Flooring upgrades are huge selling points and will increase a home’s value no matter the size of your home or where it’s located. Whether you’re choosing to refurbish existing flooring or replace the flooring altogether, you are boosting your home and its potential listing price.
Let’s take a deeper look at the different flooring options, including projected costs.
Hardwood is the preferred flooring according to the National Association of REALTORS® 2022 Remodeling Impact Report. It is beautiful, durable, & easy to clean. Installation costs around $5,000 for a 200 square foot room, and potentially more for luxury wood. There is a 106% Return on Investment. The returns on refurbished hardwood floors are even more significant, plus you’ll spend a lot less. Overall, hardwood flooring isn’t the cheapest option, but it’s the best option for homeowners looking to upgrade and get the greatest return on investment.
This is different from standard hardwood mainly in the way it’s made. Engineered hardwood is made by layering hardwood over plywood. It is moisture resistant, durable, AND more resilient than conventional wood in high-moisture areas. It offers a similar look and feel to standard hardwood, but it costs about half as much to install, with similar profit margins.
Tile is appealing & practical, especially in rooms with moisture, such as the kitchen and bathrooms. Tile comes in a huge selection of materials, including ceramic, slate, marble, porcelain, and cement, with ceramic being the most common. Installation for tile costs about $3,000 to install in a 200 square foot room.
The most budget-friendly option; however, it is not the most popular option for home buyers. Old, stained carpet detracts from the seller’s earning potential, even when offering a carpet allowance, as buyers still feel the home’s value is down. Installation costs about $1,200 per 200 square feet.
Luxury Vinyl Planks (LVP):
This is a fantastic option when trying to stick to a budget and also improve the quality of a home’s flooring. Installation costs about $800 per 200 square feet, making it the most affordable flooring upgrade that also adds value to the home. The return on investment ranges from 10-50%, and the average lifespan of LVP flooring is 15 years. It also tolerates moisture well and is very easy to clean.
*costs are national estimates