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Adding hardwood floors is one of the best home improvement projects. In fact, 80% of homeowners say hardwood floors add value to their homes, according to a National Wood Flooring Association survey.
But the value is not cheap. The national average for hardwood floors ranges from $2,486 to $6,760, according to a study by HomeAdvisor.
A cash refinance can be one way to pay for a hardwood installation. And if you want to get an idea of the cost of a cash-out refinance, Credible is a good place to start. With Credible, you can compare mortgage refinance rates from multiple lenders in minutes.
What is the average price of hardwood floors?
The average cost of a hardwood floor depends on many factors, including your material selection, material costs, installation labor, delivery and disposal costs, the size of your project and necessary repairs to the existing subfloor.
And where you live has the biggest impact, as it can affect the cost of all the other factors that make up the total cost of installing your hardwood floor.
Based on cost survey information from homeowners who have used HomeAdvisor to find professional wood flooring installers, the average cost per square foot is
$6 to $12. High-end jobs can cost as much as $13 to $25 — or more — per square foot.
Factors That Affect Hardwood Flooring Costs
Several factors affect hardwood flooring costs, including the installation method, whether moldings and trim are included, whether the wood is prefinished or traditional, and more.
Engineered wood is generally less expensive and also costs less to install. It is made with a layer of thicker veneer and plywood sheets to add stability and durability. Once installed, it looks like real hardwood.
You can expect to pay these prices for engineered hardwood, depending on Home deposit:
- Installation cost: $3.50 per square foot; the price varies depending on the type of wood you choose and if the subfloor needs major repairs
- Material cost: $2.40 per square foot, but varies quite a bit for different types of wood, such as oak, maple, birch, or walnut
- Undercoat : $0.50 per square foot
There are many hardwood choices. Some, like pine, white ash, mahogany, and maple, have subtle patterns, while others, like oak, tigerwood, and hickory, can vary widely in color. You can also choose different plank widths.
Hardwood floors require installation over a wooden subfloor, which increases the cost if your subfloor is concrete or tile. According to Home Depot, hardwood floors can cost:
- Facility: $4.00 per square foot
- Materials: $3.80 per square foot
Other cost factors
Although the type of wood you choose will affect your total cost, it’s far from the only factor to consider. You should also consider:
- Repair costs — Installing engineered hardwood or solid hardwood floors often requires repairs to the subfloor. These costs can add up to an additional $500 to $800, according to HomeAdvisor. Major repairs, such as joists, will cost between $40 and $60 more per square foot.
- Debris disposal — Some flooring professionals include the removal of carpet and construction waste in the installation price. Others charge separately, which can range from an additional $150 to $250, according to HomeAdvisor.
- Total area – Naturally, the more square meters you cover, the higher the cost. You will also need to consider the coverage of the stairs or risers, the thickness of the wood and the width of the boards.
- Regional factors — Labor costs vary greatly from one region of the country to another. Additionally, the availability of wood types will affect costs. If you choose a type of wood that must be shipped from a distant warehouse, for example, the supplier could pass on the increased freight costs to you.
- Prefinished vs Traditional Hardwood — Prefinished hardwood costs more upfront, but can save you money in the long run because finishing hardwood floors on-site increases labor costs.
- Pattern and design — Opting for a pattern or design in your flooring can increase the cost of materials and labor for installation. If you choose an intricate pattern or design, installation time and costs will likely increase.
how to pay for a hardwood floor
In addition to using your personal savings to pay for your home’s hardwood floor, there are several financing options you might consider, including:
- Personal loan – Most personal loans are unsecured and require no collateral. As a result, the lender assumes higher risk, which results in higher interest rates than some other options. You can use a personal loan to finance your hardwood flooring project, and their fixed rates make budgeting easier. But fees and penalties can increase the cost of the loan.
- Home equity loan — Home equity loans are generally easier to obtain than personal loans. They have low interest rates because they use the equity in your home as collateral, and you may be eligible to deduct interest payments from your taxable income. But home equity loans use your home as collateral, putting it at risk if you can’t repay your loan.
- Home equity line of credit — A HELOC works much like a credit card, in that you only borrow what you need and only pay interest on the amount borrowed. You can deduct interest paid on a HELOC if you use the money for home improvements, and HELOCs offer flexible payment terms. As with a home equity loan, your home is collateral for your HELOC.
- Refinancing by collection — With a cash-in refinance, you essentially replace your mortgage with a brand new loan, preferably with a lower interest rate and better terms. Cash refinance rates are generally lower than other types of credit, so you can use the money you save to finance your flooring project. Because you’re tapping into the equity in your home, loan amounts can be significantand you can extend the repayment terms to 15, 20 or even 30 years.
If you’re considering a cash-out refinance, it’s a good idea to compare the best refinance rates available to you. With Credible, you can compare mortgage refinance rates from multiple lenders in minutes, all without affecting your credit.
People choose to use their home equity to fund home improvement projects for many reasons. It lets you refinance your mortgage, get a lower rate, and get the money you need for projects. Increasing the value of your home can add to your net worth and make it easier to payback the investment in new hardwood flooring when you sell your home.
Ways to Cut Hardwood Flooring Costs
Several tactics can help reduce the cost of hardwood flooring and hardwood flooring installation costs, including:
- Comparison store for the product. Comparison shopping can take time, but it’s usually worth it. You may be able to find sales or offers on materials at local home improvement stores or flooring stores.
- Get multiple quotes from contractors. Collecting a few quotes from multiple contractors can save you a lot on labor costs. If you have multiple home improvement projects, you may even get a discount.
- Do some or all of the work yourself. DIY can save money if you have the skill and the talent. But you’ll need a few tools that you might not have on hand, so be sure to include those costs in your estimate. For example, an air floor nailer can cost between $200 and $400 at Lowes, but you might find one for rent.
- Renovate existing hardwood floors instead of replacing them. Solid hardwood floors can usually be refinished several times in a lifetime, saving you time and money. But even that comes at a cost. HomeAdvisor indicates that the average cost of refinishing hardwood floors will cost you between $3 and $8 per square foot.
Is hardwood flooring a good investment?
In general, experts agree that hardwood flooring is a good investment for owners.
In fact, refinishing or installing new wood flooring is the home improvement project with the best return on investment, according to the National Association of Realtors®. 2022 Renovation Impact Report. Refurbished hardwood floors yield a 147% return on investment and new wood floors recoup 188% of their costs, according to the report.
According to the report, people who installed new wooden floors said they enjoyed their homes more, felt a great sense of accomplishment and wanted to spend more time at home since the project was completed.
If you’re ready to tackle a hardwood flooring installation, refinish, or other home improvement project, Credible can help you get started looking for the right one. refinance lender It is good for you.