Any type of hardwood flooring is cost-effective in the long run. “Economical” might not be the first adjective to come to mind for flooring that averages between $8 and $12 per square foot to install, but the added value to the home and durability make even expensive hardwood floors an economical choice over the life of a home.
A nice hardwood floor can add value to a home. As a home improvement, hardwood floors recoup between 70% to 80% of their cost. Spend $10,000 to put hardwood floors throughout your home, and you can expect up to an $8,000 increase in appraised or assessed value.
A poll by the National Wood Flooring Association showed 58% of real estate agents said that homes with wood floors brought higher prices of about 80% than homes without, and 75% of real estate agents said homes with wood floors sold faster.
Longer Life Cycle
Properly cared for, hardwood flooring outlasts carpet or vinyl flooring and can be considered a one-time expense. Less frequent replacement saves money over the lifetime of the floor. As long as attention is paid to ensuring that the wood isn’t exposed to pools of moisture and dirt that would scuff the finish is kept to a minimum, hardwood floors can last as long as the house they are in.
Carpet colors and vinyl patterns go in and out of style. Hardwood floors are classic. Unlike shag carpet, hardwood floors resist looking dated when decorating fashions change.
Cheaper to Clean
Routine cleaning of hardwood flooring requires only a broom or dust mop, rather than an expensive vacuum. When a thorough washing is necessary, wood floors require only a barely-damp mop or a bottle of wood floor cleaner. Say goodbye to the expense and hassle of carpet cleaners or rug shampooing.
Economical Hardwood Flooring
Hardwood floors overall are economical in the long run, but in the short term, they can be quite expensive. When it comes to the surface you walk and play on every day, paying more for quality can be cost-effective.
Engineered hardwood flooring is less expensive than planks and less prone to warping. Engineered hardwood is made of three to five layers of less expensive woods laminated together like plywood, with a veneer layer of attractive wood on top. Laminating layers together with each lamination laid perpendicular to the previous stabilizes the overall movements of the wood panels when exposed to moisture variations that afflict plank floors.
Engineered hardwood should not be confused with laminate flooring, which can give the look of hardwood at a fraction of the price. Laminate flooring is not as durable as a plank or engineered hardwood and can be more difficult to repair if damaged. However, those looking for a cost-effective way to get the look of hardwood on a budget may want to consider laminate flooring, too.