For flooring, the answer comes down to installing hardwood when considering ROI. But there are other factors at play when it comes to value-added based on the geographical location and price range.
Let’s break down your basic options for the highest ROI.
The average ROI for installing hardwood floors is 70% to 80% making it a worthwhile investment for those looking to amp up the value of their home. Another plus is buyers want hardwood and will actively search for it in potential homes. Hardwood floors will cost between $9 to $18 per square foot for combined material and installation.
Tile, Stone or Marble
Tile, stone, and marble cost around $12 to $25 per square foot and can net an ROI of around 70%. These are great alternatives to hardwood in tropical climates where mold and warping are a concern. The downfall? The cost. Tile, stone, and marble floors can be pricey to purchase and to install.
Vinyl and Linoleum
Vinyl and linoleum can give you the hardwood look without the hardwood price. These flooring types have plenty of options when it comes to size and color. Plus, they’re decently cost-effective at between $2 and $12 per square foot, laminate being the less expensive of the two. But you lose out on the overall increase in the value of your home that you get with hardwood.
Carpet is fairly cheap in comparison to other options. You can expect to pay under $7 per square foot. The problem is that buyers don’t look for carpet and some actively avoid it altogether. Your ROI for new carpet will only be 25% to 40%, paling in comparison to other options. This may be a good option if you’re short on money to invest and need to replace badly damaged flooring.
Experience how the power of the right flooring can affect your space in the comfort of your own home. Contact Top Floor Flooring for a free flooring consultation with a member of their professional Vancouver flooring team. They will bring samples of different floors and share their knowledge of flooring technology and trends, so you can make an educated flooring decision!