Today’s blog post will discuss the reasons why increasing the value of your home matters, even if you’re not planning to sell anytime soon. We’ll also share the estimated ROI of different types of tile and talk about the two rooms in your home that are the most important to renovate.
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Why Does My Home’s Resale Value Matter?
If you plan to sell your home, doing everything you can to increase its resale value is a no-brainer to earn a higher asking price and more profit when you sell. However, even if you’re not planning to sell, there are benefits to maximizing your home’s value. For example:
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When your home’s value is higher than that of your loan balance, it increases your net worth. You can take out additional home equity loans for upgrades or remodels, or you can even refinance into a better loan. The more your home is worth, the larger loans you can take out.
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If you encounter a rough patch financially and need to sell your home, increasing your home’s value means you’re more likely to get a selling price exceeding the loan. This would enable you to pay off the loan and have cash left over.
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A higher home value can serve as protection against housing market swings.
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If your home is appraised for a higher value, you may no longer need mortgage insurance.
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Upgrading your home often means you get more enjoyment and functionality out of the space you live in.
The Two Most Important Rooms in Your Home
When you’re looking to maximize your home’s value, the two areas you’ll want to focus on the most are the kitchen and bathroom. Kitchens, in particular, often make or break buyers’ home-buying decisions, so a brand-new floor and backsplash tend to make a great impression.
Meanwhile, installing new flooring or a new backsplash in a bathroom tends to be a smaller, less expensive project that can still make a notable difference. If your budget allows for it, installing new tile in both the kitchen and the bathroom is a great idea to maximize your home’s value.
The Importance of Flooring
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Some experts believe that flooring is the biggest factor for ROI, or return on investment. While hardwood flooring is generally reported to have the largest ROI (70% to 80%!), its high cost plus installation fees are often prohibitive. In many cases, a new tile floor is more budget-friendly. Below, explore the estimated ROIs for different types of tile flooring.
Porcelain Tile
Porcelain tile has an average ROI of 55%.
Homebuyers who have done research on flooring are often attracted to porcelain tile, thanks to its durability and high-quality appearance. If you have the DIY skills necessary to install it on your own, you can earn an even higher ROI.
One of porcelain’s most notable benefits is that it can imitate the look of other materials. For example, you can find porcelain that looks just like marble or hardwood but doesn’t come with the same demanding maintenance requirements.
Ceramic Tile
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Ceramic tile has an average ROI of 70%.
Although it’s less durable than porcelain, ceramic is also slightly cheaper and easier to install on your own. It comes in a variety of colors and patterns to suit multiple styles.
Some experts suggest that professional-looking DIY installation of ceramic tile to replace flooring materials like sheet vinyl can lead to an extremely high ROI–even as much as 200%.
Natural Stone Tile
The ROI of natural stone tile varies, depending on the type of natural stone. For example, marble tends to have an ROI of less than 50% due to its reputation for staining and demanding upkeep requirements. Meanwhile, some buyers are willing to pay more for premium stone options like granite. However, less expensive options like slate may turn some buyers away. Overall, the ROI for natural stone can range from around 55% to 70%.
Luxury Vinyl Plank Tile
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Luxury vinyl planks have an ROI ranging from around 70% to 80%. Luxury vinyl can often be installed without a professional, and it mimics the look of hardwood at a much lower price.
Explore Your Tile Options at Tilezz.com
At Tilezz.com, we have a large selection of glass, luxury vinyl, ceramic, porcelain, and natural stone tile. Explore our product range here, or visit our blog for DIY installation guides and interior design inspiration. You can also follow us on Pinterest for even more Tilezz.com content.
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