood, including stairs and underlayment, we received one quote for $12,000 (without underlayment and without stairs, it was $8,400.
We've DIY'ed a fair amount already, and I would not be afraid of tackling LVP solo -- we're just wanting to make an educated decision between hardwood, and LVP.
If, for example, hardwood is 50% more expensive than LVP, but only fetches 10% more than an LVP floor would, in an appraisal, I'm not sure we'd be wiling to fork out for hardwood.
Does flooring (LVP v. hardwood) make any difference in an appraisal, or when it's on the market? If so -- how *much* of a difference?
(Some additional context: We have 3 young kids, and are planning on getting a large dog, and will be living here for at least 5 years while continuing to invest in other properties)