If you are replacing the flooring in your home, it’s important to consider the return on investment of the product that you use. From carpeting and laminate to hardwood, there are a number of options available to homeowners.
Whether you are renovating, moving into your forever home, or planning to sell in the future, flooring options should be carefully considered in order to make the right decision. The team at SVB Wood Floors put together this helpful guide to ensure you choose the best option for your home!
ROI of Hardwood Flooring
Did you know that according to the National Association of Realtors, 54% of home buyers are willing to pay more for a home with hardwood flooring? While wood flooring can be expensive initially, experts say that the return on investment can be as much as 2.5%. Depending on the wood and style you choose, hardwood flooring will usually cost anywhere from $9 to $12 per square foot installed, but it almost always outlasts the homeowner who had it installed!
Related Read: 12 Critical Questions to Ask before Hiring a Wood Floor Contractor
The return on both hardwood and engineered hardwood is about the same. The difference is, if you want the option to change up the look of your floors years in the future, hardwood can be sanded down and refinished, but engineered hardwood cannot. So, in the end, it may be worth the more costly investment to get hardwood flooring that can be refinished and updated later on down the road.
Related Read: Pre-Finished Wood Flooring vs. Engineered Flooring – What’s the Difference?
Laminate as an Option
Another option that homeowners consider is laminate, which can give the appearance of wood, is easily maintained and is scratch-resistant. The cost of laminate flooring is significantly less than hardwood, ranging between $7 and $11, and is a common DIY project. The return on investment, however, is significantly lower, as laminate flooring doesn’t help much with resale value.
The Value of Carpet
Carpet is an attractive option for homeowners because of the low installation price. Typically, the cost of carpeting falls between $3 and $5 with installation. Quality carpet will last about 10 to 15 years in a home before it needs to be replaced.