Buyers rank new flooring in a home as among the top 10 features that impact their willingness to both buy a home and to pay more for it. Hardwoods and luxury vinyl flooring lead the way as buyer favorites.
Homeowners interested in boosting their homes’ market value will be hard-pressed to find faster or easier renovation projects with return on investment values as high as putting down new floors. But how much should they expect to spend? What is the average cost of new flooring?
Here are the facts.
Carpet is falling out of favor among home renovators, in part because it has long since ceased to appeal to buyers. It is helpful to have an idea of what new carpet costs, however, as it helps put the costs of other materials in perspective. Carpet has long been viewed as the least expensive flooring option for refinishing tired floors, but this is no longer entirely the case.
On average, carpet costs between $2 and $7 per square foot in materials alone. Higher-end carpets made from wool and other natural fibers can cost even more. Installation can cost anywhere from $3 to $11 per square foot.
Nationwide, most homeowners can expect to pay between $3,500 and $11,000 for 1,000 square feet of newly carpeted space. Additional costs may apply in areas where sub-floor repair or treatment is necessary.
Hardwood flooring has perennial appeal and earns top marks among prospective buyers. Interestingly, at between $3 and $14 per square foot in raw material costs, it isn’t that much more expensive than carpet. Hardwood flooring installation costs, however, are nearly double, ranging from around $6 to as much as $22 per square foot.
All told, homeowners can anticipate spending between $6,000 and $22,000 for 1,000 square feet of newly installed hardwood floor.
Vinyl flooring is one of the most overlooked options among homeowners renovating their spaces. Not only is vinyl a favorite among buyers with pets and children, it:
- Is easier to keep clean from day-to-day than many hardwoods
- Is easier to maintain long-term than either hardwood or carpet
- Offers nearly all of the same visual appeal and functionality as hardwood at a fraction of the total flooring cost
In fact, laying new vinyl flooring across 1,000 square feet of space costs as little as $3,000 to $7,000 on average. At between $3 and $7 per square foot in materials costs, it is on par with carpet. It tends to cost slightly less to install than carpet, and less than half as much as putting down hardwood in the same space.
As the models and designs on ultahome.com show, homeowners sacrifice none of the variety, style, durability, or creativity they want by choosing vinyl. In fact, selecting vinyl can give them the best return on investment for their project.
The Cost of New Flooring
Understanding the cost of new flooring and the benefits of the different types of flooring available can help homeowners make the best possible decisions for their homes. Learn more about smart upgrades and selling your home in our Home and Real Estate section today.