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Kitchen with refinished hardwood flooring replacement

The Complete Guide to Flooring Costs in 2024

Replacing flooring can be a game-changer for your space. It's like hitting the refresh button on your entire room's vibe. Beyond the obvious aesthetic boost, new flooring can transform the functionality and durability of your room, whether it's the cozy warmth of carpet, the timeless elegance of hardwood, or the low-maintenance convenience of modern tiles. So, whether you're looking to boost your home's value or simply want to revel in a fresh atmosphere, new flooring is the way to go.

Different Types of Flooring

  • Hardwood flooring: Hardwood flooring is a popular choice for its durability and beauty. 
  • Carpeting: Carpeting is a soft and comfortable option that is often chosen for bedrooms and living rooms. 
  • Laminate flooring: Laminate flooring is a low-maintenance option that is often chosen for its affordability.
  • Tile flooring: Tile flooring is a durable and water-resistant option that is often chosen for kitchens and bathrooms. 
  • Vinyl flooring: Vinyl flooring is a budget-friendly option that is often chosen for its durability and ease of installation. 

Average Total Cost

The cost of flooring can vary depending on a number of factors, including the type of flooring you choose, the size of the area you need to cover, and the labor costs in your area. If you’re opting for a pre-finished flooring material, expect to spend between $16,000 and $35,000 on labor and materials (for a 1,000 square foot dwelling). To refinish existing hardwood flooring, the costs for labor and materials can range from $13,000 to $30,000 (again for a 1,000 square foot dwelling).

Return on Investment (ROI)

The ROI on flooring replacement can vary depending on the type of flooring you choose, the size of the area you need to cover, and the labor costs in your area. According to the National Association of Realtors, the ROI to refinish hardwood floors is 147% and new wood flooring is 118%.

Of course, the actual ROI you experience may be higher or lower depending on a number of factors. For example, if you choose a high-quality flooring that is in demand, you may be able to recoup more of the cost. However, if you choose a less expensive flooring or if the labor costs in your area are high, you may recoup less of the cost.

Here are some tips for maximizing the ROI on your flooring replacement project:

  • Choose a high-quality flooring that is in demand.
  • Choose a top quality contractor with experience in flooring installation.
  • Maintain the flooring properly.

If you are considering replacing your flooring, it is important to weigh the benefits and costs before making a decision. However, if you are looking for a way to improve the look, feel, and value of your home, replacing your flooring is a great option.

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