Consider cost, value and timing to choose the right flooring for your home and budget.
Welcome to Family Handyman’s Guide to Gorgeous Floors, where you can find all the essential tips and tricks for achieving the floors of your dreams and keeping them looking good as new for years to come.
Installing new flooring is one of the best ways to add value and beauty to your home, but it can also be a significant investment. Choosing the right flooring depends not only on your design preferences but also on your budget and long-term plans for the home. Read on to learn more about new flooring cost vs. benefit with help from Gary Bernard of Holyoke Millwork and Alex Ciosek from Summerlin Floors.
On This Page
The Cost of New Floors
“A general rule to follow is tile is the most expensive, followed by wood, laminate, vinyl and carpet,” Ciosek says. Material and installation costs for each material include:
- Tile: $10 to $50 per sq. ft.
- Wood: $8 to $25 per sq. ft.
- Laminate: $2 to $13 per sq. ft.
- Vinyl: $2.50 to $13 per sq. ft.
- Carpet: $2 to $8 per sq. ft.
Additional costs: Be sure to budget for existing floor removal, subfloor repairs, baseboards and any additional tradespeople. “For example, if you are doing a floor in a bathroom, the toilet will need to be removed by a plumber,” Ciosek says.
How Long Does New Flooring Last?
More expensive flooring options generally last longer. Tile can last 25 to 50 years or more, though “styles become outdated and need to be replaced,” Bernard says. Hardwood floors may hold up for 30 to 100 years, depending on species, finish and care. Lower-cost materials like vinyl and laminate last 10 to 30 years, while carpet usually needs replacement every five to 15 years. “Carpet really depends on where it is located, as well as usage,” Ciosek says. “I have seen carpet that looks decent after 20 years, and carpet that is ready to be replaced in a year.”
Does New Flooring Increase Home Value?
Yes, new flooring does increase a home’s value, especially when replacing worn or outdated materials. According to the National Association of Realtors, new hardwood flooring can recoup up to 118 percent of its cost at resale.
Should I Get New Flooring?
“Anyone with flooring needs should look into flooring upgrades,” Ciosek says. However, your finances, the condition of your current floors and how long you plan to stay in your home all factor into the decision. It is never a good idea to overextend yourself financially for a cosmetic upgrade. If floors are dated but functional, it’s better to wait and save rather than rush into a costly project. If floors are damaged or failing, action is necessary, but budget-friendly options exist.
How long you plan to live in your home should also influence your choice. “If you’re in your forever home or are building a new home, it’s worth investing in the good stuff,” Bernard says. For a shorter-term return on investment, Bernard recommends installing luxury vinyl tile (LVT), which offers one of the best new flooring cost vs. benefit.
Permanent Flooring Alternatives
The high cost of new flooring can lead some homeowners to consider lower-cost alternatives such as peel-and-stick vinyl, floor paint or sheet vinyl. While neither flooring expert recommends these options due to their limited durability, they can be a practical solution for those working with a tight budget.
FAQ
What flooring has the highest return on investment?
Solid hardwood flooring has the highest return on investment (ROI) if you plan to live in your home more than seven to 10 years. Anything less, opt for LVT for the highest ROI.
Does new carpet add value to a home?
New carpet can add value to a home if replacing worn carpet or covering damaged floors.
Will putting down peel and stick flooring devalue my home?
It can, especially if installed in a kitchen or bathroom. “It’s cheap looking and doesn’t hold up well,” Bernard says. However, putting peel and stick in a laundry or utility room would likely not negatively impact your home’s value.
How can I make my floors look better without replacing them?
For an affordable facelift, consider painting hardwood or outdated tile, professionally cleaning stained carpet and adding area rugs to cover worn spots.
About the Experts
- Alex Ciosek is a project estimator at Summerlin Floors in Amherst, Massachusetts.
- Gary Bernard is the 3rd generation owner of Holyoke Millwork, a flooring retailer and installer in Holyoke, Massachusetts.
Source
National Association of Realtors Remodeling Report (2022)
