When it comes to making a decision between a family vacation or hardwood floors, we wouldn't tell you to skip your vacation this summer.
What we would say is that your vacation will likely not have the same return on investment that installing hardwood floors would have.
Ask any realtor and they will probably tell you that among the top items any homebuyer has on their list of must-haves is hardwood flooring.
Carpeting eventually has to be replaced after about 10 years, and that can be an expensive process. But good hardwood floors that are well maintained can last for the life of the home. That's one of the big reasons that replacing carpet with hardwood floors can save money in the long run.
But homeowners who are looking to add value and put their house on the market have to understand that carpet can be very subjective. Even new carpet can potentially be a deal-breaker for some buyers. But hardwood floors tend to appeal to most homebuyers.
Further, carpet can hold odors and reduce the first impression of a home for potential homebuyers. So beyond just the aesthetic appeal, hardwood floors also can help homesellers beyond just what can be seen.
So even without increasing the value of your home, you increase your ability to resell it by getting rid of carpeting and putting down hardwood floors.
But because hardwood floors are durable and lasting, they do also increase the value of the home. The amount of that increase can vary from neighborhood to neighborhood and market to market, but according to a USA Today study, in general homebuyers will be willing to spend up to $2,080 more for hardwood floors.
So if you're trying to make a decision between a summer vacation and installing new hardwood floors, we won't tell you to skip your vacation. But it's unlikely your vacation will pay you back more than $2,000. So it's at least worth thinking about whether or not you should just go for a weekend camping trip this summer and improve the value of your home with your vacation dollars.