How to Budget for New Flooring

Replacing or refinishing floors is one of the home renovation projects that comes with the biggest bang for your buck. The return on investment for new flooring immediately impacts the resale value of your home. Still, there are a number of factors to consider when budgeting for new flooring including materials, the scope of the project, and even your geographic region. In addition to that, installation fees associated with contractor costs and labour fees must not be overlooked. So, if you are wondering how to budget for new flooring, you’ve come to the right place. Let’s have a closer look at some of your options and the associated costs.​.

Wooden Floors

From contemporary minimalist designs to rustic cabin appeal, wooden floors are beautiful, durable, and not surprisingly expensive. Depending on the type of wood used the cost for materials and installation of wooden floors can range from $5 to more than $20 per square foot. If you require a subfloor, costs may be even more. Using reclaimed wood or refinishing your current wooden floors can result in considerable savings – and these represent more sustainable options as well. Though not as durable as wooden floors, engineered wood is another cost-saving option that can bring your installation costs to under $10 per square foot.

Sometimes homes with carpeting may have original wooden floors underneath. If you are replacing carpet, it may be well worth your while to remove it to see what’s below. If you have wooden flooring, it can often be restored by simply sanding the floor which usually costs less than $5 per square foot if you hire professionals.

How to Budget for New Flooring

How to Budget for New Flooring

​Floating Floors

Floating floors are made from interlocking boards that do not need to be nailed or glued during the installation process. These floors are usually made from engineered wood, laminate, or luxury vinyl and they can be manufactured to look like natural materials such as wood, tile, or stone. Floating floors represent one of the more affordable flooring options with budget floors costing $2.50 per square foot or less. On the higher end of the spectrum, floating floors will range from $5-8 per square foot installed.

Affordable Flooring

Laminate flooring is probably the most budget friendly flooring option. Laminate is an affordable alternative that is made to look like wood. One of the biggest drawbacks of laminate is that it is not the most durable but it will still have a positive impact on your home’s resale value.

Vinyl floors are also inexpensive but much more durable than laminate. Vinyl is a great choice for kitchens and bathrooms because it is easy to clean and waterproof. Vinyl floors cost between $4 and $15 per square foot installed.

Finally, linoleum floors are also affordable, easy to maintain, and made in a wide range of styles, designs, colours, and patterns. Coming in at around $3 per square foot for materials, linoleum is by far one of the most budget-friendly flooring options.


Natural and Sustainable

Bamboo and cork are more modern flooring options that are popular for many reasons but particularly for their sustainability. Bamboo is a very quick growing material that is actually quite affordable. Installation costs range between $7 and $10 per square foot.

Cork floors are another increasingly popular alternative to wood flooring. Cork is naturally antibacterial and stain and mildew resistant. Additionally, cork flooring is an excellent option for comfort and sound proofing. Materials and installation will range between $5 and $15 per square foot.

The Rest

Tile, concrete, and carpet flooring rounds out the main flooring options for home renovations. Tile comes in many varieties and can range between $2 and $10 per square foot for materials. Concrete flooring provides a modern appeal in a durable, easily maintained, and moisture resistant product. Concrete is a great basement flooring option but it is a little expensive at approximately $10-15 per square foot installed. And last but not least, carpet is warm, cozy, and versatile. Costing around $10 per square foot installed, carpet is a midrange flooring option with timeless appeal.

As you can see, the cost of flooring can range significantly. Consult with our team of experts at Floor Coverings International for assistance in budgeting for new flooring.